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Committee On the Future Economy (CFE) – Building Strong Digital Capabilities & Partnering for innovation and growth

Committee On the Future Economy (CFE) – Building Strong Digital Capabilities & Partnering for innovation and growth

Featured image: CFE Photo Gallery

The Singapore government recently released the Committee On the Future Economy (CFE) report with the vision for its people to be pioneers of the next generation. Seven mutually-reinforcing strategies were identified to achieve this vision: 

1. Deepen and diversify international connections

2. Acquire and utilise deep skills

3. Strengthen enterprise capabilities to innovate and scale up

4. Build strong digital capabilities

5. Develop a vibrant and connected city of opportunity

6. Develop and implement Industry Transformation Maps (ITMs)

7. Partner each other to enable innovation and growth

Two strategies which are directly relevant to the themes of digital transformation and innovation in which OpenGov is exploring are: building strong digital capabilities and partnering to enable innovation and growth.

Building strong digital capabilities 

As stated in the CFE report: Digitalisation is creating new industries and transforming existing industries. It also offers businesses an effective means of reaching global markets. Building on Singapore’s Smart Nation vision, Singapore can tap on the economic opportunities offered by the digital economy by promoting the adoption of technologies and building strong digital capabilities. Data will be an increasingly important source of comparative advantage and Singapore needs to improve her ability to use it productively in the economy.

The CFE’s recommendations are as follows:

Help small and medium enterprises (SMEs) adopt digital Technologies

SMEs form the bulk of Singapore’s enterprises, and help should be rendered for them to adopt digital technologies. This can be done by providing expertise as well as financing support. The pace of adoption of digital technologies among SMEs can also be accelerated through national initiatives like the National Trade Platform and a National Payments Council.

Build deep capabilities in data analytics and cybersecurity
         
         

The Government should support the development of digital capabilities such as applied data analytics by establishing joint laboratories with industry players. Such partnerships can promote innovation and help train data scientists. The Government can also use National Service to develop deep, niche skills in cybersecurity among Full-Time National Servicemen, given the strategic importance of cybersecurity to the economy as well as national security.
         
         

Harness data as an asset

The Government should establish a dedicated programme office to support enterprises in making the most of data as an asset. The office can provide industry specific regulatory guidance and co-develop flagship data science projects that will have positive demonstrative effects on other enterprises.

Mr. Marcus Loh, Vice President, Marketing & Corporate Communication, PSB Academy commented on the above strategy:

"Quality, future-oriented education cannot simply be the onus of government or public institutions to deliver. Private education institutions need to become partners with their public counterparts. These private schools should play their part by offering programmes in that foster digital capabilities for both students and the workforce alike, and contribute to Singapore’s industry-ready talent pool."
         
         
         

Partner each other to enable innovation and growth 

The CFE report states:

The path ahead is uncharted, and the Government must strive to create an environment where Trade Associations and Chambers (TACs), unions, enterprises and individuals can come together and trust one another.

The CFE’s recommendations are as follows:

A greater role for TACs and unions  

TACs are valuable multipliers, leading industry-level initiatives and supporting enterprises to scale up and make inroads in overseas markets. They must step forward and lead with industry level initiatives. Unions too must help workers prepare for the jobs of the future – especially those who may be more vulnerable in a rapidly-changing economy.

Create a regulatory environment that supports innovation and risk-taking
         
        

This includes test-bedding regulatory innovations, streamlining support schemes for enterprises, as well as reviewing and rationalising the roles and functions of government agencies that support enterprises in various ways.

Use Government lead demand to support the development of promising industries

The Government should consider using lead demand more systematically to support the development of promising industries, especially where this coincides with Singapore’s own strategic national needs. New but promising enterprises with short track records will benefit from citing the Government as a reference customer.

Review and reshape Singapore’s tax system

Rising domestic expenditures due to ageing, and global changes in tax rules will necessitate a review of Singapore’s tax system. The Government should review and reshape Singapore’s tax system to ensure that it remains broad, progressive, fair, competitive and pro-growth.
         
         

Create a sustainable environment

The Government should ensure that even as the economy grows, attention is paid to the quality of the environment. Given the threat of climate change, Singapore should play its part in contributing to global efforts to create a sustainable environment. In that way, a high quality living environment can be maintained in Singapore for generations to come.

Responding to the strategy on partnering for innovation and growth, Mr. Derrick Chang, Acting Chief Executive Officer, PSB Academy had this to say:

"Beyond the usual industrial attachments and internships, companies of the future should be more forthcoming in collaborating with educational institutions and foster active networks on an ongoing basis. Close collaborations with education partners can take place on various fronts, including opportunities to tap into the competence and skills of industry-ready students – layer upon layer along their education journey – in an ongoing relationship among the industry, learning institution and students that bring win-win outcomes for all."
         
         
         

To embrace the challenges of the future economy, it is imperative for Singapore and its people to be equipped with the relevant digital skills and harnessing its existing capabilities towards building a Smart and Secure Nation. Meaningful partnerships within and across both private the public sectors will be essential for the creation of networks, relevant experience and job opportunities. 
         

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.