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Singapore Harnessing Digitalisation for a Resilient Economy

According to Heng Swee Keat, Deputy Prime Minister and Coordinating Minister for Economic Policies, digitalisation plays a pivotal role in achieving a sustainable economy across various industries. He highlighted four dimensions of sustainability, and these are environmental, social, economic, and resilience.

Digitalisation offers ways to lessen the global impact of economic activity in terms of environmental sustainability. Businesses and individuals can adopt sustainable practices, maximise resource use, and reduce waste by utilising digital technologies.

Singapore’s dedication to programmes like the One Million Trees programme exemplifies how digitalisation is incorporated into efforts to preserve the environment. Additionally, digitisation can assist in addressing how climate change is affecting the biosphere and ecosystem of the world, which has an impact on food security and calls for international cooperation.

The effects of digitalisation on social sustainability are substantial. DPM Heng emphasised that technological advancement and innovation will drive future economic growth while the development of artificial intelligence (AI) and digitisation raises concerns about the future of work and skill sets.

He added that adopting digitalisation ensures adaptation to changing technology environments in industries like education, where professors may use AI systems. The development of digital skills and literacy must be encouraged if people are to be able to flourish in a world driven by technology.

Global economic digitisation has significant benefits and the potential for economic sustainability. Businesses now have access to previously inaccessible global markets because of digitisation.

According to DPM Heng, the phrase “unicorn” serves as an example of the possibility for substantial economic growth due to a digital economy. Discussions of ideas like universal basic income come up, underscoring the importance of carefully considering economic sustainability considering the effects of digitalisation.

In addition, the impact of technology on the labour market and the widespread adoption of digitalisation were acknowledged by DPM Heng as significant challenges in the years to come. While Singapore, with its tiny and ageing population, would embrace technological advancements, developing nations with young populations might confront greater difficulties.

The potential for economies to change because of robotics and AI breakthroughs raises concerns about employment loss and other economic changes.

DPM Heng emphasised that digitalisation contributes to the capacity to withstand accelerated change. During times of crisis, financial resources are crucial for sustaining economic growth. Thanks to prudent financial management and accumulated savings, Singapore was able to survive the COVID-19 pandemic without borrowing.

Likewise, social resilience emerged during the pandemic, highlighting the significance of trust, caring, and collective action in times of crisis.

DPM Heng cited that multiple dimensions of a sustainable economy are facilitated by digitalisation. It provides solutions to environmental problems, transforms the future of employment and skills, presents economic opportunities, and challenges, and strengthens resilience.

He furthered that to ensure a sustainable future, societies embrace digitalisation, promote digital literacy, and adapt to an ever-changing technological landscape, all while resolving the social, economic, and environmental dimensions of sustainability.

Also, utilising digitalisation is essential for Singapore to create an economy that can withstand and adapt to the challenges of a world that is rapidly changing. By embracing technological advances and innovation, Singapore harnesses the power of digitalisation to generate sustainable economic growth and ensure long-term economic stability.

Utilising data-driven insights, implementing agile strategies, and fostering a culture of innovation, digitalisation enables the nation to strengthen its resilience. By leveraging digitalisation, Singapore is poised to flourish in a constantly shifting economic environment while promoting sustainability and resiliency.

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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.

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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.

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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.

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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. 

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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.