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Singapore’s Deputy Prime Minister, Heng Swee Keat, has underscored the pivotal role of technology, digitalisation, and automation in propelling the nation’s industries and enterprises into the future. In a rapidly evolving global landscape, these initiatives are not just a choice but a necessity for addressing pressing challenges and unlocking new growth prospects.
“The world is facing structural changes in many areas – demographics, technology, climate, and trade. Singapore, as a small country, must anticipate and prepare for these shifts,” said DPM Heng.
Efficiency and productivity stand as the foremost benefits of technology-driven transformation. Through the automation of routine tasks and the optimisation of processes, businesses can accomplish more with fewer resources and reduced manual labour. This heightened efficiency leads to substantial cost reductions, making operations leaner and more competitive. Moreover, digitalisation eliminates the burden of paperwork and manual record-keeping, further contributing to cost savings.
Yet, the transformation goes beyond cost reduction. It revolutionises data management. The digitalisation of operations allows for the efficient collection, storage, and analysis of vast amounts of data. This data reservoir empowers businesses to gain valuable insights into customer behaviour, market trends, and operational efficiency. Consequently, data-driven decision-making becomes a competitive advantage, enabling companies to better understand and meet customer demands.
Enhancing the customer experience is another critical dimension. Technology and digitalisation enable companies to provide superior customer interactions. This includes personalised engagement, convenient online shopping experiences, real-time customer support through chatbots, and more. Satisfied customers are more likely to remain loyal and advocate for a company’s products or services.
Likewise, this digital transformation fosters a culture of innovation. Automation and digital tools streamline processes, expediting the development and deployment of new products and services. This agility allows companies to swiftly adapt to changing market conditions and outpace competitors.
Global reach is also a significant benefit. Digitalisation and e-commerce platforms eliminate geographical constraints, enabling companies to reach customers worldwide. This expanded reach can significantly enlarge a company’s customer base and revenue potential. Digitalisation further facilitates cross-border transactions and international market expansion.
Besides, technology, digitalisation, and automation foster economic growth and competitiveness on a national level. Nations that prioritise these advancements in their industries and enterprises experience sustained economic expansion. These innovations drive economic competitiveness, attracting foreign investments and fostering a dynamic business ecosystem.
DPM Heng also stressed the significance of collaboration in transforming Singapore’s industries and enterprises. The Industry Transformation Maps (ITMs) provide a roadmap for various sectors to address these challenges collectively, paving the way for a more sustainable and competitive future. The Transformation Advisory Committees (TACs) play a vital role in translating these ITMs into actionable plans and providing support to businesses during their transformation journeys.
For many SMEs, incorporating new requirements like automation, digitalisation, and sustainability into their operations can be daunting due to scale and capability limitations. TACs have to offer practical solutions and guidance.
Collaboration also opens doors to new opportunities for growth. Singapore’s SMEs are encouraged to explore fresh ideas and collaborate with larger players to contribute their expertise to various industries. One remarkable example is G8 Subsea, a local enterprise that developed the world’s first and largest floating solar substation for EDP Renewables in APAC. This collaboration not only strengthens G8 Subsea’s position as a leading provider but also presents opportunities for further projects.
