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New Zealand’s Transparent Tech-Driven Strategy

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In a bid to rectify the fiscal setbacks, Finance Minister Nicola Willis unveiled a comprehensive plan harnessing technology and transparent strategies to overhaul New Zealand’s financial landscape.

Highlighting the need to recalibrate the current fiscal trajectory, Willis emphasised the need for transparent fiscal management. Previous strategies delayed surplus forecasts three times and an escalating public debt burden.

With a focus on responsible fiscal governance, the coalition government has dismantled several unfunded financial risks, halting projects and commitments to crucial initiatives. The finance minister also pointed out potential funding cliffs and cost overruns in major infrastructure projects.

Leveraging technology, Willis has mandated a review of capital projects at risk of delays or budget overruns, employing advanced data analysis for comprehensive fiscal risk assessment.

Moreover, the government aims to address funding crises, ensuring continued support for crucial programmes and aligning financial commitments with public expectations. Through a tech-driven approach, the Treasury has identified fiscal cliffs, totalling an estimated cost of NZ$ 7.2 billion, necessitating careful considerations for future funding.

In a bid for greater transparency and fiscal accountability, the government plans to enhance future economic and fiscal updates. Treasury’s immediate task includes quantifying risks and highlighting their collective impact, utilising technology to present a more comprehensive view of capital cost escalations and time-limited funding challenges.

Moreover, Treasury will develop strategies to strengthen fiscal responsibility by entrenching these improvements into the Public Finance Act and supporting rules. These proposed measures aim to enhance disclosure of fiscal risks, regular reporting on significant capital investments, and detailed explanations for time-limited funding decisions.

As New Zealand navigates its fiscal course, a tech-integrated approach promises greater transparency and prudent financial stewardship, envisioning a more resilient and sustainable economic future. The government champions fiscal transparency, vital in addressing past imbalances while supporting SMEs for digital growth. Through initiatives like the Digital Boost program and fostering alliances, it empowers SMEs with digital tools, reinforcing economic resilience in today’s digital era.

Hon Andrew Bayly, New Zealand’s Minister, highlighted the significance of digital skills for SMEs, particularly within the nation’s robust digital infrastructure. The OECD D4SME Global Initiative seeks to foster a collaborative approach between the public and private sectors, catalysing SMEs’ embrace of digital transformation. The imperative nature of this initiative was underscored during the COVID-19 crisis, underscoring the urgency to accelerate SME digitalisation.

Recognising the evolving economic landscape post-pandemic, the Initiative remains instrumental in guiding economies and societies through the aftermath, emphasising the necessity for SMEs to adapt to digital technologies, invest in intangible assets, and revamp organisational models.

Amid the transformative potential of digitalisation, New Zealand’s incoming government places a strong emphasis on SME digital enablement, aiming to collaborate across multiple sectors to enhance productivity. A recent report posits that heightened SME digitalisation could potentially boost New Zealand’s GDP by NZ$ 8.5 billion.

New Zealand’s dedicated efforts in this sphere include the Digital Boost programme, a response to COVID-19, offering SMEs access to free online learning platforms and diagnostic tools to augment their online presence. A key facet of this initiative is the Digital Boost Alliance, fostering collaboration between governmental and private entities, offering discounted services, digital training, and substantial support.

Noteworthy statistics from an independent evaluation underscore the positive impact of Digital Boost, with a substantial percentage of businesses reporting improved revenue and increased digital presence, highlighting the programme’s efficacy in empowering SMEs.

Acknowledging the global efforts in SME support, the Minister highlighted the significance of the D4SME Initiative in facilitating knowledge exchange among economies facing similar challenges. Despite the current policy focus on immediate hurdles, the need for long-term structural reforms to fortify SME resilience remains paramount.

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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.

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

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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 consulting services provider, helping 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 3,800 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. For more information, visit www.ibm.com