Data analytics makes customer king

Data analytics delivers great value for businesses and customers. This is also the case for insurance company, FWD Singapore. Started in April 2016, the company provides a wide range of insurance solutions, including Travel, Car and Employee Benefits insurance for corporate customers.

Being one of the new kids on the block in Singapore’s insurance industry, FWD’s strategy for success is to leverage on technology to change the way people feel about insurance. To this end, they believe that data analytics have enabled the company to deliver products and experiences which are relevant, easy-to-understand and direct.

In October, the company launched the FWD Flyer mobile app. It allows customers to seek medical treatment at any of its 500 panel clinics in Singapore within 48 hours of returning from a trip, without the need to fork out their own money. Prior to this, FWD Singapore also introduced electronic claims payment via DBS IDEAL RAPID, and PayNow. This eliminated the need to make payouts via cheque which may be delayed or lost. As a result, customers can now receive their claims payment the next day upon approval, rather than the five days or more it would take for the cheques to be delivered.

Indeed, for FWD, innovation is the way forward. Riding the wave of digital disruption in the insurance landscape necessitates lacing insurance products with technological advances. FWD’s Chief Technology Officer, Mr Narasimhan Parathasarathy, shares with OpenGov Asia his thoughts on the importance of a data driven strategy.

Responsible for the company’s digital and information technology development, he thinks data and analytics are key enablers in his organisation. Yet, the age-old business adage still stands – the customer is king. He said, “Only if you know what your customer wants, can you service them efficiently. And to do that, there has to be a much deeper understanding of the customers’ needs. This is where we use data analytics. A data driven strategy is very important for customer satisfaction and loyalty.”

He added that business begins the moment a prospective customer visits the company’s website to enquire about or buy an insurance plan. From that point forward, creating a positive customer experience is key. Be it covering the customer’s needs to providing support when it is most needed, the time a claim is made, FWD is committed to providing the best service along every point of the customer journey.

In this way, customer satisfaction is increased. “A happy customer is also our champion. And through that customer, we can look at referrals to make the customer’s contacts our customers also. This provides us with endless opportunity.”

However, seizing these opportunities is no straightforward task. Businesses need to think out of the box to gather the right data.

Mr Parathasarathy explains, “The golden data is not in the traditional places but in the interactions and without the structure. This is the challenge and change in mindset that we should be looking at and [should be putting more efforts into knowing] more about it.”

Indeed, there is much more strategizing and frontiers of knowledge to explore for a truly valuable business transformation. Mr Parathasarathy was one of six speakers at OpenGov Asia’s Insurance Analytics Forum on 16 November 2018. With more than twenty-five years of experience in the information technology and insurance sectors, he had a wealth of information to share.

A half-day session, participants of the Forum met and learnt from other industry practitioners on how data analytics and visualisation can aid business transformation and drive more value for customers. Delegates walked away with knowledge of the best tools and strategies needed to optimise customer experience analytics, claims analysis, fraud and cybercrime and other key challenges within the insurance and financial services industry.

EKSKLUSIF! Cara Pemerintah Singapura Dorong Efisiensi Pakai Automasi Bersama Alex Tang, Direktur Layanan, Inovasi & Kepatuhan VITAL

Sebagai Badan Pusat Layanan Publik di Singapura, VITAL memiliki sejumlah inisiatif digital yang mendapat sorotan dari OpenGov Asia. Berbagai inovasi yang dilakukan organisasi ini memberikan transformasi layanan pemerintah Singapura yang dapat memberi manfaat bagi warga.

Saat ini VITAL, memiliki pusat layanan yang mengakomodasi lebih dari 100 lembaga. VITAL secara aktif mendorong digitalisasi dan automasi di tingkat enterprise sejak didirikan pada 2006. Lembaga yang ada di bawah Kementerian Keuangan ini terus melakukan disrupsi digital untuk mendorong transformasi di berbagai layanan pemerintah Singapura.

Berbagai inisiatif digitisasi, digitalisasi, dan automasi dengan robot gencar dilakukan untuk mengubah standar layanan pemerintah. Saat ini, inisiatif digital dan automasi terus ditingkatkan agar bisa lebih ekonomis, efisien, memperkuat pemerintahan, dan menigkatkan kualitas layanan.

Seluruh upaya tersebut telah membawa VITAL memenangkan Recognition of Excellence Award OpenGov Asia yang akan diserahkan bersamaan dengan diadakannya acara tahunan ke-8 OpenGov Leadership Forum 2023 Singapura.

Strategi VITAL terapkan automasi

VITAL telah mentransformasi layanan pemerintah Singapura dari manual, berbasis kertas, menjadi layanan dan operasional berbasis digital. Bahkan, percepatan proses lewat automasi bot dan robot berhasil membuat VITAL meningkatkan efisiensi pemerintah hingga 66% dan menghemat 12 ribu jam dari total 191 ribu transaksi yang harus diproses.

Dalam wawancara khusus dengan Mohit Sagar, CEO dan Pemimpin Redaksi OpenGov Asia; Alex Tang, Direktur Layanan, Inovasi & Kepatuhan VITAL menjelaskan sejumlah kerumitan yang menjadi tantangan untuk melakukan automasi. Mulai dari manajemen perubahan ketika mengembangkan skrip, komunikasi dengan pengguna untuk mengurangi penolakan dan ketidakpastian, serta hal-hal yang berkaitan dengan kemampuan para developer dalam mengembangkan skrip untuk automasi.

Perencanaan dan manajemen perubahan diperlukan untuk mengurangi kerumitan yang terjadi ketika terjadi perubahan dalam sistem atau aplikasi. Semakin banyak aplikasi dan sistem yang diintegrasikan, akan meningkatkan kompleksitas proses automasi. Makin tinggi kompleksitas akan berpengaruh pada tingkat keberhasilan sistem otomatis yang sudah diterapkan. Pada sistem yang kompleks, perubahan skrip juga akan menambah tingkat kesulitan ketika melakukan tambalan sistem keamanan.

“Kami merasa perencanaan lebih awal berguna dalam menilai kompleksitas cakupan integrasi di tahap pengembangan,” ujarnya.

Selain itu, pengembang juga perlu mengintensifkan komunikasi dengan pengguna. Hal ini diperlukan untuk mengatasi ketidakpastian dan penolakan. Mereka mengubah persepsi automasi dari ‘ancaman’ menjadi ‘bantuan’.

Automatisasi sering disebut-sebut sebagai ancaman posisi kerja bagi manusia dan menimbulkan kecemasan bagi para pegawai. Tapi, VITAL mempromosikan automasi sebagai alat bantu untuk menghilangkan pekerjaan manual dan repetitif. Sehingga, pegawai lebih produktif, memberikan nilai tambah pada pekerjaan mereka, melakukan pengembangan profesional, dan inovasi.

Tantangan berikutnya terkait dengan kemampuan dan pengalaman pengembang menulis skrip untuk automasi. Untuk mengatasi masalah ini, VITAL memanfaatkan software automasi tanpa coding atau low coding. Pengembang ahli di pusat akan tetap menangani kebutuhan coding automasi yang rumit. Tapi di hilir, para pengguna bisa memanfaatkan software RPA kode rendah dan tanpa kode untuk melakukan automasi sederhana.

Alex lantas membeberkan lima langkah yang mereka lakukan untuk memastikan inisiatif automasi yang mereka jalankan agar dapat menjawab kebutuhan ratusan agensi yang terhubung dengan VITAL.

Belajar dari orang lain

Pada tahap ini, VITAL mempelajari berbagai riset, mengambil pelajaran dari pengalaman sebelumnya, dan berkonsultasi dengan pakar dan analis industri sambil melakukan penelitian ekstensif. Untuk menentukan proses mana yang perlu automasi dan digitalisasi, Alex memberi tips agar melakukan penyelarasan pemahaman dengan pengguna. Hal ini bisa dilakukan ketika berdiskusi dengan calon pengguna di tahap awal. Proses digitalisasi bisa diutamakan pada proses yang masih manual dan repetitif.

“Bicaralah dengan para pengguna awal di industri untuk menentukan manfaat dan kekurangan solusi yang ditawarkan. Mereka bisa membantu untuk menilai apakah solusi itu sudah memenuhi kebutuhan organisasi,” jelasnya.

Penyelarasan dengan pengguna tersebut dapat menjadi konsep yang memandu VITAL untuk memulai segala ide dan inisiatif mulai dari yang kecil, seperti proof-of-concept. Dari titik ini, pengembang bisa mendapat validasi seberapa efektif inovasi yang ditawarkan. Sehingga, perbaikan lebih mudah dan lebih murah untuk dilakukan sebelum memperbesar skala solusi tersebut untuk pengguna yang lebih banyak.

“Kami lantas mengidentifikasi solusi, menguji coba bukti konsep dan melakukan penyesuaian dan peningkatan fitur selama 2 hingga 3 tahun ke depan,” tutur Alex.

Integrasi kebijakan-operasi-teknologi

VITAL bekerja sama dengan tim pusat untuk meninjau kebijakan dan persyaratan sistem ketika mereka akan mengaktifkan penggunaan suatu alat teknologi.

Standardisasi dan konsolidasi

Alex juga menyarankan agar memiliki layanan bersama dan terpusat untuk proses standardisasi dan konsolidasi yang menjadi rujukan dari seluruh organisasi kepemerintahan.

Uji kompatibilitas

Perlu dilakukan uji kompatibilitas antara software dan solusi yang akan dipasang ke sistem utama dan lingkungan hosting, baik berupa aplikasi internal dan eksternal.

Memilih proses yang diautomasi

“Terakhir, jangan mengotomatiskan inefisiensi. Tinjau proses yang dipilih, sederhanakan terlebih dahulu dengan menghilangkan langkah-langkah yang tidak perlu sebelum membuat skrip,” seru Alex.

Ke depan, untuk menghadapi kebutuhan dan tantangan yang terus berubah, Alex dan tim di VITAL terus mengamati berbagai perubahan yang terjadi. Baik perubahan di industri teknologi, lanskap sistem, dan ruang layanan korporat di WoG yang bisa berpengaruh pada solusi yang mereka gunakan. Pengawasan dilakukan agar mereka bisa mengantisipasi perubahan itu dan melakukan penyesuaian.

Mendorong tim yang inovatif

Untuk mendorong inovasi dan digitalisasi, VITAL menciptakan ekosistem tim inovasi pusat yang didukung oleh tim spesialis Ops-Tech dan pakar proses fungsi operasi.

Tim pusat inovasi melakukan eksplorasi teknologi dan eksperimen untuk mencari, menguji, dan meningkatkan solusi inovatif untuk menghasilkan efisiensi dan efektivitas di VITAL. Mereka bekerja sama dengan pakar proses fungsi operasi untuk mengidentifikasi proses yang sesuai dalam menguji dan meningkatkan serta menyebarkan adopsi otomasi di seluruh organisasi. Mereka juga mengumpulkan persyaratan bisnis, mengembangkan skrip, dan menerapkannya. Secara parallel, hal ini mengembangkan kemampuan pengembang Proses Automasi dengan Robot (PAR).

Sementara itu, tim spesialis Ops-Tech mengambil peran sebagai pengatur tata kelola dan penasihat untuk meninjau dan menerapkan skrip, memutakhirkan aplikasi, memecahkan masalah insiden, memberikan panduan, dan membangun keterampilan dalam berinovasi.

Selain membentuk struktur tim yang kuat, VITAL juga melakukan manajemen perubahan dan menciptakan ekosistem yang memberi stimuli untuk terus berinovasi. Hal ini dilakukan dengan mengundang proyek-proyek yang sudah berhasil ditangani oleh VITAL.

Mereka juga menggelar penghargaan proyek inovasi tahunan untuk terus menjaga kebanggaan tim atas hasil dan perubahan yang mereka lakukan. Hal ini diakui sukses dalam menjaga minat tim agar terus mencari hal yang bisa ditingkatkan secara bersama.

“Kami juga telah mengembangkan dasbor untuk memantau tingkat keberhasilan skrip PAR dan melihat penghematan waktu yang telah dilakukan. Metrik ini berguna untuk memvalidasi upaya kami dalam menyediakan ‘bahan bakar’ untuk adopsi dan memantau pertumbuhan lebih lanjut dalam penggunaan otomasi,” papar Alex.

Selain itu, untuk transfer informasi dan pengetahuan antar tim di VITAL dan luar VITAL, Alex berbicara sejumlah hal yang sudah mereka lakukan secara efektif.

Microsite

VITAL kerap memanfaatkan microsite sebagai pusat informasi untuk semua inisiatif digital yang dilakukan.

Digital First

Microsite ‘inhouse’ ini digunakan untuk berbagi contoh kasus, tips, dan sumber daya bagi sesama pegawai VITAL. Mereka juga kerap mengadakan pertemuan santai untuk membahas dan memperkenalkan solusi digital baru.

Pusat Robotik dan Otomasi

Microsite ini digunakan untuk menyediakan segala informasi terkait dengan robotik dan skrip automasi.

Situs mini ini digunakan sebagai referensi internal untuk berbagai agensi yang terhubung dengan layanan korporasi pemerintah. Sejak diluncurkan, layanan ini sudah mendapat 16 ribu kunjungan oleh sekitar 2.300 pengunjung unik per Februari 2023.

Pelatihan

VITAL telah melakukan pelatihan internal bagi 28 karyawan dan melatih lebih dari 140 petugas VITAL lain. Pelatihan yang diberikan adalah penggunaan Proses Automasi dengan Robot (PAR). PAR diperlukan untuk mengotomatiskan proses yang kompleks. Pelatihan difokuskan untuk meningkatkan kemampuan menggunakan software automasi low-code PAR. Saat ini, sudah ada 12 lembaga pemerintah Singapura yang telah mengikuti pelatihan ini.

EXCLUSIVE! Food-Tech Trends for Sustainability with Dr Chris Aurand, Open Innovation Leader, Thai Union Group PCL

The food industry has been impacted by the pandemic and is looking for ways to increase productivity, lower costs and be better prepared for any future disruptions. Furthermore, consumers are increasingly interested in healthier and more sustainable food options, which is prompting the industry to explore how best to meet these demands.

To tackle the challenges of improving efficiency, adapting to changing preferences and demands, and enhancing the overall customer experience, the food industry is proactively exploring technology-enabled solutions. Technological breakthroughs, transformative processes and interactive platforms are the need of the hour.

No doubt, industrialisation and automation have already significantly increased the capacity and effectiveness of the sector, resulting in a continuous transformation of the global food industry across the entire value chain. The global food-tech industry has grown to include a wide range of companies that use technology to improve food production, distribution and variety. Nonetheless, there is much yet to do.

Startups, incubators and accelerators can play a powerful role in revolutionising the sector. They can bring together top food-tech entrepreneurs and corporates through one-of-a-kind mentorship, networking and financing.

A vibrant food industry is vital globally as it plays an essential part in determining the future of food production, and distribution around the world, contributing to sustainability, health and food security.

Through their creative ideas and innovative use of cutting-edge technologies, entrepreneurs have a unique opportunity to positively impact the food industry. They foster innovation and economic growth while also advancing a more just and sustainable food system by actively bringing about change in the food industry.

All parties involved in the food system – from producers to consumers – could benefit from their innovations and ideas if they are implemented.

Food-tech innovations for a sustainable future

In an exclusive interview with OpenGov Asia, Dr Chris Aurand, Open Innovation Leader at Thai Union Group, PCL, shared the company’s strategies and solutions aimed at addressing gaps in the food sector.

Chris is appreciative of Thailand’s innovative culture and welcoming atmosphere, describing it as a wonderful place to live and work. In his role, he works to support startups and build the country’s food tech ecosystem.

He is responsible for developing the long-term strategy for SPACE-F, Thailand’s first dedicated food tech incubator and accelerator. This initiative is a collaboration between the Thai Union, ThaiBev, Mahidol University and The National Innovation Agency of Thailand, intending to establish Thailand as a hub for Foodtech startups. Additionally, Chris is a member of the Corporate Venture Capital team at Thai Union.

Thai Union Group is committed to fostering innovation and invests in early-stage startups with disruptive technologies and products that are in line with our strategic direction, “Healthy Living, Healthy Oceans” via Thai Union Ventures. Additionally, the company collaborates with third-party entities, including VisVires New Protein, and SPACE-F, the first dedicated global FoodTech startup incubator and accelerator in Thailand. These collaborations enable the group to access cutting-edge technologies and expertise, which help the company stay ahead of the curve in an ever-evolving industry.

“The initiative began in 2018 when we began collaborating with various country trade missions to scout startups and develop internally how we would work with startups. We realised that to drive innovation within the company and introduce fresh ideas, we needed to identify and collaborate with promising startups,” Chris recalls.

Seeing the potential, Thai Union Group established a fund to strategically support startups at the seed to series A funding stage in the areas of alternative proteins, biotechnology, functional nutrition and supply chain.

The company ensured that these investments fed back into the business unit, supporting its growth and contributing to its success. In fact, Thai Union Group’s support contributed to the growth of its first investment to the point where it was able to establish its own production facility in Thailand.

Chris believes that food tech companies introduce novel perspectives on food security and promote local production. Food tech startups can also assist in implementing new technologies to extend product shelf life while preserving product safety.

Moreover, food safety is becoming an increasingly critical concern as people become more aware of the potential emergence of diseases and bacteria due to climate change. Food security is not necessarily a matter of inadequate food supply to feed the world, but rather issues related to logistics, spoilage, and consumer preferences for specific food types. Chris believes that startups can introduce innovative solutions to address these challenges, particularly in the areas of sustainability and food safety.

Chris shared how startups supported by the SPACE-F are devising inventive strategies to combat food waste and promote sustainability. Some of the solutions include upcycling brewery wastewater into a source of protein, locating and distributing discounted baked goods and using food waste as feedstock to grow insects as a protein source for pet treats.

These initiatives not only help to reduce waste but also create new sources of sustainable protein, highlighting the potential for innovative technologies to drive positive change in the food industry. Chris points out that startups can build on previous ideas as well as offer corporations innovative solutions without significant investment.

As an example, he highlighted a Finnish startup, EniferBio that produces PEKILO® mycoproteins from a fungal strain, which was initially developed in the 1960s but later shelved due to changes in the pulp and milling industry’s processes.

The pandemic has led to increased awareness among people regarding the link between their diets and their health. Consumers are now more interested in healthier and more sustainable food options and are actively seeking out products that meet their dietary requirements and preferences.

As a result, there has been a growing interest in food technology, which is helping to drive innovation in the food industry. This has created an opportunity for food tech startups to develop new products and technologies that cater to these changing consumer demands, while also addressing challenges related to food security, sustainability, and food safety.

Startups in the food technology sector are gaining interest from investors and businesses due to their fresh ideas that have been tested locally and can be adapted globally. This is crucial in finding local solutions to global food supply issues caused by the pandemic.

Discussing their startup accelerator programme, Chris explained that it includes both domestic and international companies and highlighted the importance of regional production in promoting sustainability. They focus on regional production to promote sustainability, as well as address trends in the food industry, including the growing demand for sustainable and healthy products.

“We have an opportunity to incorporate healthy ingredients into their products while highlighting the importance of being mindful of additives and preservatives that could have negative long-term effects,” Chris points out.

Startups in Thailand are focusing on incorporating micronutrients, promoting sustainability, and developing healthier food options, while also considering the commercial viability and long-term benefits their products can provide. To support these efforts, incubators and accelerators are facilitating collaborations and the development of new ideas in the industry.

While perseverance and curiosity are foundational qualities for success in the startup community, context is as necessary. It is vital to engage with the local population and be prepared to alter products to satisfy customer demands. Understanding the consumer and being adaptable to branding and product changes are particularly crucial in the food-tech sector, as consumer preferences and demands are constantly evolving.

However, while consumers are becoming more aware of the importance of sustainability, they are not always willing to pay the additional price – cost can often be a deciding factor, especially during times of economic uncertainty. As inflation rises, consumers may prioritise affordable options over sustainable ones.

In the case of novel products such as plant-based and cultured meat, achieving the optimal texture and price point is essential for convincing consumers to make the switch. Rather than expecting these products to completely replace traditional meat products, Chris suggests targeting flexitarians who may be willing to regularly incorporate them into their diet.

Blockchain technology can help improve traceability and food safety in the food industry. By using blockchain, each step of the supply chain can be recorded and traced, from the origin of the ingredients to the final product. This makes it easier to identify any issues that arise and quickly address them.

The use of QR codes can also allow consumers to access information about the product they are purchasing, such as the origin and logisitcs, which can increase transparency and trust.

Implementing such solutions can improve the precision of logistics systems and ensure the safe delivery of goods. Traceability tools can also be utilised for marketing purposes by establishing a compelling narrative about the product’s origins and beneficiaries. Consequently, there is a growing focus on sustainability, reducing food waste and improving logistics.

Alongside AI and blockchain, other noteworthy developments are shaping the food technology sector. Advanced processing technologies such as high-pressure processing are gaining traction as a way to preserve food while maintaining its nutritional integrity.

In light of the increasing prevalence of antibiotic-resistant bacteria, promising technologies that had previously been shelved such as bacteriophages are being resurrected. Additionally, there is a strong shift towards more natural and holistic solutions to promote sustainability and minimise food waste.

The use of such technologies can also contribute to ethical improvements by decreasing chemical and antibiotic use in animal husbandry and improving animal welfare. As consumers become more conscious of ethical considerations in food production, such as organic and sustainably sourced products, there will be a growing demand for them. To establish a sustainable future, it may be necessary to revive traditional agricultural practices and implement regenerative agriculture.

Chris strongly feels that consumer education should encompass not only fundamental food safety measures like washing vegetables and cooking foods thoroughly but also the ability to recognise potential sources of foodborne illnesses..

People need to have a solid grasp of food safety and hygiene principles and prioritise their own health and wellness. As the food industry advances and new technologies and products emerge, it will become necessary to strengthen oversight and regulation to ensure that these new technologies provide healthy and safe foods for consumers.

“Facilitating the development of innovative food products will necessitate cooperation among startups, corporate partners, regulators and consumers to ensure safety, effectiveness and transparency,” Chris says emphatically.

Urban Ideas and Solutions Through LKYGBPC

The Lee Kuan Yew Global Business Plan Competition (LKYGBPC), which began in 2001, is a biennial global university start-up competition hosted in Singapore. Organised by Singapore Management University’s Institute of Innovation and Entrepreneurship, focusing on urban ideas and solutions developed by student founders and early-stage start-ups.

Chris is passionate about supporting startups and cultivating the food tech ecosystem to facilitate industry transformation.

In his role as Open Innovation Leader, he is responsible for implementing Thai Union’s open innovation strategy, collaborating with internal R&D stakeholders to understand their innovation needs and driving external collaboration; and being part of innovation platforms like LKYGBPC.

Working with youth is advantageous since they are not rigid in their thinking and can bring fresh and innovative ideas to the table, Chris says. But it is important to have separate tracks for ideation and revenue-generating businesses, while also promoting global collaboration and idea exchange.

Chris is convinced that “To inspire innovation among young people, it is essential to present it in a hands-on manner, similar to how LKYGBPC has done. Moreover, it is crucial to instill in them the notion that failure is an inherent and integral part of the learning process.”

He emphasises the importance of fostering an environment and culture of innovation that embraces trial and error. Failure must be embraced to allow learning from mistakes. Additionally, it is essential to comprehend one’s strengths, weaknesses, and dislikes.

To remain at the forefront of innovative entrepreneurship over the next five to ten years, the LKYGBPC must continue to evolve and accommodate new trends and challenges in the entrepreneurial landscape. This could involve broadening its scope and expanding its reach, partnering in new regions and industries.

They must be willing to embrace emerging tech and innovation and provide aspiring entrepreneurs with more resources and support.

Furthermore, the competition should continue to prioritise ethical and sustainable entrepreneurship, which is gaining importance to both businesses and consumers. They must encourage participants to develop innovative solutions to global concerns such as climate change, social inequality, and healthcare.

“The food technology sector has a substantial influence on daily life. One of the most exciting aspects for an entrepreneur in the industry is to develop a successful product and see it being sold on the shelves of a supermarket. This industry provides the opportunity to introduce solutions that have a significant, positive impact on people.” Chris concludes.

EXCLUSIVE! Chatbot Development for Public Service

OpenGov Asia has recognised GovTech for the public sector’s evolving digital use. The agency has streamlined government operations and broken new ground with its Virtual Intelligent Chat Assistant (VICA). The project is part of GovTech’s ongoing efforts to develop and deploy chatbots to fill gaps in government services and enhance the lives of citizens.

VICA is the most recent citizen assistant platform from GovTech, utilising Artificial Intelligence (AI) to create more efficient and beneficial chatbots for government agencies to manage and for end users. The ‘Ask Jamie’ Virtual Assistant will eventually be replaced by VICA.

The engine-neutral platform employs cutting-edge tech to enhance performance and precision. VICA utilises natural language processing engines, machine learning and AI to enhance virtual and phone interactions between Singapore government institutions and residents or businesses.

This platform not only learns and interprets conversations but also offers businesses the ability to design and train chatbots, features that Ask Jamie did not provide. The automated processes provided by VICA make it easier for agencies to onboard and “train” their chatbots.

This accomplishment earned GovTech the prestigious OpenGov Asia Recognition of Excellence Award, which will be presented at the 8th Annual Singapore OpenGov Leadership Forum 2023.

Chatbot advancement to improve citizen experience

In addition to providing a simple FAQ, VICA improves transactional services in numerous other ways. Streamlining transactions provides greater convenience and access to government services and information, as well as quicker and more direct responses to user inquiries.

Taxi drivers and hawker stall owners, for instance, can use the IRAS chatbot to request assistance with tax filing. The Municipal Services Office’s OneService Chatbot, Kaki, which allows residents to easily report municipal issues via WhatsApp and Telegram, is also powered by VICA.

VICA-powered chatbots provide the public with timely updates, such as the Gov.sg chatbot, which provides COVID-19 updates and disseminates important government announcements in English, Chinese, Malay and Tamil.

Using NLP technology has allowed VICA-powered chatbots to better understand and interpret human language, particularly in the context of Singaporean English, thereby improving overall user experience. It is possible to create more structured conversational flows by defining intents, entities and context management – the building blocks that provide directions to chatbots and allow them to meet the needs of users.

VICA provides detailed analytics and insights into the performance of the chatbot as well as user conversations. With this information, the team can identify areas for improvement to enhance performance and accuracy.

Technology is constantly evolving, and the team is continuously on the lookout for and learning about new AI trends. Hence, VICA has been experimenting with a Generative AI programme that can understand written prompts and respond with helpful assistance in real-time since mid-2022.

VICA’s development involves the gradual integration of cutting-edge technology that meets the requirements of the entire government. These technological upgrades will include a unified chat frontend to ensure consistent branding across all government ministries and agencies – Singpass Integration, Live Chat Escalation, and support for various chat platforms like WhatsApp and Telegram.

As part of the closed beta programme with internal testers, the VICA team has been utilising these technologies to improve the quality and efficacy of the chatbots with citizens.

Developers also want to reduce the time and effort that their agency partners have to invest in training and maintaining their chatbots. While the team has always been receptive to new technologies, they take a measured approach, through progressive internal testing phases with the selected partner agencies before launching to the public.

The strategy is to determine how technological advancements can benefit not only the agency partners but also citizen users.

VICA intends to surpass FAQ-style chatbots with near-human conversation capabilities in the long run. It intends to combine services and transactional capabilities so that chatbots can assist users with their inquiries and complete transactions.

Given the potential risks and shortcomings associated with the development of intelligent development of platforms, it is vital to have an ethics framework in place. This will allow developers to plan for and be aware of the pitfalls and limitations of AI, which include:

Accuracy: Models can give false responses that sound convincing
Bias: Inherent biases may exist in the training dataset, which can be difficult to pre-empt due to the lack of information. This could then manifest in the model’s responses;
Harmful content: To create a safe and healthy environment for users’ interaction with chat apps, chat moderation is important to monitor and regulate user input messages against inappropriate and offensive content;
Data governance: When interacting with chatbots, users may inadvertently volunteer personal and confidential data through the chatbot’s prompts.

It is essential to encourage interactions with them and provide feedback to ensure that chatbots are performing as intended and to improve their overall performance.

Despite the functionality and enormous potential of generative AI, VICA has placed a high priority on governing its use to ensure that such technology is employed in an ethical manner benefitting both end users and society.

To mitigate the risk of unintended prejudices and ensure adherence to data governance rules, it is crucial to adopt an intentional strategy for the collection and transformation of raw data into useful and insightful outputs. Such a strategy can help ensure that the data is handled fairly and responsibly and that any potential risks are addressed pre-emptively or proactively. Moreover, this approach ensures that the resulting outputs are accurate, reliable and trustworthy.

About the team

The organisation recognises the importance of aligning team members towards a shared vision and objective, regardless of their diverse backgrounds. With a diverse team, each member can bring their unique perspectives and expertise to the table. Working collaboratively, the team can leverage these diverse perspectives to generate innovative problem-solving strategies.

The VICA team fosters an atmosphere of open communication and encourages feedback, creating a cooperative environment where team members feel heard and valued. This establishes a safe place where everyone feels comfortable sharing their thoughts and ideas.

They frequently organise team-building activities outside of work to foster camaraderie, build stronger relationships and create a more cohesive team dynamic. They believe this approach can lead to more innovative solutions and better decision-making.

Defining clear objectives and goals is crucial for the success of the VICA team. Every team member understands that they are working towards a common objective, providing a sense of purpose and direction.

Clear missions and defined tasks allow the team to stay on track and ensure that their efforts are moving the project forward in the right manner. This approach helps ensure that everyone is aligned and focused on achieving the same goals, which ultimately contributes to the success of the project.

The VICA team has implemented a robust project management framework that outlines the roles and responsibilities of team members at each project stage. They adhere to budget planning procedures to manage costs effectively. This framework helps ensure that everyone is clear on their responsibilities and contributes effectively to the project’s success within the specified budget.

The VICA team has adopted an agile approach that emphasises adaptability, speed and continuous quality improvement. The team uses retrospectives to evaluate what works well and what doesn’t, identifying opportunities for future improvement. This enables the team to quickly make adjustments and continuously improve the project’s quality, resulting in a more successful outcome.

EKSKLUSIF! Pemerintah Singapura Pakai AI dan ML untuk Bikin Chatbot Cerdas

Proyek VICA (Virtual Intelligence Chat Assistant) adalah platform layanan chatbot yang bisa digunakan sebagai dasar pengembangan berbagai layanan chatbot di berbagai instansi pemerintahan Singapura. Platform ini ditenagai dengan Kecerdasan Buatan (Artificial Intelligence/ AI) dan pembelajaran mesin (Machine Learning/ ML) agar chatbot yang dikembangkan oleh berbagai instansi pemerintahan bisa memberikan respons yang lebih ‘manusiawi’ kepada warga dan berbagai perusahaan di Singapura.

Layanan platform chatbot VICA dikembangkan oleh GovTech, yaitu Badan Teknologi Pemerintah (Government Technology) yang mendorong transformasi digital ke berbagai instansi pemerintah di Singapura. GovTech mengembangkan VICA sebagai perbaikan dari layanan chatbot sebelumnya; Ask Jamie.

Untuk membantu VICA memberikan jawaban yang lebih natural dan akurat, GovTech memanfaatkan teknologi NLP (natural language processing) terbaru dengan platform mesin-agnostik. Menerapkan kecerdasan buatan dan pembelajaran mesin membuat VICA mampu mempelajari dan menafsirkan percakapan dan meningkatkan interaksi ketika ‘diajak bicara’ secara virtual maupun lewat telepon. Sebagai sebuah platform, VICA juga digunakan oleh berbagai instansi pemerintah lain untuk melatih chatbot yang mereka kembangkan. Fitur ini sebelumnya tak ada di platform chatbot Ask Jamie.

VICA merupakan bagian dari upaya GovTech untuk membangun dan menggunakan chatbot guna menjembatani pemerintah dengan warga dan swasta. Kepiawaian dan inovasi GovTech ini mendapat atensi dari OpenGov Asia untuk mendapatkan penghargaan OpenGov Asia Recognition of Excellence Award yang akan diberikan pada Singapore OpenGov Leadership Forum 2023 tahunan ke-8.

Chatbot pintar

Dalam wawancara dengan CEO dan Pemimpin Redaksi OpenGov Asia, tim pengembang VICA menyebut mereka telah meningkatkan berbagai fitur untuk memperbaiki cara chatbot anyar ini dalam melayani pengguna. VICA bisa memberi jawaban lebih cepat dan sesuai konteks sehingga ia tak hanya menjawab pertanyaan berdasarkan jawaban yang sering ditanyakan atau sesuai template semata. Hal ini membuat pengguna merasa lebih nyaman ketika berinteraksi dengan VICA.

Sebagai sebuah platform, VICA juga digunakan untuk mengembangkan chatbot instansi pemerintah lain. Contohnya adalah chatbot IRAS yang digunakan wiraswasta seperti supir taksi atau pemilik kios jajanan untuk meminta bantuan dalam pengajuan pajak. Kaki, chatbot layanan terpadu dari Kantor Layanan Kota bisa yang akan menampung laporan dan keluhan warga soal masalah kota lewat WhatsApp dan Telegram.

Selain itu, platform chatbot VICA juga bisa memberikan informasi terbaru secara real-time kepada warga. Contohnya, chatbot Gov.sg yang memberikan pembaruan status COVID-19 dan pengumuman pemerintah dalam bahasa Inggris, Mandarin, Melayu, dan Tamil.

Agar interaksi dengan VICA lebih ramah pengguna, tim memanfaatkan teknologi NLP untuk bisa memahami dan menginterpretasikan bahasa manusia. Namun, bahasa utama yang paling baik diinterpretasikan VICA saat ini adalah bahasa Inggris Singapura.

“Dengan memahami maksud pertanyaan, siapa yang menanyakan, dan konteks pertanyaan, ini akan jadi bahan arahan bagi chatbot untuk memberikan jawaban yang memuaskan kebutuhan pengguna, sehingga alur percakapan bisa lebih terstruktur,” jelas tim VICA.

Agar performa VICA makin bagus, tim juga melengkapi platform ini dengan analisis data. Hasil analisis itu memberikan gambaran terperinci tentang kinerja chatbot serta bagaimana kinerjanya atas percakapan pengguna. Hal ini membuat tim VICA bisa mengidentifikasi hal yang bisa diperbaiki untuk meningkatkan akurasi VICA.

Ketika memanfaatkan AI, terdapat kekhawatiran masalah etika dari kecerdasan buatan yang digunakan. Sebab, pada beberapa kasus, AI kerap memberi jawaban yang menyesatkan atau tidak sesuai etika. Tim VICA menyadari hal dan sepakat kalau model AI bisa memberikan respons yang salah namun terdengar meyakinkan.

Jawaban yang keluar dari model AI juga bisa terkontaminasi oleh bias. Bias bawaan ini mungkin terjadi imbas dari kumpulan data yang digunakan untuk melatih model AI itu. Namun hal ini bisa jadi sulit dicegah karena kekurangan informasi yang dimasukkan dalam data latihan AI tersebut. Bias dan jawaban menyesatkan tadi kemudian nampak dalam respons AI atas pertanyaan pengguna.

Untuk menjaga pembicaraan yang sehat, model AI juga perlu menyaring konten yang ditanyakan pengguna. “Moderasi obrolan diperlukan untuk memantau dan menyaring pesan yang dimasukkan pengguna untuk mengatur respons AI terhadap konten yang tidak pantas dan menyinggung.”

Etika lain yang dipertimbangkan tim pengembang VICA adalah soal tata kelola data. Saat berinteraksi dengan chatbot, pengguna mungkin secara tidak sengaja memberikan data pribadi dan rahasia secara sukarela akibat perintah chatbot.

“Terlepas dari fungsi dan potensi AI generatif yang sangat besar, kami memastikan teknologi ini digunakan dengan cara yang etis dan menguntungkan pengguna dan masyarakat,” tegas tim VICA.

Untuk mengurangi berbagai risiko disinformasi, misinformasi, bias, dan masalah etis lain, tim memastikan efisiensi dan kegunaan tiap informasi yang dikumpulkan dan ditransformasi sebagai bahan data mentah pelatihan model AI yang mereka kembangkan. Hal ini juga dilakukan agar mereka mematuhi aturan tata kelola data yang berlaku. Selain itu, mereka pun senantiasa memeriksa umpan balik pengguna agar chatbot yang dikembangkan berfungsi semestinya.

Ketika ditanya soal pengembangan VICA ke depan, sejak pertengahan 2022, tim pengembang telah mulai bereksperimen dengan program AI Generatif. Program ini bisa memahami petunjuk tertulis dan merespons dengan bantuan yang bermanfaat secara real-time.

Dalam jangka Panjang, VICA akan terus disempurnakan dengan teknologi terkini yang paling sesuai dengan kebutuhan Whole-Of-Government. Mereka akan mengembangkan antarmuka obrolan terpadu sehingga branding pada chatbot pemerintah lebih seragam di semua kementerian dan lembaga. Selain itu, mereka juga berencana melakukan integrasi VICA dengan Singpass, memperbanyak fitur Live Chat, serta integrasi dengan platform chat seperti Whatsapp dan Telegram.

Selain itu, tim VICA juga telah menjajaki teknologi kemampuan percakapan tingkat lanjut seperti yang digunakan oleh ChatGPT. Mereka tengah menelisik teknologi ini dalam program beta tertutup dan tengah melakukan pengujian internal untuk meningkatkan kualitas dan kenyamanan pemakaian chatbot. Langkah selanjutnya adalah menerapkan cara yang dapat mempermudah para mitra GovTech ketika mengadopsi platform VICA ketika mereka ingin membuat chatbot sendiri. Dengan VICA, mereka bisa mempersingkat waktu dan mengurangi kerumitan dalam melatih serta memelihara chatbot mereka.

“Kemajuan teknologi apa pun harus bisa memberikan pelayanan yang lebih baik bagi mitra instansi dan warga, itu sudah menjadi DNA kami,” tegas tim VICA

Cita-cita jangka panjang lain adalah membuat chatbot VICA bisa digunakan sebagai media transaksi. Jadi, chatbot ini tak sekedar bisa menjawab pertanyaan saja, tapi juga bisa terintegrasi dengan operasional layanan pemerintah. “Kami juga selalu terbuka untuk teknologi baru dan siap melakukan kalibrasi melalui fase pengujian internal, sebelum meluncurkan layanan itu kepada warga.”

Membangun tim inovatif

Tim VICA lantas membeberkan sejumlah cara yang mereka lakukan untuk memastikan inovasi berkelanjutan dan keberhasilan program.

“Dengan menetapkan tujuan dan sasaran yang jelas, setiap anggota tim akan terbantu untuk memahami bahwa mereka memiliki tujuan bersama yang jelas, sehingga setiap orang memahami tugas dan tanggung jawab masing-masing.”

Di tahap awal, tim membangun kerangka kerja manajemen proyek. Kerangka ini membantu peran dan tanggung jawab anggota tim untuk pembagian beban kerja yang sehat di setiap tahap proyek. Kerangka ini juga berguna untuk penentuan perencanaan anggaran agar biaya bisa dikelola secara efektif. Tim juga menciptakan suasana yang terbuka terhadap berbagai umpan balik, sehingga setiap anggota tim bisa dengan bebas dan merasa aman dan didengar ketika mengajukan pendapat.

Untuk mengukur dan mengevaluasi keefektifan kerja, tim VICA mengadopsi metodologi Agile. Metode ini dianggap lebih fleksibel, cepat, dan bisa membantu tim untuk meningkatkan kualitas kerja mereka. Sementara dalam proses pengembangan produk, mereka mendapat manfaat dari metode Scrum dan Kanban. Sebagai bahan evaluasi, tim juga mengandalkan retrospektif untuk mempelajari kembali apa yang berhasil dan apa yang tidak. Bahan ini lantas digunakan untuk perbaikan produk di masa mendatang.

Ketika berinteraksi dengan tim yang berbeda latar belakang, tim VICA memulai proyek dengan membangun rasa saling percaya dan menyelaraskan visi dan tujuan bersama. Sehingga, tiap anggota bisa memiliki cara masing-masing untuk berkontribusi dengan caranya yang unik. Dengan menyatukan semua pendapat berbeda ini, mereka dapat menciptakan dan menemukan solusi inovatif untuk berbagai masalah.

Sementara untuk menjaga kebersamaan dan kolaborasi yang efektif dalam tim, mereka memperbanyak waktu bersama lewat sesi curah pendapat (brainstorming), proyek bersama, hingga kegiatan team bonding. Mereka pun mengembangkan budaya untuk menghargai kontribusi dan menghormati pendapat setiap anggota tim. Inisiatif ini menjamin tiap pendapat didengar serta memberikan lingkungan yang aman bagi tiap anggota untuk berbagi pandangan yang berbeda.

EXCLUSIVE! Selecting Startups to Fund with Kei Furukawa

Venture Capital (VC) has played a significant role in driving innovation and economic growth by providing essential financing for startups and early-stage enterprises. With rising interest rates and complicated loan approval processes, many entrepreneurs are turning to VC financing opportunities to bridge the gap between funding sources for innovation and traditional, lower-cost forms of finance available to existing businesses.

To attract private equity funds and entice entrepreneurs with high-return ideas, the VC industry must offer a satisfactory return on capital, provide appealing returns for its members, and demonstrate promising upside potential. However, consistently outperforming investments in inherently risky business operations remains a significant challenge

Despite not being long-term ventures, the goal of VC investments is to provide financial support to a company’s balance sheet and infrastructure until it achieves a certain size and level of credibility that makes it attractive for acquisition by a corporation or provides the opportunity for liquidity in the institutional public equity markets.

Due to the saturation of the startup market and ongoing inflation concerns, many investors are opting for a more conservative approach. Venture capitalists today are adopting a more cautious, long-term strategy, departing from the previously prevalent aggressive, short-term investment approach.

Venture Capitalists Measure When Funding a Startup

Kei Furukawa, a Partner in Investment & Business Development at the UTokyo Innovation Platform Co (UTokyoIPC), presents the Innovative Platform as the entity in charge of enhancing the University of Tokyo (UTokyo)’s innovation ecosystem. It is tasked with ensuring returns on its investments as a funding corporation as well as disseminating academic research outcomes from the world-leading university in Japan to society as a whole.

“UTokyo IPC aims to accelerate innovation on a global scale that leveraged the University of Tokyo through three key activities: supporting entrepreneurs, facilitating corporate innovation, and investing in startups,” Kei reveals.

The company’s primary activity is Venture Capital (VC), which consists of meaningful investments and the exiting of those portfolios. A concurrent objective is to apply UTokyo’s research, intellectual assets and other resources to businesses.

While the ultimate goal is to make investments, Kei shared that they also conduct extensive research and academic work, that can be commercialised.

The company has invested in around 60 companies or portfolios that are primarily focused on various fields including biotech (drug discovery, medical devices, agriculture), robotics, aerospace, IT and AI (mainly enterprise solutions).

“It is pertinent that our company was established as a result of a political decision, indicating that the government is currently experiencing a period of uncertainty,” Kei explains. “Ministry of Economy, Trade and Industry (METI), and the Ministry of Education, Culture, Sports, Science and Technology (MEXT)made a joint decision to increase funding for startups emerging from universities, to explore ways to transform research into viable business ventures. This decision ultimately led to the creation of our company.”

Typically, national universities in Japan are not permitted to invest in companies, but an exception was made in this case. As a result, the VC firm is deeply invested in the growth of startups and takes a deep interest in their success.

Kei explained that the national budget was used to establish our funds. It is noteworthy that the funds comprise public and private sources, with a government disbursement allowing it to undertake investments with significantly greater risk.

He acknowledges that the company employs a matrix to evaluate the success of its investments. However, due to their focus on early-stage deep tech investments, it can be extremely challenging to conduct such measurements, particularly at an early stage. Nonetheless, his team closely monitors the progress of each investment and ensures that the milestones established for both business and technology are met.

The company operates an incubation and accelerator programme called “1st Round” (https://www.1stround.jp/) that serves as a bridge between academia and business. It is a programme co-hosted by 13 Top national and private universities from Japan. To participate in the initiative, start-ups are not required to be incorporated but must do so if chosen. If already incorporated, they must be under 3 years, and must not be funded by a VC at application timing.

He notes that they have numerous corporate sponsors, consisting of major Japanese corporations of a wide spectrum of industry fields. They strongly encourage partnerships between the startups and the sponsoring companies to conduct proof of concept (POC) projects together. This safe and close-knit community has resulted in many successful ventures between companies and startups.

The venture capitalist arm has a follow-on investment strategy aimed at providing support to the companies they invest in, particularly during challenging times. They take a hands-on approach by having members sit or observe boards meeting of portfolio companies to offer guidance and mentorship for business development, HR support (has own recruitment platform “Deep tech Dive” (https://www.utokyo-ipc.co.jp/dive/), and public relations. Also since their fund terms are 15 years, relatively longer than other VC funds, which helps deep tech startups to firmly bring technology to the market.

The VC strongly believes in the value of persistence and is committed to not giving up on its investments. They are determined to work tirelessly until the very end to revitalise the company, a trait they consider critical of a successful investor.

As a university subsidiary, they do not limit themselves to any particular investment areas and remain open to various types of startups. While there may be some sectors that are more attractive to non-tech venture capital, they generally favour startups that may be complex to comprehend but possess the potential to bring about transformative changes in the world.

They take a long-term investment approach and have transitioned from short-term rapid investment to supporting social impact and sustainability, particularly in healthcare startups. However, they also must balance this with the need for financial returns.

When making investments, financial returns are undoubtedly important, but they are not the sole factor that should be taken into account. The overall impact of the investment, including its social, environmental and ethical implications, should also be carefully considered.

Startups have several options for obtaining capital, such as crowdfunding, venture loans, and revenue-based finance. Each strategy has its own advantages and disadvantages, and therefore, entrepreneurs must have a deep understanding of these options.

Having multiple funding options can be advantageous, provided that entrepreneurs and shareholders are well-informed about the pros and cons of each. A thorough understanding of the funding options can help them make an informed decision that aligns with their business goals and objectives.

Urban Ideas and Solutions Through LKYGBPC

The Lee Kuan Yew Global Business Plan Competition (LKYGBPC), which began in 2001, is a biennial global university start-up competition hosted in Singapore. Organised by Singapore Management University’s Institute of Innovation and Entrepreneurship, focuses on urban ideas and solutions developed by student founders and early-stage start-ups.

According to Kei, as an entrepreneur, it is essential to have the appropriate capacity and seek guidance from knowledgeable individuals, particularly in the early stages of the business. As a university subsidiary, UTokyoIPC is well-equipped to assist entrepreneurs and help prevent them from making fatal mistakes out of ignorance.

The success of promoting entrepreneurship in culture depends on the ecosystem and environment that encourages and supports it. Singapore has a strong entrepreneurial environment, with universities such as SMU and NUS emphasising entrepreneurship. In contrast, Japan has a larger economy but tends to be more conservative.

The University of Tokyo has been actively fostering entrepreneurship by offering courses to students, which has led to the creation of numerous companies. The critical factor behind this success is the creation of an environment that supports entrepreneurship and motivates people to pursue it. Marketing and promoting the benefits of entrepreneurship are also vital to its success.

“The programme is expanding and involving many other universities beyond Singapore. This makes LKYGBPC an excellent platform for startups or the venture capital industry, as it is close to many countries in the region.” Kei believes.

Since joining the company in 2019, Kei has been actively involved in supporting startups, professors, and students through various initiatives. His passion is on deep tech startups or those with the potential to bring about positive changes in the world. He has invested in a diverse range of fields, including IT, robotics, AI and agritech.

Many successful entrepreneurs come from different backgrounds, such as business, engineering, finance, marketing and more. While having a technical background can be advantageous in some industries, it is not always necessary for achieving business success, Kei opines.

“Ultimately, having a strong business sense is more crucial than any specific technical background. What truly matters is possessing a good grasp of business and the necessary skills to succeed in it. This entails competencies such as strategic thinking, financial management, leadership, communication, and problem-solving,” Kei concludes.

Pendanaan untuk Dongkrak Inovasi Medis dan Obat

Pemodal ventura atau venture capital (VC) telah menjadi kekuatan vital dan katalis inovasi terkemuka selama beberapa dekade terakhir. Permodalan mereka telah menjadi sumber keuangan utama bagi sejumlah startup, sebab VC dikenal lebih ramah inovasi bagi pertumbuhan perusahaan pemula (startup).

Alih-alih meminjam modal dari bank yang memiliki suku bunga tinggi dan proses persetujuan pinjaman yang rumit, tidak heran jika banyak pengusaha lebih memilih alternatif pendanaan kepada pemodal ventura. Bagai gayung bersambut, investor pun mendukung upaya para pendiri startup dengan memasok modal yang mereka butuhkan.

VC menjadi jembatan untuk mengisi celah kebutuhan antara sumber modal inovatif dan tradisional. Pendanaan model ini menjadi alternatif sumber modal rendah biaya untuk mendanai bisnis. Untuk menyediakan dana besar bagi pegiat startup, bisnis pemodal ventura harus memberikan insentif yang menarik bagi para investor privat agar mereka mau menaruh uang mereka di perusahaan pemodal ventura.

Di sisi lain, besarnya ketersediaan sumber dana menjadi modal bagi VC untuk menarik potensi startup berkualitas yang berpotensi memberikan keuntungan tinggi. Secara singkat, tantangan pemodal ventura adalah mencari potensi untuk melipatgandakan investasi yang diberikan pada bisnis-bisnis dengan tingkat risiko tinggi.

Modal ventura bukanlah modal jangka panjang. VC bertujuan untuk berinvestasi hingga perusahaan mencapai ukuran dan kredibilitas yang bisa dijual ke korporasi lain atau bisa dijual sebagai likuiditas di pasar modal. Intinya, seorang pemodal ventura berinvestasi pada ide pengusaha, mengembangkannya dalam waktu singkat, kemudian mencari strategi untuk mendapat laba berlipat dengan menjual perusahaan atau melakukan penawaran saham perdana (Initial Public Offering/ IPO).

Namun, kiniada muncul tren baru dimana pemodal ventura beralih dari metode investasi jangka pendek yang agresif ke pendekatan jangka panjang yang lebih konservatif. Pasar startup yang sudah terlalu jenuh menjadi salah satu alasan transisi ini. Tren ini, dikombinasikan dengan kekhawatiran inflasi yang berkelanjutan, membuat banyak investor memainkan portofolio investasi mereka dengan lebih hati-hati.

Menyaring startup potensial

University of Tokyo Innovation Platform Co (UTokyoIPC) menjadi salah satu pemodal ventura yang melakukan pendanaan jangka panjang ini. UTokyoIPC berkecimpung sebagai pemodal ventura untuk startup deep tech. Sehingga, mereka lebih sering memberikan modal jangka panjang hingga 15 tahun untuk perusahaan yang mendalami inovasi dibidang bio teknologi, peralatan medis, dan obat-obatan.

Pendirian pemodal ventura UTokyoIPC sendiri berawal dari inisiatif Menteri Ekonomi dan Menteri Pendidikan untuk memberikan pendanaan pada riset-riset yang dilakukan kampus. Mereka ingin agar riset-riset itu bisa dikomersialisasi dan dikembangkan menjadi bisnis. Lantas didirikanlah UTokyoIPC di bawah Universitas Tokyo yang mendapat sumber modal dari pemerintah dan swasta.

“Di portofolio kami, ada sekitar 50-60 perusahaan dan kebanyakan bergerak di biotech, seperti penemuan obat, peralatan medis, dan sebagian kecil bergerak di pertanian,” tutur Kei Furukawa, Partner, Investasi & Pengembang Bisnis UTokyoIPC, dalam wawancara khusus dengan Mohit Sagar, CEO dan Pemimpin Redaksi OpenGov Asia.

“Meski tak banyak pemodal ventura yang bergerak di area ini, namun kami melihat sektor ini sangat penting dan berdampak pada hidup banyak orang, sehingga kami memutuskan untuk berinvestasi di sini.”

Ia lantas membeberkan sejumlah hal yang menjadi pertimbangan perusahaan pemodal ventura untuk berinvestasi di sebuah startup. Kei mengaku penilaian yang mereka lakukan tak jauh beda dari penilaian yang dilakukan oleh pemodal ventura lain pada umumnya:

Memiliki tim yang bagus,
Mengusung teknologi yang menarik di waktu yang tepat,
Ketersediaan pasar,
Potensi ekspansi, untuk mengukur seberapa besar perusahaan bisa dikembangkan dan berapa banyak pasar yang bisa diraup.

Tidak terpenuhinya sejumlah syarat itu menjadi kesalahan startup ketika gagal menggaet pemodal. Ketersediaan pasar dan potensi kecepatan pertumbuhan perusahaan menjadi pertimbangan terbesar para pemberi modal.

Modal jangka panjang

Sebagai pemodal ventura untuk startup yang bergerak dibidang bio-tech, UTokyoIPC menyadari bahwa mengembangkan inovasi teknologi medis memang membutuhkan waktu lama. Sebab, industri ini berkaitan dengan kesehatan dan nyawa manusia sehingga perlu riset mendalam untuk memastikan keamanan dan keakuratan produk yang dihasilkan.

“Di tahun pertama, kami mengelola startup agar mereka berkomitmen menjaga pertumbuhan perusahaan. Kami tidak mengejar-ngejar mereka agar lekas besar. Sebab, pengembangan deep tech memang perlu waktu, sehingga kami tidak perlu terburu-buru.”

Selain itu, skema pendanaan campuran antara publik dan privat membuat model pendanaan yang diberikan UTokyoIPC bisa lebih menerima pendanaan model ini. Mereka bisa lebih leluasa mengambil risiko ketika berinvestasi.

Untuk memberi pendanaan, UTokyoIPC biasanya memulai dengan melakukan konsultasi dengan berbagai riset yang ada di kampus-kampus. Mereka mencari riset yang berpotensi untuk diubah menjadi bisnis. Riset yang dianggap potensial akan diajak untuk mengikuti pitching sebagai bagian dari proses seleksi sebelum pemberian modal.

Setelah itu, mereka memberikan program bimbingan tahap awal. Perusahaan yang terpilih masuk ke program ini akan mendapat pendanaan dengan nilai maksimum US$100 ribu sebagai dana hibah. Mereka mendapat bimbingan selama enam bulan agar dana hibah yang diberikan bisa dipakai untuk mengembangkan perusahaan.

“Mereka tak tahu banyak soal bisnis, sehingga kami memberikan saran dan dukungan uang sebanyak mungkin agar mereka tidak terjegal di fase awal mereka. Tujuan kami agar startup bisa berhasil melewati pendanaan tahap awal (seed round funding) dan mencapai valuasi terbaik.”

UTokyoIPC memberikan pendanaan di tahap awal perusahaan mulai dari seed funding hingga seri kedua (second round funding). Sebagai investor tahap awal, Kei menuturkan sulit untuk mengukur tingkat kesuksesan investasi yang dilakukan. Sehingga, mereka berpatokan pada target-target yang telah ditetapkan bersama. Jika startup berhasil mencapai tiap target yang sudah disepakati, hal tersebut menjadi indikasi perusahaan telah berjalan dengan baik. Jika yang terjadi sebaliknya, maka perlu dilakukan peninjauan ulang untuk mengubah haluan.

Sukses di pemodal ventura

Sebagai seseorang yang tidak memiliki latar belakang investasi dan bisnis, Kei merasa beruntung bisa terjun ke bisnis pemodal ventura UTokyoIPC. Awal ketertarikan Kei terhadap bisnis modal ventura sendiri berawal sejak ia menjajal Pendidikan MBA di Singapura.

Merasa tak punya cukup mental untuk menjadi seorang pengusaha, Kei banting setir untuk mempelajari sistem pendukung bisnis yaitu pemodal ventura. Sehingga, ia pun banyak mengambil kursus pemodal ventura kala itu.

Meski demikian, jalan tak selalu mulus. Lantaran tak punya pengalaman kerja di bidang itu, ia tak langsung terjun ke industri pemodal ventura. Setelah melanglangbuana ke sejumlah perusahaan swasta, suatu hari ia berkesempatan berkarir di UTokyoIPC yang merupakan pemodal ventura.

Menurutnya, agar berhasil di bisnis pemodal ventura, seseorang mesti memiliki kemampuan berelasi yang baik. Sebab, bisnis ini selalu berhubungan dengan orang lain, baik dengan investor maupun startup.

“Karena Anda akan berhubungan dengan banyak orang, berbicara dengan mereka dan memahami siapa mereka. Sebab, ini akan menjadi aspek penting ketika melakukan investasi.”

Selain kepiawaian dalam menangani orang lain, catatan lain sebagai seorang pemodal ventura adalah semangat pantang menyerah. Pemodal mesti berjuang bersama tim startup hingga titik darah penghabisan. Optimisme dan kemampuan untuk terus mencoba strategi baru sangat diperlukan. Sebab selalu akan ada momen di mana rasa putus asa dan keinginan untuk menyerah muncul karena tidak melihat jalan keluar menuju keberhasilan.

“Tapi, saya tekankan untuk jangan menyerah. Anda harus mendorong diri Anda hingga hari terakhir, hingga berhasil.”

Selain itu, seorang investor juga perlu memiliki kesabaran untuk memberi waktu dan kesempatan bagi orang lain. Sebab, dalam investasi deep tech, banyak pekerjaan laboratorium yang tak segera terlihat hasilnya.

“Saya berbicara dengan berbagai tim ketika mereka bekerja di laboratorium dan berpikir bahwa sebagian besar waktu yang digunakan tidak segera menjadi uang atau menjadi produk, namun kami tetap memberi keleluasaan waktu. Kami melihat kesempatan apa yang bisa kita manfaatkan dari hasil penelitian mereka. Sehingga persoalannya, “Apakah Anda ingin memberikan waktu bagi startup yang dimodali? Yang kemungkinan dalam tiga atau lima tahun ke depan akan menjadi bisnis yang besar? Saya kira ini penting.”

LKYGBPC sosialisasikan minat kewirausahaan

Menurut Kei, Singapura memiliki kultur entrepreneurship yang kuat ketimbang Jepang. Hal ini mengejutkannya dan membuatnya tertarik untuk menggali lebih jauh ketika mendapat pelajaran entrepreneurship dalam proses mengambil gelar master di negara itu.

“Meski Jepang memiliki skala ekonomi yang lebih besar, namun warga di sini lebih konservatif ketimbang Singapura yang sangat agresif dengan entrepreneurship.”

Lewat kompetisi kewirausahaan seperti Lee Kuan Yew Global Business Plan Competition (LKYGBPC) menurut Kei berguna untuk terus memupuk jiwa kewirausahaan anak muda di Singapura dan berbagai belahan dunia. Selain itu, LKYGBPC juga memberi pengaruh ke berbagai universitas lain di dalam dan luar Singapura untuk ikut terlibat dalam pengembangan kewirausahaan.

Kompetisi ini juga menjadi sarana yang baik untuk mempertemukan startup dengan pemodal ventura. Sehingga, ia berharap program kompetisi ini bisa menjadi platform untuk melebarkan semangat entrepreneurship.

EXCLUSIVE! Beyond Smarter Data Management and Protection for Banking, Financial Services and Insurance Institutions

Over the coming years, Singapore is poised to witness significant transformations in digital financial services, particularly in three key domains: the emergence of Web 3 and decentralised finance, the widespread integration of artificial intelligence (AI) and the implementation of machine learning (ML) technology.

Prioritising strong governance and compliance should be at the top of the Banking, Financial Services, and Insurance (BFSI) sector’s list of objectives. Adherence to regulations, following rules and taking responsibility can greatly enhance services, ensure safety, and enhance the client experience.

Employing a centralised data protection solution enables consumers to track and verify if and how their data is being protected data across various workloads. When clients have the ability to do so, they can be confident that their data is being adequately safeguarded. Moreover, this can ensure that recovery time objectives and IT audit compliances are met.

Combatting threats such as malware and ransomware, along with ensuring overall cybersecurity, requires a strategic approach across multiple levels. This includes actively monitoring for potential issues and regularly backing up data. Storing immutable copies of data in a secure location can prevent malware from encrypting them.

In addition, data intended for recovery should undergo scanning and cleaning by the organisation’s anti-virus solution to ensure that any potentially harmful data, also known as “dirty” data, is not inadvertently reintroduced into production systems.

Ensuring seamless operations while mitigating the risks of ransomware and other cyber-attacks can be challenging. However, modern data protection solutions have demonstrated their ability to reduce costs, enhance automation, enhance human capabilities and identify innovative ways to reuse data to generate new value.

The OpenGov Breakfast Insight on 22 March 2023 held at the Voco Orchard Singapore aimed to share insights and practical solutions to empower organisations to maximise data capability through cost-effective, secure and automated data-driven processes that adhere with current data regulations and comply with the standards of Singapore’s Banking, Financial Services and Insurance industry.

Opening Remarks

OpenGov Asia — Mohit Sagar∶ Singaporean financial institutions need full data security and risk mitigation strategies

Kicking off the session, Mohit Sagar, CEO & Editor-in-Chief, explains that financial data management is a set of processes and policies, usually helped by specialised software. This approach enables an organisation to merge its financial data, adhere to accounting regulations and legal requirements, and generate comprehensive financial reports.

The regulatory body responsible for overseeing Singapore’s financial institutions and establishing guidelines for data management and protection is the Monetary Authority of Singapore (MAS). According to its regulations, financial institutions are required to implement robust policies and procedures for managing data, including appropriate classification, handling and protection.

“Financial institutions must ensure that adequate security measures are in place to mitigate the risks of data breaches and cyber threats. This could include implementing strong encryption protocols, regularly testing systems for vulnerabilities, maintaining up-to-date software and hardware and training on cybersecurity best practices,” Mohit emphasises.

The Personal Data Protection Commission (PDPC) serves as the data protection authority in Singapore, responsible for enforcing compliance with the Personal Data Protection Act (PDPA). The Act sets a baseline level of data protection that must be followed by all sectors operating in Singapore.

Additionally, the PDPA also mandates that organisations obtain individuals’ consent before collecting, using, or sharing their personal information. The PDPC is empowered to investigate any breaches of the PDPA and impose penalties for non-compliance.

Data recovery refers to the process of getting lost, deleted, corrupted or inaccessible data back from storage media like hard disk drives, solid-state drives, USB drives, or other types of data storage devices. Several companies in Singapore offer data recovery services that specialise in getting data back from different types of storage media used by financial institutions.

“It’s important to remember that data recovery services can be expensive, and it’s always best to have a full data backup and disaster recovery plan in place to minimise the risk of losing data,” is Mohit’s caveat. “Establishing a robust backup and recovery system can help avoid the need for expensive data recovery services and ensure business continuity in the event of a data loss incident.”

The protection of sensitive financial data from unauthorised access, theft and cyberattacks is a top priority for Singapore’s financial institutions. To achieve this, they employ a range of security measures, including encryption, access controls, firewalls, regular updates and patches, employee training and awareness programs, penetration testing, and incident response planning.

These safeguards work together to create a comprehensive data security framework that helps to prevent data breaches and protect the integrity and confidentiality of financial data.

“Under the PDPA, financial institutions must obtain the consent of individuals before collecting, using, or disclosing their personal information,” Mohit reiterates. “But while this is the norm, there are exceptions to this rule.”

Concessions are allowed under certain circumstances, such as legal obligations or the prevention of criminal activity. As an example, financial institutions may disclose personal information to law enforcement agencies to comply with legal requirements or to prevent potential criminal activity.

Mohit understands that risk mitigation is a crucial component of risk management in Singapore’s financial sector, and financial institutions employ a range of strategies and tools to identify, evaluate and reduce the risks they face.

Diversification, risk transfer, risk avoidance, risk monitoring and reporting, contingency planning, and strong governance and compliance frameworks are examples of risk mitigation strategies utilised by financial institutions in Singapore.

Financial institutions consider the development of a data exit strategy and recovery plan as an essential part of their risk management. The process involves identifying crucial data, anticipating exit scenarios, creating a recovery plan, establishing data backup procedures, testing the recovery plan, and maintaining the plan by updating, reviewing, and monitoring it regularly.

“By adhering to these steps, financial institutions can establish a robust data exit strategy and recovery plan that ensures the protection and recovery of vital data in the event of a data breach or system failure,” Mohit ends.

Welcome Address

According to Raymond Goh, Veeam’s Vice President of Sales Engineering for APJ, the banking, financial services and insurance (BFSI) industry has experienced significant changes over time and has had to contend with various challenges such as regulatory compliance, cybersecurity threats, and the need to innovate to stay competitive.

The pandemic has accelerated the industry’s digital transformation, resulting in a greater demand for digital banking services. However, it has also introduced new challenges, such as physical branch disruptions and an increased risk of cyberattacks.

“Despite the challenges, the industry can provide value to its customers by leveraging new technologies and innovative strategies.” Raymond is convinced “To effectively manage risks, BFSI institutions must continue to invest in digital infrastructure, cybersecurity measures, and advanced analytics.”

The FSI journey from 1866 to the present has been remarkable; from brick-and-mortar establishments to the current digitised systems, payment apps, digital wallets, contactless payments, crowdfunding platforms, and many others.

Financial systems can be affected by various disruptions, including funding and liquidity issues, asset price declines, contagion effects and heightened credit risk. The impact of a crisis on the financial sector is largely determined by the sector’s ability to mitigate four risks: market risks, liquidity risks, credit risks, and earnings risks.

“The rise of FinTech and non-bank startups are altering the competitive landscape in financial services, forcing traditional institutions to reconsider their business practices,” Raymond reiterates. “Old school processes and legacy systems are no longer relevant in the digital world, and indeed, can be a hindrance.”

Financial institutions must foster an innovative culture that promotes innovation and utilises technology to streamline existing processes and procedures for optimal efficiency. This cultural shift towards a technology-centric mindset mirrors the broader industry acceptance of digital transformation.

Raymond recognises that today’s consumers are more knowledgeable, sophisticated and informed than ever, and they demand a high degree of customisation, personalisation and convenience from their banking services.

It is predicted that future generations, starting with Generation Z, will have an even greater preference for omnichannel banking and be more technologically savvy than Millennials.

Organisations using obsolete business management software or siloed systems will be unable to compete in this increasingly digital-first environment. Without a solid, futuristic technological foundation, businesses will miss out on crucial business evolution.

“In other words, digital transformation is no longer merely a good idea, but a necessity for survival,” Raymond states.

Financial service organisations that use cutting-edge business technology, particularly cloud applications, have a significant advantage in the digital transformation race as they can innovate more quickly. The agility and scalability of cloud technology are its strengths. Without the constraints of system hardware, cloud technology allows systems to evolve in tandem with the business.

Raymond agrees that banking is being reshaped as regulations tighten and consumers adopt new technologies and demand 24/7 access to their most sensitive data, regardless of device.

As a result of a string of high-profile breaches in recent years, security is one of the leading challenges facing the banking industry and a major concern for bank and credit union customers. Financial institutions must invest in the most advanced technologically driven security measures, such as Authentication, End-to-End Encryption (E2EE) and Address Verification Services (AVS), to protect customers.

Financial services are increasingly confronted with issues related to auditing as the frequency of data breaches and privacy concerns continue to increase. This has led to more stringent regulatory and compliance requirements.

Compliance with financial data protection standards is subject to strict regulations and audits entail some of the most rigorous requirements in modern business, often involving the need to manage highly complex IT infrastructures.

Adhering to and conducting annual disaster recovery (DR) testing regularly can be both expensive and resource-intensive.

From a financial standpoint, any amount of downtime is unacceptable, and banks may face significant penalties for revealing confidential information. The centralisation of remote or branch offices (ROBO) can exhaust an organisation’s resources and bandwidth.

Businesses around the world were heavily impacted by the pandemic, causing considerable disruption and presenting numerous challenges. These challenges demand innovation, the necessity for enhanced employee engagement, rapid market changes and quality improvement.

In this scenario, FinTech and its underpinning technology will be major disruptors. Blockchain will shake things up; digital will become mainstream; customer intelligence will be the most significant predictor of revenue growth and profitability; the public cloud will become the dominant infrastructure model; and regulators will also turn to technology.

The common theme among these is resilience, trust and data agility.

Over the last two years, the Financial Services Industry has placed significant importance on specific issues. Some key initiatives are modernising the IT operating model to adapt to the new normal, simplifying legacy systems to decrease costs, enhancing the technological capabilities to better understand customer requirements, preparing the architecture to facilitate connections with any device or location and prioritising cybersecurity measures.

FSI organisations face distinct challenges due to their strong customer relationships, financial accountability and regulatory oversight. These challenges include effectively managing regulatory and capital costs, improving operations and customer experiences to meet modern standards, safeguarding against cyber threats and ransomware attacks and ensuring data and privacy security.

According to Raymond, Veeam plays a major role in addressing all these areas and can offer unique solutions to the various opportunities and challenges that FSI organisations may encounter. Veeam’s solutions encompass streamlining and automating operations, facilitating cloud migration and modern application development, ensuring data immutability, and effectively managing privacy, risk, and compliance.

“By embracing digital transformation, utilising big data analytics, forming strategic partnerships, having strong compliance and cybersecurity frameworks and investing in talent development programmes, FSI organisations can take advantage of opportunities and address challenges,” Raymond believes.

End-user Insight

Luis C Cruz, Executive Director, Head of Automation, Infrastructure for DBS Big Data, AI and Analytics, DBS Bank Ltd is convinced that by aligning IT initiatives with the company’s overall business objectives, a comprehensive IT strategy can help businesses deliver long-term shareholder value.

“This strategy entails identifying the company’s current and future technology requirements, evaluating potential technology solutions, and developing a plan for implementing those solutions,” Luis explains.

By doing so, the company can ensure that its IT investments support business growth and profitability while reducing costs and boosting efficiency. In addition, a comprehensive IT strategy can help the business gain a competitive advantage by leveraging emerging technologies and optimising the IT infrastructure.

A comprehensive IT strategy can generate long-term shareholder value by enabling organisations to make informed decisions about technology investments and leverage technology to achieve business goals.

A robust IT strategy:

Aligns with organisation goals and governance
Adapts to the marketplace and changes how our employees work
Is focused and consistent
Honestly identify challenges
Would be authentic, clear and understood
Is memorable with a compelling tagline and value proposition
Has to be actionable towards a goal
Shows where to play and how to win

Providing foundational infrastructure capabilities that support business objectives and delivering applications and solutions to aid employees in achieving their desired business outcomes are examples of company strategies that are enabled by IT.

“The concept of SMAC or Social, Mobile, Analytics and Cloud stack, is an example of a technology strategy that is widely used throughout the industry and by IT leaders,” Luis reveals. “It all comes down to the customer experience.”

Determining the optimal approach, timing and speed (the how, when and pace) of SMAC implementation is crucial as it forms the basis for leveraging big data in corporations. As IT leaders, Luis anticipates the need to stay up-to-date on SMAC trends and implications relevant to their roles. A perfect example of a company that effectively leverages SMAC-stack infrastructure is an online streaming service provider website.

To generate sustainable shareholder value, businesses must cultivate strategic and functional IT competencies, enhance tools that improve the IT function and promote a customer-centric culture. These efforts will fortify the organisation’s internal processes and enable the development of an efficient decision support system, as well as the delivery of transformational applications.

In addition to benefiting the company, these efforts will also benefit customers by enabling enterprises to provide consistent, high-quality IT services and innovative IT solutions to business units. This will allow organisations to optimise IT efficiency and enhance its impact on enterprise outcomes, ultimately driving long-term investor value.

“IT strategy is influenced by several internal and external factors,” ends Luis. “And understanding these is critical for developing a successful IT strategy that aligns with the organisation’s overall goals and objectives.”

Closing Remarks

Raymond acknowledges the significance of data backup as a critical aspect of maintaining data resilience and availability but emphasises that it is only one aspect of a comprehensive strategy.

Data backup is a single component of ensuring data availability and resilience in hybrid cloud environments. In addition to backup solutions, it’s essential to consider other factors that can affect data resiliency and availability, such as infrastructure and data proximity, Raymond opines.

“Data proximity, the physical location of data in relation to its applications, is a crucial factor to consider when designing hybrid cloud environments. These factors must be taken into account to ensure that hybrid cloud environments are designed optimally to meet the needs of applications and data requirements.”

By adopting solutions such as edge computing or hybrid cloud architectures, organisations can ensure data proximity. These solutions enable data to be stored and processed closer to where it is required, which can improve application performance and ensure data resiliency and availability.

This involves ensuring that there are adequate computing, storage, and networking resources available to support the workload, as well as having a highly available and resilient infrastructure to mitigate the risk of outages.

“Veeam provides data resiliency through secure backup and fast, dependable recovery solutions for the hybrid cloud of the organisation,” Raymond explains. “Our solutions are intended to safeguard critical data and applications, prevent data loss and enable rapid and dependable recovery in the event of a disaster or outage.”

Veeam offers solutions designed to help organisations achieve their business continuity and disaster recovery goals by ensuring data resiliency and availability in their hybrid cloud environments.

Mohit concurs that with the increasing volume of data being produced and stored every day, data protection has become increasingly crucial. Businesses are adopting techniques that allow for data restoration in the event of loss or corruption.

“As organisations continue to produce and store more data, it is becoming increasingly difficult to ensure the security and protection of that data,” Mohit observes.

In this VUCA landscape, technology can provide significant benefits to organisations in protecting their data. Implementing technological solutions helps businesses to secure their data from loss, theft and unauthorised access. It also ensures quick data restoration in emergency or outage situations.

“In essence, the purpose of technology partnerships is to assist businesses in implementing and improving their technical systems,” Mohit believes. “There is no doubt: collaboration in technology promotes growth, eases processes and reduces timelines.”

Two heads are better than one when it comes to implementing established technology systems. But while a technology partnership can effectively deliver technical expertise, it is important not to underestimate the value business acumen offers in return.

“Ultimately, collaborating and pooling resources can prove to be a highly effective approach in propelling both parties towards progress and innovative solutions,” Mohit concludes.

March 28, 2023

8th Annual Singapore OpenGov Leadership Forum 2023, 10 - 11 MAY 2023 - CLICK HERE FOR DETAILS

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Data analytics makes customer king

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