February 29, 2024

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Minister Chan Chun Sing reviews ITMs

Speaking at The Future Economy Conference and Exhibition, held yesterday at the NTUC Centre, Minister Chan Chun Sing took stock of how 23 Industry Transformation Maps (ITMs) laid out in 2016. Meant to address issues within each industry and deepen partnerships between Government, firms, industries, trade associations and chambers, ITMs address constraints across sectors.

Thus far, banking and finance, and the supply chain and logistics industries have performed well in their transformation journey. A lot of new technologies have been deployed in their businesses and have virtually transformed the way business is carried out in their organisations. Pointing to the example of the Singapore Bus Academy (SGBA), Mr Chan also applauded the transport industry’s efforts to retrain current workers. Although not a sector of its own, the Minister highlighted various initiatives such as the SMEs Go Digital program and TechSkills Accelerator initiative which have done well.

Labour Driven Innovation

The commonality between these sectors and initiatives is the strong Trade Association and Chamber (TAC), posited Minister Chan. A strong TAC took the lead to bring relevant players together and hatch solutions.

The relative strength of the TAC is important to promulgate sector specific change. For example, the banking and finance industry is backed by a strong TAC-equivalent and have the Monetary Authority of Singapore for support. Individuals could come together to demand for training. Moreover, by coming together the level of competition is enhanced, thus driving innovation. Even in the supply chain and logistics industry, players aggregated to define industry specific challenges and buzzed solutions together in partnership with technology providers like A*STAR. SGBA too was the result of public bus operators coming together and finding synergy in training.

Strong labour-management relations are also important. Management should be able to translate business plans into actions and training for workers and the middle-management in order to effect change. Intermediaries like the Labour Movement, for example, are important in executing the plans for upskilling. Citing the example of the DBS Staff Union, the Minister pointed out that their purpose was not to lobby the government or banks, but to prepare workers to gain from the industry’s transformation and not be unknowingly disrupted.

Thirdly, initiatives to upskill individuals should be cross-sectoral instead of sector specific. The SMEs Go Digital program receives good traction since the program itself has clear problem definitions. Products and services which can help SMEs ride the disruption regardless of sector are useful because they are function-specific. In turn, SMEs are more informed about the kind of technology which is on offer and what they could possibly apply across various functions like human resource, invoicing and accounting. Services which are common to any organisation.

Although these ae simple upgrades to how a business operates, they all add up to the benefit to the system as whole and not just the individual companies, said the Minister for Trade and Industry. “When everyone uses the same system, there will be synergies and we are able to aggregate the information and further improve the system for the next generation of businesses.”

Teamwork for Change

There are a multitude of changes within and pressures surrounding Singapore. Nevertheless, the Minister underscored the pragmatic need to get Singapore’s act together and work collaboratively across sectors and sector growth rates.

The Government on their part will work to overlay broad-based economic policies with sector-based economic strategies to help companies overcome their challenges. The three aforementioned strategies will be key in doing this well.

Ending off, the Minister said, “The next step of Singapore’s economic transformation is not about broad-based policies coupled with specific strategies in respective sectors. If each company can become a “little champion” in their own sectors, then collectively, we can become an economy of champions.”

PARTNER

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

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

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

SUPPORTING ORGANISATION

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

PARTNER

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

PARTNER

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

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