February 24, 2024

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Persisting in a digital economy calls for collaboration efforts

A call to action has been made for countries and enterprises to come together and share resources for surviving in an increasingly growing digital economy.

Minister for Trade and Industry Chan Chun Sing shared this insight during his opening address at an event on 14th August.

The conference saw over 1,000 business leaders and experts convening together to share ideas and ways of employing the latest technology for propelling business growth.

He said that it is crucial for the world to work closely with one another while remaining globally competitive to be on track with the expanding digital economy.

He explained that it is imperative for countries and enterprises to be connected and cooperatively working together to achieve the best outcomes. Fragmentation amongst them will hurt them instead as there will be a lack of knowledge exchange and stagnation of growth.

“There are many parts of the world that do not believe in integration. Instead, we risk being fragmented, being Balkanised. And if the world Balkanises, if the world fragments… we will all be poorer for it,” he said.

He said that enterprises that depend on international data flows, such as IBM, Google and PayPal, will experience blows to their businesses if the world does become fragmented.

The Singapore Digital Economy Framework for Action estimated that the digital economy will reap in an additional US$10 billion to Singapore’s GDP by 2021.

In an earlier OpenGov article, we reported of efforts taken by the Singapore government to promote digital growth amongst SMEs with its Go Digital programme.

Three pillars were identified as crucial for a strong digital economy: Digitally empowered businesses, digitally skilled workers, and digitally connected citizens.

Digitally empowered businesses employed digital solutions across various areas of businesses. Digitally skilled workers will be well-equipped with knowledge and capabilities for performing their tech roles to the best efforts. Digitally connected citizens are equipped with digital skills and adopters of technology.

Mr Chan stressed that efforts have to go a step further as to be collaborating on a global level.

He said that the creation of new business processes has to be consistently done and improvements have to be made to the current ones to ensure sustenance within the economy.

The benefits enjoyed from the past and current achievements do not act as indications for a continuation of good performance in the growing digital economy.

In fact, neither do they promise future successes.

He said that just like how tech and innovation products are constantly changing, countries and enterprises must constantly be upgrading with trends and practices of the world to move steadily along with the flow of the economy.

“That is the same lesson for Singapore. For us to continue to survive and thrive, we will have to be on our toes to continuously integrate with the rest of the world, because what we have today came from the past, and the past is not a promise of the future,” he said.

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.

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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.

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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.

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

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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