It has come to a point where businesses are required to forecast their strategy to ensure sustainable growth for the future. But what could be a game-changer that could affect our economy as a whole?
As cliché as it may sound, digitalisation is one of the most hotly discussed topics. If your business still relies on traditional processes, your competitors will not find it difficult to gain the upper hand. To better prepare businesses in Singapore, Prime Minister Mr. Lee Hsien Loong initiated the Smart Nation program way back in November 2014. This not only allows local businesses to stay competitive, but at the same time, it also creates more opportunities for Singapore.
So what are some initiatives that will affect local businesses’ operations?
Data Innovation
Being the catalyst of the Singapore Data Innovation ecosystem, the Infocomm Media Development Authority (IMDA) has come up with several programmes to promote the right approach to handle and use data. This not only disrupts the way current businesses operate, it also provides valuable insights for businesses to make better decisions. For instance, Amazon has already introduced anticipatory shipping, a patented system that allows a business to ship their products way before customers place an order.
E-Payment
Face it. Ever since the introduction of PayNow in 2017, peer-to-peer fund transfers made in Singapore have never been more convenient. The secured cashless payment introduced by the Association of Banks in Singapore (ABS) was also made available to local businesses. Some companies are also diversifying their businesses with technology. Razer, renowned for its gaming hardware and laptops, is now considering getting a digital-bank license for its digital payment system, Razer Pay, in Singapore.
Of course, it is also necessary to groom the right talents for the job, otherwise digital diversification will pose a risk for sustainable growth in the future. In order to keep up, it is important to hire employees based on the company’s digital transformation strategy. That will also mean that business owners need to be sure of the business goals that they are planning to achieve.
Digital disruption is Real
There is a reason why there is an increase in digital talent grooming. By building a strong digital workforce, businesses can prepare themselves to manage future digital developments. Knowing the limitations of the little red dot, the Singapore government hopes to futureproof local businesses by strengthening their capability in this area.
Digitalisation transition may be a hassle for businesses, but it is essential. Being digital-ready allows business owners to evaluate their business in detail. It also leads to significant cost savings and a definite increase in productivity.
How can one prepare for the digital transformation process?
It is essential to change the way one thinks about their business today. With that, one will be able to identify strategies, opportunities and even new innovative business models that have great potential. There are also several digital transformation consulting agencies out there which offer professional feedback on strategy or IT execution.
If you are one who takes the wheel, there are upcoming digital conference events that can provide valuable insights into how businesses can evolve in the near future:
Source: Eventbrite
Deep Diving into E-Commerce 4.0: Stephen Willkommer
04th February 2020
Focused Topics: Digital Commerce, Omnichannel & Agilisation
Source: Eventbrite
Digital Transformation Conference
19th March 2020
Focused Topics: People & Culture, Digital Workplace, Customer Experience, Emerging Technology, Digital Product Innovation & Digital Delivery
Source: The Future of Businesses
The Future of Businesses
11th & 12th March 2020
Focused Topics: Digital Disruption, Breaking of Global Value Chains, Security Threats, Trade Wars, Sanctions & Gen Z
The process of digital transformation might be tedious, but it is essential. Business owners should analyse and work out a business strategy based on their business’s potential instead of following in the footsteps of their competitors blindly. With the correct strategy, talent and technology, businesses can start doing more with less.