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SINGAPORE – If Singapore does not act now to transform its economy, it risks losing its status as a hub and seeing the competitive advantage of its companies and workers erode, said the Minister of Trade and Industry on Tuesday (September 22), Chan Chun Sing.
He stressed that businesses should not be preparing to return to normalcy, adding that digital transformation is the key to helping the country prosper and transcend “the tyranny of geography,” referring to Singapore’s small size.
Now is the time to redesign processes, build a new economy and transform to create the right opportunities for businesses and individuals, said Chan, speaking at the opening of the Economics of the Future Conference and Expo.
“Digital transformation will really unlock the world for us as our home and market,” he added. “But that’s if we make the right moves now, harness the power of digital to grow our businesses, drive our economic recovery, redefine our competitiveness and relevance to the world.”
More than 1,000 business leaders registered for the two-day conference, which takes place online. It focuses on how companies can rebuild themselves into the new normal using digital tools like data analytics. The 19 speakers include representatives from United Overseas Bank, online payments giant PayPal, and professional services firm Pricewaterhouse Coopers, who shared their experiences with digitization.
At the virtual meeting, it was also announced that the Singapore Business Federation and Infocomm Media Development Authority have renewed an agreement to continue to drive digital transformation in the business community and position companies to seize opportunities over the next three years.
One speaker, Aviva Asia CEO Chris Wei, noted that leveraging data was key to the insurance giant’s digital strategy. This meant using data to make it easier for existing customers to make claims, and to increase operational efficiency and achieve growth.
But to do this, the organization’s culture had to change, he said, adding that there was a “massive culture shock” when Aviva first embarked on its digitization journey.
“It really takes leadership, it takes a lot of time, a lot of mediation, to make sure the priorities are aligned,” said Wei, who is also Aviva Digital’s global president.
“You need leadership from the top … the CEO needs to be personally engaged, and whoever is responsible for digital has to put in the time and get into the details.”
Another speaker, Ms. Janet Young, head of group channels and digitization at UOB, noted that her organization, like many other firms established here, is not digitally native.
“They are not born digital. They are not digital natives … But you have to go digital,” he said.
In the case of the bank, it sought to transform its business as a whole and reach a new “digital generation” of customers, rather than simply using technology to bridge gaps. “Don’t digitize inefficient processes, but really look at the opportunities that could arise,” added Ms. Young.
In his speech, Chan noted that the pandemic has accelerated the pace of digitization. Digitization brings challenges, but these should not prevent government, businesses or individuals from working for change, he added.
“Whether it’s digitization or globalization, they require us as individuals and companies to adjust and adapt. Failure to do so, resisting change, inevitably means we will be left further behind.”
He stressed: “The faster we adapt, the faster we recover. There is no place to float and wait for normalcy to return. Others will overtake us and opportunities will pass us by.”
The Government is providing assistance to businesses through schemes such as the SMEs Go Digital Program for small and medium-sized businesses. It has also introduced financial incentives such as the Digital Resilience Bonus for companies using digital solutions.
At the same time, 1,000 digital ambassadors have been deployed to help the less tech-savvy segments of society keep up. Placements, internships and skill upgrades have also been increased under SGUnited’s Jobs and Skills Package and other retraining programs such as the Technology Skills Accelerator, Chan said.
“As our people acquire new skills, the digital challenge will be less daunting,” he added. “And we will be more productive, we will be able to take on higher value-added job roles, gain greater job satisfaction, and ultimately, we will form the digital backbone that every business needs to drive … business transformation.”
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