Government's Drive for Digital Transformation

Singapore's economic survival has been premised on being relevant to the global economy. The Government recognizes that Digital Transformation is now necessary for businesses to grow and thrive in the new economic reality. Companies that can quickly move to adopt digital technologies and leverage digital platforms stand to benefit not only from operational efficiencies but, importantly, the potential to scale and reach more partners and customers beyond Singapore.

The Need to Act Now

Why do Singapore businesses need digital transformation, especially in 2020 and onward? The global pandemic taught us that companies that adapted digitally were better prepared for sudden changes in business operations. When lockdowns were imposed, some business owners turned to digital transformation to engage their customers without being present physically. Digital Transformation is necessary to ensure businesses survive and emerge more robust from the new landscape painted by Covid-19.

The digital revolution has altered the economics of doing business by lowering barriers, bringing down cross-border interactions costs, and enabling the virtual and instant creation and trade of digital goods and services. With the blurring of national boundaries in the digital realm, competition has also been redefined globally.

Opportunities Beyond Singapore

About 40 percent of ASEAN's 600 million-large population are younger than 30 years old, and 90 percent of them have access to the Internet. With 124,000 users added daily, mobile penetration in Southeast Asia is among the most prevalent globally, at 1.41 mobile connections per citizen. The tech-savvy young population increased Internet and mobile penetration, and frequent and extensive online activity underpin the region's demographic digital backdrop.

Benefits of Being Digitally Transformed

• Going digital?provides valuable customer insights.?
• It improves efficiencies and effectiveness for businesses.?
• Better?data-driven decisions?can be made.?
• Cost savings?and?improved profitability?brought about by digitalization are also vital to growing businesses.

The Singapore Government is committed to bringing the country to the next level and forging ahead in digitally transforming all aspects of lives and businesses. The rapid development and perpetual changing of the digital landscape mean that companies must remain agile and continuously innovate. Check out the grants available via EDG.

So, staying stagnant is not an option => Digital Transformation is key to Singapore's economy staying buoyant. Read my previous post on?The Digital Transformation Journey

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