If your company is in Wholesale Trade and is looking to digitize operations, now is the time to start. With Singapore's position as a trading hub that is poised to seize an even more sizeable share of the region's wholesale trade, the Government has laid out a digital roadmap to help SMEs to build strong digital capabilities needed to become competitive ensuring sustainable growth for the company.
The 3 Stages for Wholesale Trade SMEs
IMDA and Enterprise Singapore jointly developed the Wholesale Trade Industry Digital Plan (IDP). This is a guide for SMEs to assess their digital readiness and identify opportunities for going digital and training to raise employees’ digital skills. The plan has three stages with different digital solutions charted for each stage of growth.
Stage 1 Getting Digital Economy Ready involves digital solutions that help SMEs in the Wholesale Trade stay competitive through Enterprise Resource Planning solutions that integrate operations in real time with a consistent look and feel. The key focus at this stage is to streamline and optimize processes in the areas of Sales, Purchasing and Inventory management. Distribution, Customer service as well as Workflow management are also revamped here. To tie up these elements to the B2B e-Marketplace, companies will also need to consider the e-Commerce engine that will be driving their product to their global audience.
Stage 2 Growing in the Digital Economy looks at digital solutions that enable SMEs connect with the global trading ecosystem and access new markets by hooking up with B2B e-Marketplaces and online platforms for supply chain financing and procurement.
Stage 3 Leaping Ahead focuses on more advanced digital technologies that SMEs can implement to improve their competitive edge in cross-border trading. Blockchain technology may be used to enhance the trade documentation processes. Additionally, artificial intelligence can be capitalized on to predict sales trends and automate sourcing and purchasing needs.
Companies looking to apply digital solutions based on the recommendations of the Wholesale Trade IDP can approach digital solutions providers such as Zooloo Information Systems. Zooloo works with Enterprise Singapore for financial assistance to defray the cost for companies to implement such solutions.
For more information on how to adopt the recommendations of the digital roadmap for your company, do drop an e-mail to sales@zoolooinfosys.com.
Explore more
- Learn more about IMDA's Wholesale Trade Industry Digital Plan
- Learn more from our eBook series on Digital Transformation
- Learn more about our “Digital Backbones”
