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? What the global pandemic taught us is that businesses 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 having to be 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 and bringing down costs of cross-border interactions 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 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 every day, 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 need to remain agile and innovate continuously. Staying stagnant is not an option. Digital Transformation is key to Singapore's economy staying buoyant.
For more information on how to adopt the digital roadmap recommendations for your company, do drop an e-mail to sales@zoolooinfosys.com.
Explore more
- Learn more from our eBook series on Digital Transformation
- Learn more about our “Digital Backbones”
- Learn more about IMDA's Wholesale Trade Industry Digital Plan
