Amid the economic disruption wrought by Covid-19 last year, small and medium enterprises (SMEs) realize that Digital Transformation creates new opportunities, opens new markets and drives growth. With a billion dollars set aside in Budget 2021, businesses who are under constant cost pressures will find it a relief that they can offset most costs by obtaining co-funding through the enhanced Enterprise Development Grant which funds up to 80 per cent of project costs for digital transformation.
The Big Picture
According to the Government, more than 63,000 SMEs have adopted digital solutions with support from the SME Go Digital programme. This initiative aims to help SMEs use digital technologies and build stronger digital capabilities to seize growth opportunities in the digital economy. With digital technology transforming every sector of Singapore’s economy, it is essential that SMEs make the most of digital technologies to improve operations and generate new revenue.
The Grants
The Productivity Solutions Grant is a pre-approved digital solution that provides subsidies of up to 80 per cent. It allows SMEs to set up an online store quickly. What’s next after you have received an order from your online store? Is your team able to cope with the manual backend processes? What are some of the digital solutions available in the backend to support sales orders, inventory, and order fulfillment management? For companies looking to develop digital solutions further, the Enterprise Development Grant is available to them.
From April 2021, companies can also apply for The Digital Leaders Programme that subsidies the cost of hiring the core digital teams and deploying digital transformation strategies. The Chief-Technology-Officer-as-a-Service initiative allows SMEs to access professional information technology consultancies when needed.
Seamless Business Transactions
In an initiative known as Start Digital Pack, the government has roped in the three local telcos and three local banks to provide SMEs easier access to digital technologies. Launched in 2019, the Start Digital Pack includes digital collaboration tools that enable remote working, digital marketing through social media, as well as integrated digital utilities like e-invoicing and e-payment. SMEs can take up any two solutions, at no cost for at least six months with a minimum 18-month contract period.
For more information on which grants are available to support your company’s digitization move, do drop an e-mail to sales@zooloo.asia.
Explore more
- Learn more about IMDA's Start Digital Pack
- 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”
