The digitalization efforts of Singapore through the years may be one of the saving factors of the economy amidst the COVID-19 pandemic.
In a broader sense, digitalization improves the country’s economy through how the businesses operating within the state, innovated from the models, processes, and maneuvers through embracing digital technologies. Digitalization also enables small countries like Singapore to transcend size and geography, and helps enterprises to perforate newfangled markets.
Singapore has boarded on a maximum digitalization effort to get ready for the new normal brought by the COVID-19 pandemic. Going digital is very crucial for companies across all sectors, and workforces are nudged to pick up new skills as the economy adopts more technologies. The digitalized efforts of the so-called ‘Garden City”, enables the country to still bloom economically, despite the challenges brought about by the pandemic. The administration helps businesses and laborers make sense of, and adjust to, the new world.
Singapore’s Digitalization Efforts: Was it Worth it?
Singapore made the daunting but worthwhile decisions that help them adapt and change faster to recover faster. The government set up “the right macro conditions” that include strengthening Singapore’s link to the global markets for supplies, technology, and talent.
Moreover, the digital free trade agreements that Singapore has inked will expose more markets to its businesses, while preserving current access to conventional markets.
For the industries that are changed for good, including the country’s tourism and entertainment, there will be a reinvention and pivot into new markets and products with the aid of digitalization. This is to reach a wider audience to attract prospective clients or consumers. However, these are to be considered as part of their tough decisions.
As they have also planned in June 2020, it was expected that they will be spending SG$3.5 billion on Information and Communication Technology (ICT) in its fiscal, as it seeks to steer the adoption of the digital tools and help businesses recover from the pandemic.
The one that manages the public sector’s ICT deployment is the GovTech Singapore. According to them, the 2020 budget will focus on the improvement of new digital tools to respond to COVID-19, digital services that support citizens and businesses, development of systems running on the cloud and the use of data analytics, artificial intelligence (AI) and sensors within its sectors, and modernization of government ICT infrastructure.
These digitalization efforts assist the economy of the Lion City amidst this COVID-19 pandemic to build resilience and sustainability among systems for the forthcoming.
With these points in mind, we should somehow gain insight not only on what is bound to fail but also on what we can do to achieve success: By investing in the right technology.
If you don’t know where to start or you have no idea yet on what are your business’ pain points, you can get FREE consultation services from HERE.