Apac
  • Home
  • CXO Insights
  • CIO Views
  • News
  • Conferences
  • Newsletter
  • Whitepapers
  • About us
Apac
  • Admired Tech

    Agile

    AI Healthcare

    Artificial Intelligence

    Augmented Reality

    Aviation

    Big Data

    Blockchain

    Cloud

    Cryptocurrency

    Cyber Security

    Digital Transformation

    Drone

    HPC

    Infrared

    Internet of Things

    Networking

    PropTech

    Remote Work

    Scheduling Software

    Simulation

    Startup

    Storage

    Wireless

  • Banking

    E-Commerce

    Education

    FinTech

    Food and Beverages

    Healthcare

    Insurance

    Legal

    Manufacturing

    Pharma and Life Science

    Retail

    Travel and Hospitality

  • CISCO

    Microsoft

    Oracle

    Salesforce

    SAP

    ServiceNow

  • Business Intelligence

    CEM

    Cloud-based Planning

    Cognitive

    Compliance

    Contact Center

    Contact Tracing

    Contactless Payments

    Content Management System

    Corporate Finance

    CRM

    Custom Software Development

    Data Center

    Enterprise Architecture

    Enterprise Communications

    Enterprise Contract Management

    ERP

    Field Service

    HR Technology

    IT Service Management

    Managed Services

    Procurement

    Product Management

    RegTech

    Revenue Management

Menu
    • Digital Transformation
    • Cognitive
    • E-Commerce
    • Blockchain
    • RegTech
    • IT Service Management
    • Augmented Reality
    • Microsoft
    • Managed Services
    • Collaboration
    • Healthcare
    • MORE
    #

    Apac CIO Outlook Weekly Brief

    ×

    Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Apac CIO Outlook

    Subscribe

    loading

    THANK YOU FOR SUBSCRIBING

    • Home
    • Digital Transformation
    Editor's Pick (1 - 4 of 8)
    left
    Digital Transformation: Where are all the Humans?

    Mike Schuman,

    Transition to a Google Enterprise

    Jay McLean, CIO, Nexteer Automotive

    With Digital Transformation, it Might be Time to Manage

    Penny Murphy, Regional Head of Digital Transformation, Asia, Arcadis [EURONEXT: ARCAD]

    Transformative Technologies to Create an Efficient, New Reality

    Rekha Kharbanda, Practice Director, GHD

    CX is Central to Digital Transformation

    David Kohler, Regional Head, Experience and Culture, Generali Asia [BIT: G]

    Top Effective Strategies to Increase Customer Engagement

    Shashank Singh, Digital Transformation Officer, Prudential Financial [NYSE: PRU]

    Why digital transformation isn’t delivering the return CIOs are hoping for

    Stephen Jack, Vice President, Workday Australia and New Zealand

    Digital Banking Transformation

    Vincentius Ivan, SVP, Head of Country Business Intelligence, PermataBank

    right

    Building Strong Digital Capabilities in the Future Economy of Singapore

    By Darric Hor, ASEAN Regional Director, BMC Software

    Tweet
    content-image

    Darric Hor, ASEAN Regional Director, BMC Software

    Introduction

    The Committee on the Future Economy’s emphasised the need for Singapore to maintain an open economy, prioritise innovation, reskill its talents, especially in terms of supporting new and emerging industries/sectors.  This reflects the conversation world leaders had at the World Economic Forum last year in Davos, which centred on how technology will bring about a fundamental shift in how we live our lives, how our economies operate, and how our businesses will run in the future. Singapore leads the region in terms of its ability to supports businesses in their digital transformation efforts. The nation ranks top in the Economist Intelligence Unit (EIU) Asia Digital Transformation Index, which assesses the overall environment for digital transformation in organisations across three pillars: infocomm technology infrastructure, human capital and industry connectedness. Clearly, the government has already laid the foundation for businesses to reinvent themselves for the future. Is Singapore Inc. ready to step forward in the bold new world?

    Role of SMEs

    One recurring call is for small and medium-sized enterprises to automate for productivity gains. Although Singapore is home to many large multi-national enterprises, SMEs form 99 percent of companies here and account for 70 percent of its workforce. For Singapore to continue enjoying the economic stature it now holds, SMEs must be on board the digital transformation train. In addition, the Singapore government has introduced a slew of initiatives to help SMEs at various stages of the digital transformation journey – from SME Centres and Digital Hub to the new SMEs Go Digital Programme. The schemes sent a strong message of commitment and determination to make digital transformation a reality for Singapore businesses. It is time for Singapore SMEs to get serious about transforming their businesses – from the inside out.

    People – a critical ingredient

    One critical factor for success in any digital transformation project is its people. While businesses revamp processes, networks, and systems in their digital transformation journey, people remain the critical factor that will move the digital transformation needle. For digital transformation to come to fruition, businesses must empower their employees to crowd-source collaboration and continuously refine what they are working on at any time, no matter where they are. This can come in the form of mobile-first applications that are intuitive and intelligent. Employee productivity and efficiency improve greatly if given access to the information that they need, in real time, to serve their clients more effectively. Employees need tools that enable them to perform their tasks anytime and from anywhere, through self-service capabilities that make their jobs easier, faster, and more seamless across processes. Take Sichuan Rural Credit Union as an example. By enabling their 40,000 employees in 5,000 branches, through self-service capabilities, they have been able to reduce service calls by nearly 90 percent.

    Digital is about speed

    Speed is the essence of digital. Technology pillars such as social media, cloud, mobile and real-time analytics are giving rise to an unprecedented pace of business and innovation. The rise of start-ups and digital native enterprises are testament to this. Large corporations have the backing of strong branding, cash flows and global R&D teams. Despite this, many are feeling the heat from smaller, more agile start-ups, with their iterative innovation, fail-fast culture and flat organisation structure. Business at the speed of digital means the ability to innovate and deliver what customers want at an incredible speed. While this sounds like an age-old business adage, the challenge today is in the 

    speed that customers want change. Harnessing technology is the antidote to that. One speed bump that is holding businesses back is the difficulty in connecting legacy products and infrastructure to newer technologies. The role of the business leaders is going to grow as he or she will be charged with making everything work, from the in-house mainframe to newer cloud services. Business leaders have to form an IT management team for solutions that becomes accelerators for innovation rather than a detriment that favours the status quo. One example that SMEs can consider emulating is the American company General Electric, an industrial superpower that has been around for a very long time and is one of the world's largest corporations. However, CEO Jeff Immelt is driving a strategy to turn General Electric into an information company, a company that's powered by digital. GE has grown from zero in revenues from digital to nearly 6 billion this year, on a path to becoming a $20-billion information company in the very near future. This is a company that's embracing digital technologies to create these new frontiers of value.

    Digital transformation  is not just about disruption - this is about the creation of incredible opportunities for our societies, our economies, and our businesses, as we access what the World Economic Forum has identified as up to a $100 trillion-opportunity for businesses and economies moving forward. This reservoir of value can only be accessed by those enterprises that embrace information and Digital Business as the enabler of growth through our economies. 

     

    Weekly Brief

    loading
    Top 10 Digital Transformation Solution Companies - 2020
    Top 10 Digital Transformation Consulting/Service Companies - 2020
    ON THE DECK

    Digital Transformation 2020

    Top Vendors

    I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info

    Read Also

    CX and Contact Centers 2021

    CX and Contact Centers 2021

    Jacque Lim, Regional Head of Service Delivery Asia Pacific, Aspire Lifestyles
    Transforming business performance by taking an outside-looking-in customer perspective

    Transforming business performance by taking an outside-looking-in customer perspective

    Graham Perry, Managing Director, BWH Hotel Group Australasia
    Winning the Customer Service Rush During the Holiday Returns Season

    Winning the Customer Service Rush During the Holiday Returns Season

    Mark Abramowitz, SVP Marketing, Service Cloud at Salesforce
    MOBILE APPS IN THE NEW DECADE

    MOBILE APPS IN THE NEW DECADE

    Bibaswan Banerjee, Director, CRM and User Analytics, Klook
    Covid-19 and Lessons from the largest Work from Home Experiment

    Covid-19 and Lessons from the largest Work from Home Experiment

    Vikas Verma, Director Human Resources, United Overseas Bank
    Reimagine the Future of Education in a post-COVID-19 World

    Reimagine the Future of Education in a post-COVID-19 World

    Samson Tan, Head, Centre for Innovation in Learning, National Institute of Education
    A creative approach to remote simulator installations

    A creative approach to remote simulator installations

    Sharon Cooke, CEO, Airways International Ltd
    Priority 2021: Achieving 100% Automation in Finance

    Priority 2021: Achieving 100% Automation in Finance

    Ekaterina Sejourne, CFO, Puma Energy Asia Pacific Pierre Costa, Global CIO, Puma Energy
    Loading...

    Copyright © 2021 APAC CIOoutlook. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Use and Privacy Policy  |  Sitemap |  Subscribe

    follow on linkedinfollow on twitter follow on rss
    This content is copyright protected

    However, if you would like to share the information in this article, you may use the link below:

    https://digital-transformation.apacciooutlook.com/cxoinsights/building-strong-digital-capabilities-in-the-future-economy-of-singapore-nwid-4076.html