Digital Transformation Singapore
A step by step practical resource for Singapore companies desiring to embark on the Digital Transformation journey
A quick check on Google Trends shows that the online search interest in “digital transformation” has increased exponentially in the recent years. Global search interest has increased more than two-fold within the last two years. Why so? Is this just a passing buzz or something really worthwhile to bring everyone’s attention to?
What is Digital Transformation?
Digital transformation is the adoption of technologies that differentiate how businesses and organisations run, to create value, promote growth and increase competitiveness. For an owner of a physical store, this can mean moving its business online, getting a proper digital communication channel in place (e.g. email, online chat) and having a supporting delivery management system. By going online and digital, the retailer is able to overcome limitations caused by locality restriction, and bring its playing field to a whole new level by leveraging on its e-commerce platform. While digital transformation can be loosely understood as occurring at all levels – from individual (online social networking platforms), business (e-commerce), to the national level (Singapore’s Smart Nation initiative), we will focus on what digital transformation entails for organisations and businesses.
Digital Transformation: An Increasingly Pervasive Phenomenon
Digital transformation is increasingly pervasive across industries, in fact, on exponential terms. While it was observed to be limited to a few industries in the ‘90s, such as the electronics industry, its reach has skyrocketed from the 2010s onwards, into all industries.
According to IBM Institute for Business Value, changes in worldwide connectivity, and consumer empowerment in terms of online data and varied choices (thereby leading to higher expectations), are the key catalysts of digital transformation.
Government Support for Digital Transformation in Singapore
A recent comment by Singapore’s Minister for Finance, Mr Heng Swee Keat at Singtel FutureNow Innovation Centre, a locality that aims to promote digital transformation amongst enterprises, sums the importance of being transformative digitally.
Minister Heng shared:
“I believe, especially in this age of rapid technological changes, that innovation is critical to how countries, companies and individuals can continue to create value and benefit.”
A report by the World Economic Forum has also called companies to digitally transform now in order to compete effectively in this digital era:
“We may still be in the early days of the digital revolution, but it is the strategic plays that companies make today that will define their long-term future in the digital economy.”