Recognizing the pivotal role of technology, SMEs here are leveraging it for operational efficiency, competitive advantage, and meeting evolving customer expectations. Other push factors include:

    • Global market demands and conditions
    • black swan events like the COVID-19 pandemic
    • government initiatives
    • compliance/adherence with industry standards
    • access to funding
Nicholas Lee, Chair, Digitalization Steering Committe, SGTech

Therefore, SMEs here should and do look into their business model which is often the source of truth to discern what their strategic priorities for tech investments are:

    • their revenue generating channels
    • operational efficiency level
    • resource optimization capabilities
    • risk management levels
    • competitive positioning
    • ecosystem collaboration
    • current technological capabilities/digital maturity level

NL: We plan to foster effective collaboration between SMEs and small tech companies to produce cost-effective digital solutions and targeted marketing strategies. Specifically:

    1. Establishing networking platforms, supported by government incentives, to foster mutually beneficial relationships, shaping a thriving ecosystem.
    2. To ensure successful collaboration, we shall be ensuring that both SMEs and solution providers prioritize understanding each other’s visions. SMEs should articulate business goals and challenges, while solution providers tailor solutions to align with those visions.
    3. The fruits of strong collaborations need to involve the following:
      • customized and scalable solutions
      • flexible pricing models
      • provision of sufficient education and training
      • transparent communication
      • participation in collaborative spaces
      • prompt and expedited leveraging of government incentives collectively
      • an emphasis on long-term relationships