Digital transformation Singapore goes at the top. Ranking as the first in the Asian Digital Transformation Index. And that’s because of its well-developed digital infrastructure.
The ranking list:
- South Korea
- Hong Kong
Environment Conducive to Digital Transformation
Singapore has built a strong business environment. It’s shown in its consistency in the topping’s list. 10 years in a row according to the World Bank’s Doing Business rankings.
Also, Singapore scores high in several technological areas. Moreover, the government plays a key role in the development of Singapore’s digital transformation.
Additionally, Singapore’s ICT policies and regulatory policies are in sync over the years. With its vision of digital infrastructure in place. Thus, this has boosted business and digital development.
A Regional Comparison
Singapore fare with other nations in the region with 3 main elements in the index. Where it has the following figures:
- Digital infrastructure – 80.1 – Singapore
- Human capital – 82.2 – South Korea
- Industry connectivity – 78.9 – Japan
Singapore ranks highest in the Index in several infrastructure indicators. Such examples are 4G mobile network coverage, ICT investment, and ICT laws. But in terms of human capital and industry connectivity, other nations take the lead.
Also, the report acknowledges the shortage of talent in Singapore.
Only Japan ranks higher than Singapore in the strength of digital collaborations with others. Digital partnerships of Singapore have yielded several benefits. That includes productivity improvements. Also faster speed to market.
The other benefits of digital partnerships are enhanced brand awareness. But most importantly, more innovative ideas for new products and services.
About half of the percentage agree that their firms benefited from such partnerships. So, it’s clear that digital transformation is a yielding business in Singapore.
Singapore Invests In Digital Transformation To Cope With The Pandemic Fallout
The Singapore government is allocating more than SG$500 million. This is to support local businesses in their efforts for digital transformation.
This pandemic has accelerated the pace of digital transformation. From telecommuting, online food services, to virtual events.
Singapore’s Deputy Prime Minister and Finance Minister announced during his speech. He said, “Our businesses must adapt and we will support them in this.”
Digital transformation has emerged as a key shift in the COVID-19 crisis. And the nation must not go back to their old ways. He added, “Digital solutions will become more deeply embedded in our lives.”
Singapore will provide more for businesses. To digitalize their basic payment and invoicing functions.
More funds will also now go to businesses. Especially those who already have basic digital capabilities to further expand their digital transformation. “We will help them make use of advanced digital tools in an integrated way,” he said.
Collaboration To Develop Talent Pool
If a business is aiming for digital, then demand for skilled professionals in the sector will grow fast. The situation is the same in Singapore.
There’s an urgent need to develop local talent capabilities. Thus meeting the current and future needs.
Also, there are shortages in both capacity and capabilities. And certain specific skill sets such as systems architecture design, behavioral analytics, and digital forensics.
Thus, to address this, collaboration is needed between all stakeholders. And need to start looking at re-skilling some of their staff.
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