More than ever today, small and medium enterprises (SMEs) are proving their increased significance to Singapore’s entrepreneurial scene. These businesses make up almost half of the country’s Gross Domestic Product (GDP) and employ around two-thirds of the national workforce. It is the backbone of the Singaporean economy, which in turn is being transformed by digital technology.
As the world experiences new technological breakthroughs every day, it is important that SMEs are able to adapt to the changes. With that said, kickstarting your digital transformation journey has never been more crucial. The government is particularly keen on making sure that you, like SMEs, can utilize digital technology to maximize the operation and generate revenue. Today, let’s look at how SMEs Go Digital can help your business and why you should apply.
What is SMEs Go Digital?
In its very essence, the SMEs Go Digital initiative is designed to help SMEs capitalize on digital technologies in every aspect of their business, from operation to marketing. In adapting to and participating in this new digital economy, we hope that SMEs can thrive by pursuing growth opportunities and innovating fresh ideas.
Introduced in April 2017, the Infocomm Media Development Authority (IMDA) had developed SMEs Go Digital from the initial ideas of Enhanced iSPRINT. But this new program is much more structured and inclusive when it comes to outfitting SMEs with digital solutions. The aim is to make going digital as easy as possible for SMEs. In September 2020, over 50,000 individual businesses had adopted digital technologies through the program.
Why Apply for SMEs Go Digital?
There are plenty of benefits to going digital, especially for small businesses. But how can SMEs Go Digital benefit you and your company? Let’s explore some of the most important ones.
Step-by-step roadmap and training
One of the ways that SMEs Go Digital can offer a bespoke, individualized solution is its sector-specific Industry Digital Plans (IDPs). With the step-by-step approach, we will guide you through your specific digital journey and provide the relevant training for any employees. It doesn’t matter which industry or stage of growth you are in. The IDPs will lay out the foundational groundwork required to go digital.
Of course, every SME has their own unique niche and operate in a particular sector. IMDA already has IDPs in a lot of different business sectors. This includes everything from Retail, Logistics, Environmental Services, Security and Food Services, to Wholesale Trade,
Media, Sea Transport, Accountancy, and even Hotel. There are also plans for Construction and Facilities Management, Training, as well as Adult Education. We are continuously working on new IDPs for other sectors too.
Up to 80% grant support
This initiative helps more than the planning and strategizing side of things. Your business may even benefit from grant support of up to 80% in adopting digital solutions. It truly makes it simple for SMEs to go digital! Not only that, IMDA has created and approved a list of solutions that are effective, proven in the market, and supported by vendors. If you are interested in this, please find out more about the Productivity Solutions Grant (PSG)!
Comprehensive Start Digital Packs
In 2019, the Start Digital program was launched to help newly digitalized SMEs incorporate digital technologies. It focuses on the foundations of digital solutions, namely banks and telecommunication. There are five different Start Digital Packs, including Accounting, Human Resource Management System (HRMS) & Payroll, Digital Marketing, Digital Transactions, as well as Cybersecurity.
SMES Go Digital has partnered up with banks and telecommunication companies to offer affordable yet effective solutions. From DBS and Maybank to OCBS, Singtel, and M1. Best of all, signing up for an 18-month contract or longer will grant you up to six months of cost waiver!
Helps you go global
IMDA worked with Enterprise Singapore to introduce the Grow Digital initiative in June 2020. It allows SMEs to take part in B2B and B2C e-commerce platforms, which means they can sell to an overseas market without having to be physically present. Don’t worry about reliability, as these platforms boast a strong network and performance.
But how can this benefit your business in its endeavors to go global? For one, it provides better international exposure that lets you connect with overseas clients. It also optimizes the listing on foreign e-marketplaces, financing offers, and easier e-payment processes that overcome any currency risks.
Stimulate growth and innovation
In an attempt to help SMEs achieve new digital solutions and tap into their growth potential, IMDA has collaborated with a range of industry leaders. You can now meet any changing business needs, scale-up much easily, and leave a lasting impact on your industry. Additionally, any effective solutions that can be proven to help other SMEs in the industry may be supported by the Productivity Solutions Grant.
SMEs Go Digital Programmes and Initiatives
You can explore the various initiatives under this program, like the Digital Resilience Bonus (DRB). It gives additional support for SMEs in the Food Services and Retail sectors looking to elevate their digital integration. This covers e-Payment and e-Invoicing, accounting and payroll, digital ordering, inventory management, and even data analytics.
Other sectors could also adopt e-Invoicing and apply for a support grant via the InvoiceNow program. This nationwide movement strives to facilitate SMEs in achieving a more sustainable business, streamlined and faster payment process.
In terms of the latest pandemic, we can also help you utilize Digital Solutions For Safe Reopening. We understand the challenges that SMEs must face in this new and challenging time, but digital technologies can truly be the answer you’re looking for. For instance, by using apps for contact tracing, safe customer distancing, and reducing physical interactions. This includes managing the workforce through modified shift hours and remote working solutions.
These are only the tip of the iceberg of how digital technologies can enhance your business. Can’t wait to kickstart your digital transformation? SMEs Go Digital will indeed be the perfect next step for your business journey. Contact firstname.lastname@example.org for free consultation and non obligatory coffee talk. Let us help you to achieve your company’s goals through the digital transformation.