With the recent advancement in digital technology and transformation in Singapore, one can say that the country is on its way to become an economic giant. Digital transformation in Singapore has sped up, especially during this time of the pandemic. People often use digital technology to provide improved products, services, and customer experience. This, in turn, allows them to achieve competitive advantage and product differentiation. And the fact that this is all backed by the Singaporean government makes this undertaking a promising one.
With the emergence of applications such as WhatsApp that affect the revenue from telecommunications companies, and Uber that affect the public transportation market, companies are facing enormous pressure in this era of quick technological change. Various CEOs have also included digital transformation in the forefront of their strategic plans. One such business that helps other businesses is superfastech.
This will be a lengthy read, so we have made it easy to read by breaking it down into the main content that you can quickly navigate to:
- What is digital transformation?
- What is the importance of digital transformation?
- Why is digital transformation in Singapore so vital?
- Are there government grants in Singapore for digital transformation?
- List of different areas a business that can transform digitally
- Why should Singapore businesses care, and how can you change your business digitally?
What is digital transformation?
Digital transformation according to Wikipedia is defined as “the change associated with the application of digital technology in all aspects of human society”. But, this definition is too broad.
A better way of putting it is that digital transformation refers to the process of making use of available digital technologies to change existing business cultures, processes, and customer experiences.
The wireless and Internet technologies have been the primary fuel for Digital Transformation. The Internet forms the cornerstone that allows many emerging technologies which give a competitive edge to companies that know how to use it.
Still, it is crucial to note that disruption is not only about technologies, it is also about the people— leaders, as well as customers of firms and organizations.
A ‘disruptive technology’ can succeed well, not because it is an emerging and new technology but because it offers greater value to the customers in the form of greater ease of use, lesser cost, quicker access to products, quicker access to services, etc. For a firm to embark on a digital transformation involves drastic change within the organization. Companies eyeing Digital Transformation, thus, need to have good leadership or at least a powerful buy-in from high management and stakeholders.
Leaders should be able to make full use of digital technologies to turn their vision into reality. Digital transformation also includes the internal organization – processes and people, customer experiences, and customer relations. It is vital to know that this type of transformation is unique for every organization and trial and error is to be expected.
What is the importance of digital transformation?
There are many reasons why digital transformation is crucial, let’s take a look at some.
1. Increased profits
Firms that have enforced a sound digital transformation strategy and a digitally equipped workplace would be a leading factor in talent retention and attraction over the next two years. And some experts believe investment in the digital skills of the employees would be vital to growing revenue during this time.
Experts say they expect digitalization to change talent management completely. And this will hopefully open the eyes of the people and organizations that have not enforced digital strategies. Others believe digital transformation has already made it easier for them to keep and attract talent.
2. Increased efficiency
One of the important benefits of digital transformation is the streamlining of business processes and operations. What this means is increased efficiency in several aspects of the business.
Digital transformation projects in Singapore have often been seen as a strict technology idea. In fact, it still is seen as such. However, digital transformation is similar to the business transformation, in that it drives operational efficiency and growth.
Firms in Singapore update and implement modern technologies, platforms and tools that are necessary for business life. Innovation projects and change are becoming more frequent as a response to the need for firms, companies, and organizations to adapt to a new digital reality.
Therefore, digital transformation must be seen as the procedure by which companies reorganize strategies and processes, obtaining benefits through the active integration and implementation of digital technologies.
Consistent integration of digital technology in all aspects of the organization should benefit the customers and suppliers.
The implementation in the organization of some of the most recent technologies such as Cloud, Big Data, Artificial Intelligence, BIM, IoT, I3D, or robotics.
The transformation of a business digitally presents large opportunities for competitive advantage and innovation. It will need a complete rethinking of the firm: strategic, cultural, technological, and operational changes.
In this transformation, data and processes play a key role in attaining a good operational efficiency ratio. This complete rethinking is not only another process that companies must do, it is necessary to be able to undergo digital transformation.
3. Organizational culture
Digital transformation means a change in the work culture and the acceptance of new workflows due to the procedure of technological change. In this process it is very vital to prepare employees for this awesome transition, acquiring modern technological competencies and skills to better efficiency.
- Is Digital Transformation about applying modern technologies? Yes!
- Adopting new processes and tools for cultural change? Yes!
- Does it need a change of mindsets and organizational culture? Most certainly.
According to worldofinsights, digital transformation transforms several businesses, and in turn, transforms leaders’ mindsets. Digital transformation demands leadership, vision and process change alongside enhancing core operations with technology. Therefore, digital transformation needs a modification at the most fundamental level, the method in which things get done everywhere in the firm. Digital transformation affects the company culture itself. Without addressing culture change digital transformation is bound to be a superficial attempt.
When a company’s culture is fast-moving and digital-dependent, employees often utilize their preferred solutions and tools without cooperating or sharing information. This often leads to inconsistent views on customers and their entire needs. And while modern technology allows for perfect productivity, firms can end up focusing on optimization over innovation, affecting experimentation and potentially retarding growth.
Does Your Organization Have a Digital Culture?
Highlighting the importance of digital transformation can be difficult, especially if nothing seems to be wrong with the method your organization operates.
A common thought is that if a company raises its technology, digital transformation is attained. The truth, however, is that digital transformation isn’t about technology or software — it’s about organizational adaptability. To keep up with the alteration driven by digital transformation, organizations must be adaptable and agile.
The organization must include its employees in vital strategic objectives to create an appropriate organizational atmosphere that allows innovation processes to occur, whether they are organizational, operational, or functional.
Innovation and transformation are often used interchangeably, but they vary in the digital world. In most cases, transformation leads to innovation. In others, innovation leads to transformation, but this similar causal relationship is often unnoticed since they are mistaken to mean the same thing. While truly related, modern business leaders need to know the variation between the two terms.
Know The Difference
One of the main distinguishing factors between innovation and transformation is speed—or deficiency thereof. Transformations require time—transition from one form to another is quite a process. On the other end, innovation refers to sudden creativity and the incipient moves that lead to implementing such spark into an organization strategy.
Innovation requires collaboration, encouragement, and communication, but it implies distinct steps that must be approached—it’s the start of something awesome. What occurs after is transformation—the implementation process following that first spark of innovation. It also indicates an eventual end once the transformation process has been completed.
Digital transformation is a perfect illustration of the difference between innovation and transformation. Basically, digital change describes the entire process by which an establishment forms a scheme to implement technology to improve commerce and meet the ever-changing demands of the consumer. The goals of a digital transformation can include developing the company’s reach, raising operational efficiency, transmuting the company’s image and culture, or a combination of everything. Local business patterns are systematically put to the test in the aspect of evolving technology, and modern companies need to identify technology’s potential and accept it when at the right time.
Importance of innovation
i. Innovations cause changes and make them become a reality. For instance, the dawn of social media transformed the marketing realm forever. Everyone can now communicate and share information regardless of their physical location, and information now changes hands quicker than ever. As modern technology like internet-connected devices and smartphones emerged, society changed to accommodate those innovations.
ii. Innovation is the re-imagining or rethinking of a business process that existed before. Essentially, once a transformation is discovered and modern reality is attained, innovation entails when those norms are challenged. For instance, after social media transformed social communication dynamics, several other accepted norms such as recreation, news, content, entertainment, and business had to change.
To utilize the digital transformation in firms, it is vital to improve processes through the adoption of new innovative technologies that will instantly impact operational efficiency, which translates into more productivity.
For instance, for the management and organization of business assets, key solutions must be enforced that improve the efficiency of operations. This raises the availability of productive assets and then impacts the organization’s account, mostly their profit and loss account.
Efficient asset management with superfastech
Applying a robust enterprise asset management solution can instantly contribute to how organizations modify their operational efficiency by decreasing costs and raising revenue.
At superfastech, we assist organizations to transform their entire management model based on operational efficiency, through the utilization of tools that make good use of the life cycle of productive investments.
6. Competitive advantage
Digital transformation assists your business to maintain growth and gives a lead over competitors makes your firm stand out among the rest with special offerings. You can explore wider markets, and also launch modern business models.
7. Business Continuity Planning
The global pandemic in the year 2020 taught us that businesses and firms that adapted digitally were better ready for unforeseen changes in business operations.
When the lockdown was implemented, some business owners switched to digital transformation to enjoy the gain of new business practices without having to be physically present.
Digital transformation will help your business continue to grow during unforeseen circumstances.
Why is digital transformation in Singapore so vital?
Why do Singapore businesses and firms need digital transformation, especially from the year 2020 and onwards?
1. Combat increasing labor costs
With labor costs constantly increasing, businesses and organizations need to find ways to improve the productivity and efficiency of employees to raise the value and production of manpower.
2. Remain competitive in the regional market.
As the workforce and economies in our neighboring countries grow, local businesses ought to make sure they attain one step ahead of the curve.
The Singapore government is proposing and pushing for digital transformation
Businesses that utilized digitalization early managed to remain afloat during the local COVID-19 lockdown, giving them a big edge over SMEs that are still running on traditional business processes.
Global technological progression is not going to end.
No one can end digital advancement. If Singapore firms and businesses don’t adapt, they will lag behind the entire world.
Are there government grants for Digital Transformation?
The short answer? Yes.
The long answer:
The Productivity Solutions Grant (PSG) by Enterprise Singapore (ESG) supports companies under the following fields:
- Precision Engineering
The Singapore government has played a key role and is very supportive of the efforts of businesses in Singapore. Millions are allocated into funding.
List of different areas a business that can transform digitally
These are 4 different areas your organization and business can transform digitally . Improvement in these areas entails success for your business since it gives you an edge over your competitors.
1. Customer Relationship:
Increase customer relations with digital technology, assisting home and redefining (if required) the path to acquire, all while streamlining and making ease the buying experience of the customers to demonstrate proper care and emphasis.
2. Unique experiences and value propositions:
Invest in accurate digital technologies to acquire a competitive advantage. The wider business strategy for this aspect is underscored by the creation of a special experience and value proposition that will align with customers.
3. Data-driven business decisions:
The utilization of digital technology can assist in collecting previously unknowable kinds of data or put collated data into view. This allows enterprises and organizations to focus more on concrete data and less on assumptions, which allows for applicable and real-time data-driven conclusion making.
4. Empowering employees:
Digital transformations allow innovation. This way, organizations can amend with the times, allowing them to update their cultures and processes.
What are some examples of digital transformation?
The easy act of transformation from paper records to the use of Excel spreadsheets can be considered an easy form of digital transformation. Here are some other good examples of digital transformation:
1) Transforming an offline seminar display into an online virtual exhibition to increase the audience reach during a pandemic lockdown.
2) Substituting physical Network Attached Servers with the cloud storage solution to decrease IT maintenance costs.
3) Utilization of cloud document management systems and a sharp workspace to allow 100% employee change into remote working.
4) Building extremely customized, cloud-based Enterprise Resource Planning software that fits a particular company workflow. Substituting Excel spreadsheets and allowing team collaboration to increase organizational efficiency.
How to undergo digital transformation
This is a complex, multi-step process. We will break it down into easy concepts to help you begin with digital transformation for your enterprise.
Step 1: Identify the region of inefficiency and imperfection of your business
This is the first step towards digital transformation.
When business owners and organizations embark on their digital transformation trip, it starts with knowing the weaknesses of the existing business procedure. What are the inefficiencies and weaknesses in the way the company is run? Is there an obstruction in workflows, and are there finer ways of connecting with customers?
Step 2: Define and establish a new business process
Depending on the range of digital transformation, this pace could mean overhauling entire operations or taking it bit by bit, department by department.
The organization has to decide where to make modifications to existing processes, systems and tools used.
For smaller changes, companies can determine internally the best tools to apply, or the best changes to make.
For larger changes, it is suggested that companies use researchers or strategists to analyze the market conditions as well as internal organization data to determine which processes can be developed upon and which can be left alone.
Step 3: Identify what tools the company needs.
It helps to have a view of what or hardware or software a company requires improving upon actual offerings.
The company won’t need all the current technology and innovations to improve its functions. That is why distinguishing what form of digital transformation tool your company needs is essential.
Step 4: Determine KPIs and then, set goals
Key performance indicators (KPIs) are needful metrics that indicate if a part of digital transformation has come in need or not, and whether or not it is a feasible long-term implementation.
Step 5: Careful rollout of red-hot technologies, processes, and workflows.
It can be jarring for an organization to switch to modern methods of operations overnight. You need to regard people of various experiences with technologies.
Begin with reduced risk projects or a chosen subset of customers
Begin with reduced teams, or selected departments
Build on and processes and habits, continual revaluation, and getting feedback
Step 6: Evaluating the digital transformation
Evaluations will help clarify which procedures need a boost and which are outdated.
Digital transformation is a difficult but rewarding process, one that requires continual refining and redefining.
Key-ways to overcome challenges of digital transformations
Let’s not pretend digital transformation is simple. Here are the important difficulties companies will face, and how to tackle them.
Getting employees digitally ready
Using the right people and making sure active employees are trained for using modern digital tools can be difficult. (Using Tik Tok and online shopping doesn’t guarantee a person is ready for digital transformation)
Have patience in identifying who requires more help in the transformation and set aside time for training.
Security and Compliance
Going digital opens gaps in cyber security. Applying the advice of security consultants when utilizing wide-ranging digital solutions will help you understand risks.
It can be very expensive in terms of tools and training to get everyone in the company up to speed. Take it one step at a time, and rely on grants to help offset some of the costs.
Speak to us to help with your business’s digital transformation. As your preferred digital transformation consultant, we will help you open modern global markets and yield online revenue with e-commerce development and website design. Furthermore, we will allow new ways for your brand to connect with customers via mobile app development, and make your workflow and processes more efficient by building custom web apps and software.