Transforming Singapore’s SMEs Through Digital Inclusion

The Covid-19 pandemic has accelerated Singapore’s digital revolution, forcing local businesses to adapt in order to survive. Consumer habits are changing and companies putting in the time and effort to understand these changes will be the ones to build a competitive advantage in the long run.

But while larger enterprises often have the resources and capabilities to make such changes at speed, smaller firms are more likely to lag behind. UOB’s SME Outlook Study published earlier this year found that 7 out of 10 businesses that have not yet digitalised are smaller businesses held back by concerns over cost, cybersecurity and a lack of digital skill sets. The same study also found that two in five SMEs that had already adopted digitisation initiatives saw stronger revenue growth compared to their counterparts.

The benefits of digitalisation are apparent and given that SMEs make up 99% of all Singapore enterprises, it’s crucial that we identify ways to plug these gaps.

The Role Of The Ecosystem

Governments have a major role to play in SME digitalisation, and Singapore is a stellar example. Throughout the pandemic, the local government has taken a number of measures to support both employees and employers, while ensuring that they’re building digital capabilities for the post-pandemic era.

Even before the pandemic, Singapore’s forward-looking government already had initiatives in place to support this. An example is the Infocomm and Media Development Authority (IMDA)'s SMEs Go Digital and Start Digital programme, which offers businesses access to pre-approved solutions and grants that cover a significant portion of the cost. As part of these programs, M1 has already helped numerous businesses improve productivity and seize opportunities for growth.

Industry leaders are well-positioned to recognise the challenges that smaller businesses face and provide the right platforms and solutions to address these. M1 offers a range of end-to-end solutions from hardware to connectivity, and we work with vendors across different industries to bring these to our customers. For instance, we’ve partnered with over 20 technology companies to launch a new Digital Transformation Alliance (DTA), which aims to deliver personalised solutions to help more than 1,000 SMEs overcome digital transformation challenges by 2022.

 How SMEs Can Take The Leap

On their part, SMEs need to rethink traditional business models and find ways in which they can leverage emerging technologies — from social media to data analytics — to deliver value to customers and ensure business continuity. But just the sheer volume and diversity of digital solutions available in the market can be overwhelming for new entrants. One helpful tip is to focus on key business goals and work backwards from there to uncover gaps that need to be plugged.

In Singapore, many have already taken the first step. According to UOB’s study, 3 in 4 local SMEs have adopted at least one digital solution in 2020. A separate Index Report by Sleek found that SMEs’ expenditure on IT solutions and software increased more than 3 times last year, driven by the surge in demand for video conferencing subscriptions, technology upgrades, and new digital equipment.

Those who’ve already checked off these digital necessities can then leverage advanced solutions like 5G to enable a range of transformative, hyper-connected experiences. Enterprises and small businesses looking to explore commercial 5G solutions can get in touch with us via our sales team here.

As we move into the digital era, Singapore is well-positioned to lead the way with its Smart Nation strategy. As industry leaders, we have is on us to ensure we carry everyone with us as we go forward, by building an inclusive community that fosters digital innovation and growth.

Looking to transform digitally?

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