Adopting New Technologies & Solutions – Up to 80% EDG Support
As we deal with the COVID-19 pandemic and borders are closed around the world, technology has proved to be an essential and integral part of our daily lives. For general consumers like you and me, technology is used to keep up with the latest trends (remember dalgona coffee? And more recently, the dalgona candy in Squid Game?), staying connected with friends and families that are not in the same country, and streaming the latest shows from Netflix and Disney+ to keep boredom at bay.
For businesses, technology is vital in resuming operations and breaking through barriers from COVID-19. For instance:
- In the retail industry, even though footfall has reduced significantly with safe distancing measures, retail shops can still rely on creating an online store to reach out to internet-savvy shoppers. They can integrate membership solutions & also a payment gateway to their brick-and-mortar shop to inventory for data accuracy
- In the construction industry, the use of a project management solution can reduce paper trail and create a digital footprint where multiple stakeholders are able to view important information in real time. It also facilitates a culture of sharing within the organization
- In the wholesale trade and distribution industry, the use of an enterprise resource planning (ERP) solution allows greater visibility to the upstream and downstream channels, making it easier to plan for purchasing & distribution overall
The benefits typically outweigh the drawbacks of digital transformation in any industry. It also helps an enterprise to scale its operations more efficiently. An important point of consideration for enterprises is the cost needed to implement any form of digital transformation. The good news? Here in Singapore, Enterprise Singapore has the necessary initiatives to help local companies grow and transform.
Under the Innovation and Productivity pillar of Enterprise Development Grant, enterprises that explore new areas of growth, or look for ways to enhance efficiency are eligible for up to 80% grant subsidy (enhanced support ends 30 Mar 2022). These could include reviewing and redesigning workflow and processes. Companies could also tap into automation and technologies to make routine tasks more efficient.
Scope of work can also cover the following:
- Adoption and/or development of sophisticated software solutions
- Development of solutions that involve the integration of systems
- Training of staff to deploy solutions
- Review and streamlining of workflow and processes to reduce or remove redundant processes
- Explore the use of technology to automate processes
- Review and/or development of performance measures
- Development of tracking and measurement system
- Development of detailed roadmap of actions for further improvement
To qualify for EDG, enterprises have to meet the following criteria:
- Be registered and operating in Singapore
- Have a minimum of 30% local shareholding
- Be in a financially viable position to start and complete the project
It is also important that at the time of application, enterprises must not have commenced the project until a Letter of Offer is signed and accepted.
With Singapore stepping towards endemic living and opening up leisure travel via Vaccinated Travel Lanes (VTLs), it is a given that businesses with growth in mind would want to explore beyond what Singapore offers. Having the necessary digital solutions (such as an ERP solution, Business Process Management) in place before that would be a great time-saver, and allows an enterprise to operate in new markets at a much quicker pace than enterprises that have barely started in their digital transformation journey.