Digital is the new world. And the transformation has been lightening quick. For businesses, it is as simple as adapt or fade away. Digital transformation in Singapore is occurring at a rapid pace. We take a deep dive into how you and your business can stay on top of the new digital wave.
What is Digital Transformation?
Digital Transformation employs digital technology that enhances business models and processes to create new revenue sources.
In other words, traditional business need to evolve to a digital model to stay relevant today. This covers the various private sectors as well as government agencies.
Digital transformation is now sweeping across big and small enterprises, from sole proprietors to large Multi-National Corporations (MNCs). It can be as simple as local hawkers accepting digital payments to an MNC revamping their Enterprise Resource Planning (ERP) system.
Singapore is a strong proponent of digitalisation and aggressively supports enterprises to digitally transform. In fact, the city state introduced the Smart Nation framework in November 2014. Since then, there has been a steady progress towards a Digital Economy, Smart Society, and a digital government. Today, about 83% of local businesses have digital transformation plans in place.
Why Your Business Needs Digital Transformation
The last two years have created a dramatic shift in the business landscape. The way people communicate, work, buy and sell have changed forever. Experts today suggest that the “new normal” in 2025 will be more tech-driven. Businesses will become increasingly reliant on digital tools.
The transition process will involve:
- Managing the resistance to change due to digitisation.
- Training employees to pick up new digital skills.
- Assuring employees of their jobs after retraining.
- Monitoring results after new digital solutions are implemented.
The goal here is to manage the concerns and expectations of employees of all levels. The company can then move forward positively with digital transformation.
By digitising their processes, organisations can easily improve efficiency, productivity, and quality. This will enable the business to better compete in today’s digital world. The need for traditional businesses to adapt to digital transformation in Singapore is urgent and immediate.
Why is Digital Transformation Important for Your Business
There are three essential pillars of digitalisation: A framework that highlights the most important component that drives digital transformation. The three pillars are:
- Digital Business Management
- Digital Marketing
- Digital Solutions
The good news is that most organisations are familiar with the second and third pillars – Digital marketing and digital solutions.
Digital marketing utilises strategies and tactics to promote a brand. This then helps the brand acquire new customers. Digital solutions help improve or transform a business process. The solutions are actually tools that include software, apps, or a full system like Customer Relationship Management (CRM).
The most important pillar remains the first one – Digital Business Management. It is the first step in the adoption of digital technology and artificial intelligence. This provides a roadmap for the rest of the digitalisation process. Even before business owners think of marketing and other solutions, they must have a clear strategy for digital business management. The strategy should cover all stages: Strategic planning, organisational behaviour, workflow, supply chain, training, data-sharing, and finance.
The aim of digital business management is to evaluate business processes, workflows, operations, and identify issues or bottlenecks. These issues can be present in operations, internal communication, quality management, data collection, marketing, or resource planning. When the issues are identified, a transformation plan can be implemented. The plan will include choosing the right digital solutions to support digitalisation.
The ultimate goal is to enhance productivity, boost efficiency, and reduce the risk of error and cyber security threats.
Four Steps to Attain Digital Transformation in Singapore
A question you may have is how can your business get started on its digital transformation journey? Here are four easy-to-follow steps for business to easily adapt to the new digital wave:
1. Business Process Audit
The audit is the first essential step. It involves the process of auditing your business. The process is carried out by mapping out the core departments and important stakeholders. The audit includes assessing procedures, standards, and controls against their strategic performance objectives. It also identify areas with potential efficiency or electiveness gains.
2. Business Process Re-engineering
After completing the business audit, key business processes will then be redesigned to eliminate unproductive activities and focus on procedural efficacy. The re-engineering enhances the organisation’s ability to improve value across various key factors such as efficiency and effectiveness.
3. Digital Solution Implementation
The third step requires the organisation to determine what digital solutions they should adopt and invest in. The solutions refer to a wide umbrella of tools – from software to apps to online platforms. These tools have the ability to transform traditional business processes. Another advantage of the solutions is that they are scalable, efficient, and innovative. Digital solutions are also simple to implement. It is important to note that the solutions must serve the business. not the other way around.
4. Training
Training sessions are one of the most important strategies of digital transformation. These training sessions enable key stakeholders and employees to take the next step with digital solutions. It can take a session or two for the re-engineered processes to be fully absorbed by employees. Assessments should also be conducted after each session. The assessment confirms whether the training has had its intended effect.
How did Premia TNC Implement Digital Transformation?
Premia TNC is a forerunner in communications technology and digital transformation in Singapore. We have implemented the following strategies to become an industry leader:
- IT/Digital Marketing collaboration with business consulting and accounting.
- Aggressively invested in IT/DM and digital transformation solutions since the Covid-19 pandemic. These include SEO/SEM, Website renewal, and data-driven marketing.
- Premia TNC developed IT/DM and digital transformations around the business outcome. We introduced CRM to decrease manual work, set up email marketing automation and chat bot automation development.
- We have increased the average monthly online inquiries rate by about 190% in 2022 compared to 2020/2021.
How We Can Help Your Business Achieve Digital Transformation in Singapore
Premia TNC is a leading business consultancy and accounting firm, providing quality business solution services for all your business needs. Our team of experienced business consultants are readily available to assist you in handling your company incorporation process and more. Starting in 2023, Premia TNC will also be offering digital marketing solutions for your business digital transformation needs. Contact us for a FREE consultation on your business concerns today!
