Commentary

The underlying narrative of the 21st century has been underscored by technological advancements, whether it be in smartphones and tablets, the advent of social media, machine learning, and artificial intelligence, to name a few.

Disruptive and emerging technologies are changing the way we work and live today. This new wave of technologies is undoubtedly infiltrating the education sector, not only in Singapore, but all over the world. As a result, our education sector is transforming– with enhanced teaching methods, as well as new ways of learning in our increasingly digital world.

Globalisation, digitalisation and automation are fundamentally changing the way businesses interact with their customers and the way people work. The good news for Singapore is that it is one of Asia’s, if not the world’s, most digitally advanced nations when it comes to digital adoption and transformation.

One of the most important departments, if not the most important, of every firm is the sales team. That said, sales personnel are often seen in a negative light. A survey from Happi.sg revealed that 64% of respondents believed that sales people are under “constant pressure to meet quarterly sales targets, leading to pushy behaviour and sometimes unethical decisions”.

In the moments after a security breach is detected, moving quickly is incredibly important for Singapore businesses, especially now that the Personal Data Protection Commission (PDPC) plans to revise the Personal Data Protection Act (PDPA) to require companies to notify it of breaches within 72 hours.

Rapid technology innovation in Singapore has made digital disruption the new normal as once safe, stable, and secure industries begin to fully acknowledge the scale, speed, breadth and depth of digital transformation.

You have a strong product, a great team, and a 5-year business plan at hand – so what’s missing? The answer is simple: it’s not about what you sell, but how you sell.

Worldwide spending on digital transformation will amount to nearly US$2t in 2022 as organisations spend on technologies and services to effectively compete in the new economy. In Singapore, digital transformation (DX) is expected to contribute US$10b to the nation’s GDP by 2021, with a 40% increase in benefits such as productivity, revenue and cost reduction.

Globalisation of the economy has resulted in a shift in the way Singapore corporations operate – from local country-specific business models, to global integrated supply chains which centralise functions at a regional or global level.

The results of a global survey published by PricewaterhouseCoopers (PwC) confirm that Asia remains the leading growth region for mobile payments. In line with other countries in the region, Singapore continues to see an increase in mobile payment usage, with the proportion of consumers making such payments growing from 34% in 2018 to 46% in 2019.

In recent years, we have seen an influx of Asian money into countries like Singapore and Hong Kong. According to the recent World’s Billionaire’s list published by Forbes, Asia is home to 719 billionaires, approximately 32.65% of the world’s billionaires. The ultra-rich are starting to take a more hands on approach in the investment of their wealth and Family Offices are on the rise. At the end of 2018, Asia has nearly 500 Family Offices in Asia and this number is set to rise in 2019. Family Offices not only provide investment strategies, they also assist with diversification of the family’s business portfolio, dispute resolution, and succession planning.

We are living in Industrial Revolution 4.0 where data have emerged as the new ‘growth fuel’, powering everything from productivity and profits to politics and dominance.

In Singapore, barriers to financing have resulted in an unmet funding gap for SMEs worth as much as $20b.

Singapore is one of the world’s top logistics hubs, with the World Bank’s Logistics Hub Index ranking Singapore 2nd in Asia and 7th globally. In recent years, we have also seen the birth and rise of local last mile delivery startups fighting to seize the opportunities that come with intra-Asia trade and e-commerce growth.

Companies are increasingly understanding the potential for data to provide information and insights that will improve performance and competitive posture. In fact, the top jobs in Singapore for 2019 will be analytical and data-driven in nature according to a survey by recruitment firm Robert Walters.

C-suite executives in Singapore, like their counterparts in the rest of the world, base crucial decisions about the future growth and direction of the organisation on financial data. From the front office to the back office, decisions are made and reported on regularly based on this valuable information. The C-suite needs to be able to depend on reliable numbers; however, they may not be getting it.