SMEs should use the grants that come, but be nimble too

THE Singapore government has long taken a hands-on approach in the digital transformation of businesses. Efforts to get small and medium enterprises (SMEs), in particular, to embrace digital technology and innovation were ramped up earlier this year.

Bundling grants, guides and enhanced funding, and marketing them under the banner of "SMEs Go Digital", the government sought to make it easy for SMEs to arm themselves with everything from basic accounting software to more advanced data analytics and cybersecurity solutions. More than S$80 million was earmarked in Budget 2017 for this SME-focused push.

Last week, "Industry Digital Plans" (IDPs) were launched for the logistics and retail sectors - guides and checklists pointing SMEs to digital solutions good for each stage of growth. These include packaged solutions, already approved by the authorities, to remove funding uncertainty. Such plans line up with sector-specific blueprints that seem to be in vogue across government, such as the broader Industry Transformation Maps. At least four more IDPs - for the food services, wholesale trade, cleaning and security sectors - are on the way.