Staying relevant

THIS WEEK'S TOPIC: What's the single most important issue that you expect to see addressed by the Committee on the Future Economy on keeping Singapore competitive? Why?

David Emery Founder and Chairman Reciprocus International Pte Ltd

GLOBALLY, we face an uncertain 2017 shaped by the convergence of an unconventional Trump administration, follow-through on Brexit, rising interest rates and setbacks on the Trans-Pacific Partnership agreement.

Locally, we face declining SME confidence, structural unemployment issues and overall weak economic growth. This is the moment and environment in which we determine how Singapore must not only stay relevant in the future, but thrive.

Critical to this will be the identification of growth opportunities and new markets. Substantive recommendations on these themes would reinvigorate optimism and hasten efforts to build the globally competitive companies which will ensure Singapore's future prosperity.

John Bittleston Founder & Chair Terrific Mentors International Pte Ltd

DECIDING Singapore's role in the world for the next 10 years is what the Committee on the Future Economy must do first.

The United States will focus on the internal market, China has decided on greater control, the Philippines opts for less drugs-dependence and corruption, Britain wants freedom to develop its unique culture, France and Germany have yet to decide.

Getting the purpose right will determine the best investments and lead to the greatest prosperity. This is the Year of Purpose.

Max Loh Asean and Singapore Managing Partner Ernst & Young LLP

ENSURING the relevance of Singapore and Singaporeans in a complex, globalised, uncertain and ever-changing economic landscape is invariably the single most important issue that needs to be addressed.

Businesses must continually transform themselves even as their industries are being redefined and new disruptive forces emerge. Entrepreneurship, innovation, market agility and internationalisation are imperative to driving growth and competitiveness.

For the people, it's really about building confidence and a shared future wherein there is inclusive growth for everyone.

To that end, we need to enable a smart, secure and resilient workforce that is future-ready. It is critical that Singapore, leveraging its competitive advantage as an economic hub with strong expertise in niche areas, continues to innovate and reinvent itself to stay at the forefront of creating, delivering and capturing value.

Philip Yuen Chief Executive Officer Deloitte South-east Asia and Singapore

AS we move into the future, it is important for Singapore to have foresight and be astute in identifying growth sectors before they blossom. The CFE has a role to play in pinpointing these sectors and planning the necessary steps to create the eco-systems needed to attract them to bring their business into Singapore.

These steps can include building physical infrastructure, creating welcoming policies and developing local talent through education and vocational training to take on jobs available in these sectors. This not only benefits the businesses and helps them thrive, it also creates jobs and empowers Singaporeans to be leaders in these new future sectors.

One good example is fintech. Singapore has done well to encourage fintechs into the financial services eco-system by supporting collaboration and talent development in the area. If Singapore is able to identify more of these sectors and be the first to open doors to them, it will enhance the vibrancy of Singapore as a business hub, making it a true model of the future economy.

Foo Siang-Tse Managing Director Quann

THE global economy and political landscape have gone through a sea change since the last Economic Strategies Committee (ESC). It would be interesting to see how the CFE builds upon the recommendations of the ESC, taking into account the changes since then - increased digitisation, heightened physical and cybersecurity concerns and disruptive business models.

The crux of the issue is - how can Singapore continue to differentiate itself from other global cities? The government can lead demand through supporting landmark projects that bring together the strengths of various diverse sectors, such as IT, design, security and infrastructure that traditionally may not collaborate together.

If successful, Singapore companies can then export these references globally. There is also an urgent need to reskill the economy to meet critical shortages in areas such as data analytics, industrial design and cybersecurity.

Lionel Lim Vice-President & Managing Director Asia-Pacific and Japan Pivotal

IN order for Singapore to remain competitive in 2017, it needs to accelerate its mission to become a globally recognised technology hub.

Key to this will be for Singapore's businesses and entrepreneurs to develop what we call a "Silicon Valley State of Mind" - that is, a leaner, and more agile approach to software-driven innovation. It assumes change is continuous, and that organisations have modern cloud technology and modern software development know-how to quickly respond to market shifts.

If Singapore wants to become the "Valley of Asia", in 2017 it needs to adopt this mindset. Part of this will involve businesses putting an end to outsourcing of software development and technology, and instead strategically insourcing to become homegrown drivers of innovation, as well as adopt modern software development practices to move at startup speeds.

Victor Mills Chief Executive Singapore International Chamber of Commerce

I EXPECT the committee to recommend a renewed focus on serving Asean markets. Arguably, it is vitally important for Singapore businesses today to identify their relevance to consumers in Asean.

This can only be achieved by focusing on, and understanding, the needs of Asean consumers. Taking this step will allow collaborative innovations and the resulting rollout of new, relevant products, services and business solutions.

These, in turn, will provide the growth needed to sustain companies and jobs. Singapore businesses can learn from MNCs which have been taking this approach for years in the search for relevance, markets, profits and sustainability.

Uantchern Loh Chief Executive Officer Black Sun plc

GIVEN the broad mandate of the Committee on the Future Economy, there shouldn't be one single issue that should dominate the flavour of the recommendations contained in its upcoming report. There are many moving parts in the CFE, and the recommendations should reflect this and involve just as many people in their implementation and rollout.

We are dealing with a more complex global and borderless economy, and for Singapore to succeed in the next 50 years, we need a Darwinian approach and not a cookie cutter approach. We are not just looking for answers to today's challenges. We have to look for solutions for problems that don't even exist yet.

Dileep Nair Independent Director Keppel DC Reit Management Pte Ltd

BEING a small nation and a price taker, Singapore must remain relevant to the world, to keep competitive. Key to this is the ability of the workforce to be nimble and agile so as to adapt to jobs that will change with increasing rapidity.

Even more important is the radical shift in mindset needed towards work. Our changing demographics demand that we move from a three-stage working life (viz, education, work and retirement) to a multiple-stage life where there is a shifting balance between learning, work and leisure.

I would consider this the most crucial issue for the CFE to address - by proposing suitable schemes, incentives and even legislative changes - to prepare Singaporeans for the future.

Rick Scurfield President NetApp APAC

DATA is the key pillar underpinning the CFE's five themes and the fuel for Singapore's next phase of growth. It increasingly defines the digital economy and drives the creation of new technologies, jobs and policies. Innovation is now spurred by bits and bytes, and the data-driven revolution will continue to transform businesses and lives.

Therefore, the most important issue would be to construct a framework that realises the potential of data in all aspects of society without compromising on safety.

Cybersecurity breaches can undermine the progress of digital transformation; cyberattacks are becoming larger, more sophisticated and more political. They forebode a possible pitfall in our nation's future blueprint if left unaddressed.

We expect the CFE to address how data can be leveraged innovatively and responsibly, fortifying safeguards against potential cyber incidents that threaten our economy and nation.

Andre Hesselink Founder and CEO GoBear

INDUSTRIES at the forefront of the digital economy are the banks and insurance companies, where digital ecosystems are built in a sharing economy with fintech and insurtech companies such as GoBear, a financial and insurance products comparison site.

To thrive, Singapore has to go beyond ambitious IT projects or investing in the latest technologies. It requires a collective responsibility by the private and public sectors and Singaporeans to shift culture and mindset in the education system and at the workplace - one that encourages experimentation, enables innovation and embraces failure.

With a stronger entrepreneurial mindset, Singapore will thrive in the digital economy.

Leon Perera Chief Executive Officer Spire Research and Consulting

THE single most important issue to be addressed is entrepreneurship. We need more Singaporeans to not just try to be entrepreneurs but to succeed at it. We must create a critical mass of locally based, globally competitive companies.

This needs a national effort to orient our R&D assets, our real estate and financial services eco-systems, our education system as well as all government agencies towards this goal.

To this end, local companies should be informed of how they stand relative to their industry peers locally and internationally in terms of productivity. Singapore cannot be competitive if Singaporean companies are not.

Heng Wui Liang Country Head, Singapore BankBazaar

TECHNOLOGICAL advancement is disrupting the way we do business and the pace is intensifying. To remain competitive and secure our future, it is imperative for Singapore to lead in this new digital economy by developing homegrown talent and attracting foreign companies/talent.

I would like to see the CFE recommend progressive policies to attract companies with innovative technologies and business models. Equally important is the need for policies and incentives to support the traditional businesses and workforce, in their transition to the digital economy.

Wong Heng Chew Country President Fujitsu Singapore

TO remain resilient in the digital economy, Singapore needs to position itself as an ideas hub where innovation thrives and can take off. This can be achieved through greater collaboration between the government and private sector, as well as partnerships between large MNCs and startups to drive new products and services in the market, in light of society's growing digital demands.

At the same time, the workforce will need to be equipped with the right skillsets to address the demands of this new economy. More resources will be required to provide the necessary training and encourage employees to upskill themselves.

Helen Ng CEO General Storage Company Pte Ltd

AS Singapore continues with its aggressive digital push, the skills gap in the labour market will widen. Current measures to reskill older, retrenched workers are encouraging, but jobs that match their expectations and new skills are hard to come by.

The CFE will likely focus on medium-term measures to help companies retain their mature employees and retrain them in digital economy skills.

The CFE will also likely recommend disrupting the education system such as equipping all students with broadbased problem solving and analytical skills, beyond coding and basic programming, to help them manage the complex transactions of the digital economy.

Michael Jenkins Chief Executive Roffey Park Asia-Pacific

JOBS and skills for the future will have to deal with at least four major demographic and technological trends: Multi-generational - where Gen Y is predominant; Polarised - the "hourglass" labour market of three distinct components (at the top, highly skilled, sought-after talent; the squeezed middle, where traditional white-collar professional jobs disappear due to rapid digital and AI advances; at the bottom, the low-skilled, facing ferocious competition for insecure jobs).

As low-skilled young people compete with older workers, intergenerational tensions will increase. Lastly, deglobalisation: Mr Trump's rise in the US signals the rise of protectionist deglobalisation as a new reality. And this will affect workforce mobility.

Henry Tan Managing Director Nexia TS

I EXPECT the CFE to address the key question of how Singapore can remain relevant in the new economy and new state of play in the world scene. As a small city state, our survival as a nation rests on us being innovative and continually reinventing ourselves.

The recent chain of events in the world shows that what has held true in the past may not always hold true in future. We need to continue to add value and be relevant to the world seeking a safe sanctuary, whether as a safe place of investment, a safe place to work or a safe place to bring up children.

Our workforce needs to be relevant to the world too which is seeking new ideas and tenacity, whether by our being innovative or forward thinking and being able to disrupt the status quo in a relevant way.

Seah Kian Peng CEO NTUC FairPrice

THE committee should give us a plan covering key growth areas and the training and investments needed for these. But we must not take our eyes off our greatest strength - and therefore our greatest source of fragility - politics. Today we are witnessing the rise of a political class that is hungry for change.

All across the world, there are pressures from those who feel they are shortchanged by the large demographic, economic and transnational forces that have dominated our lives the past 20-30 years. These people are not necessarily the poor or the less educated - they are also the anxious, the discontented and yes, the thoughtful and dissatisfied. We need to take these views into account; we need to change the global order and the national processes of pursuing the good life.

Singapore is too small to make a significant impact globally, but we can make national policies that bring all segments of the society together, to resist those forces which are destructive and include those which strengthen us and make us more competitive.

Mark Billington Regional Director ICAEW South-east Asia

SINGAPORE'S greatest resource is its people, and so continued emphasis on development and improvement in skills will be crucial in ensuring competitiveness in the future.

Disruptions to business cycles are expected to continue in the new economy. Professionals will need to remain agile in order to adapt to a fast-evolving workplace. In addition, it is important to ensure that Singaporeans are not only well-equipped with the right skills, but also able to identify future areas of disruption and change.

When the right skills are developed, innovative and effective solutions to issues will follow. This will aid the digital economy, innovation, governance and Singapore as a connected city.

Imad Abou-Haidar Managing Director, Asia-Pacific Misys

THE CFE report will deliver important insights into how Singapore will prepare for the future and compete in an increasingly digitalised and innovative marketplace. It stands to reason then, that these themes should have a strong place in the recommendations.

In today's app economy, as consumer demands and technological disruption give rise to new ways of doing business (for example, Grab or Airbnb), Singapore must keep pace. This means supporting and encouraging the country's businesses and the financial services industry in particular, to harness digitalisation and agile approaches so that they can better serve customers and compete on a global scale.

David Topolewski CEO Qooco

I THINK what's key for the CFE to address will be the high cost structure of Singapore, especially in housing, which puts massive pressure on young people in particular.

The salary levels for young people in Singapore are not that high, but they face a massive cost squeeze. It will be hard to retain people here.

Andrew J Calvert Managing Director, APAC AchieveForum

IN the knowledge economy size doesn't matter, being nimble does. The drivers of nimbleness are technology-enabled but primarily skill-based: Being resilient in the face of constant change; Communicating a compelling vision; Collaboration up-down and across the organisation; Acceptance of (and learning from) failure; Challenging one another; Listening (to employees, customers, competitors) for insights.

Creating an environment - both regulatory and educational - where the above skills can flourish will determine the success of the nation.

Howie Lau President Singapore Computer Society

INCREASING digitalisation of businesses together with the rise of new emerging technologies such as artificial intelligence and Internet of Things will continue to disrupt industries and our labour market.

As our economy transforms, it is crucial to help Singaporeans reinvent themselves in order to stay ahead. A priority for the committee is to address this gap by promoting more comprehensive initiatives such as the TechSkills Accelerator to encourage workers to continually upgrade their skills and be ready to take on new roles in the new world.

Together, we can shape a future that puts people first and to ensure Singaporeans remain at the forefront of a digital world.

Terry O'Connor Group CEO Courts Asia

TO future-proof our economy as all sectors face disruption in varying degrees, policies must enable rather than limit innovation.

The exponential growth of e-commerce necessitates that traditional retailers need to get omnichannel-ready, and that the retail mindset shift beyond mere customer service to providing customer solutions across multiple touchpoints.

Policies must ensure that infrastructure is in place to support this. With the need to level the playing field for brick-and-mortar retailers, one key way is to relook existing land use policies. Land zoning requirements, for instance, must allow flexibility for store formats of the future to emerge, such as dark stores co-functioning as fulfilment centres.

Consumer spending remains a key indicator of economic health, and sustainable policies that prepare the retail sector for future uncertainty and digital disruption will surely benefit the economy as a whole.

Tan Mui Huat President and Chief Executive Officer, Asia International SOS

A QUALITY workforce sets the foundation for a resilient economy. Singapore's SMEs play a pivotal role in laying this foundation, as they make up more than 99 per cent of the country's registered companies, employ 70 per cent of its workforce and contribute nearly half of its GDP.

A push for support of the SME sector is therefore expected to be a dominant theme - how to help them tackle challenges, develop a skilled workforce and venture into new markets amid weak trade outlook.

To remain relevant in today's constantly disruptive landscape, we need to drive innovation and productivity through education, be it learning how to embrace digitalisation, pick up a new skill or have an adaptable mindset.

Eric Lew Executive Director Wong Fong Industries

STRATEGY is about moving in entirety. Moving the pieces on a chess board is tactical. Moving the entire chess board so that it gives you an overall advantage (better conditions for yourself) is strategic.

I would like to see a strategic shift rather than a tactical one.

Rebecca Chiu CEO MyWork Global

TECHNOLOGY has huge potential to bring about positive change in our society by transforming the way skills, knowledge and employment are managed.

The increased use of technology, however, could widen the social divide in Singapore. Business owners might introduce digital technologies to reduce labour costs and drive profits, while workers conversely, face the real danger of losing jobs to technology.

It is more important instead to ensure that the benefits of technology are diffused throughout the economy, that workers are continually engaged and able to create and capture value for themselves.

Singapore has been rated as one of the most talent-competitive nations, and our focus at MyWork Global is to contribute to this growth by giving workers continuous opportunities to explore a wider scope of job experiences, thereby developing and showcasing their abilities, while enjoying a stable income via an easy-to-use platform.

Lim Soon Hock Managing Director PLAN-B ICAG Pte Ltd

I AM more concerned with not enough attention being paid to SMEs.

In fact, I hope the recommendations will be SMEs-centric. As our SMEs employ 80 per cent of our workforce, they have an impact on unemployment, SkillsFuture, productivity, innovation and automation. When our economy is driven by a robust and thriving SMEs sector, many aspects of our Budget - for example, education, homeland security, health care, housing and national development - will be taken care of.

There is one other compelling reason to further develop this sector. We can expect foreign investments to be hollowed out of Singapore in the next few decades, as MNCs will have to be in China to compete with the mega local companies there, to stay viable and grow. Our SMEs will need to fill the void and drive our economy.

It is not just about keeping Singapore competitive. There is also a larger objective of survival, for which our SMEs will have to play a vital role.

Loh Hoon Sun Managing Director Phillip Securities Pte Ltd

BEING competitive is not just ease and low cost of doing business. Market size, consumer demand and availability of products and services are important factors in creating a competitive business environment.

With the US heading for trade protection to safeguard its own industries and employment, at the risk of ignoring the proven economic logic of specialisation and economies of scale, other countries may follow for their own survival.

Smaller countries including Singapore will have to rely less on external trade and develop their own domestic markets at a more competitive level with market size and availability of products and services.

Jessie Xia Managing Director - Singapore ThoughtWorks

BUILDING a skilled workforce for the future will be critical to Singapore's continued growth. As we pave our way towards becoming a Smart Nation, an estimated 53,000 new information and communications technology roles will be created by 2018. An acute talent shortage will not only impede Singapore's transformation towards a digital economy, but also erode the country's international competitiveness.

The Committee on the Future Economy (CFE) has aptly outlined jobs and skills for the future as one of its key areas of focus. As a tech company dedicated to workforce diversity and inclusion in Singapore, ThoughtWorks will continue to focus on building the local talent pool, alongside the CFE and relevant stakeholders.

Chandran Nair Vice-President, APAC National Instruments

EMBRACING and investing in engineering innovation, science and technology are key to developing Singapore into the go-to destination for innovation and entrepreneurship. They are also fundamental to building the future economy which would need a robust connectivity infrastructure to support the use of data for insights following the proliferation of smart connected devices.

But in order to keep Singapore competitive in the years to come, what's really needed is nurturing a talent pool through a hands-on learning approach that encourages creativity and knowledge sharing, as well as scaling up of technology and making research more effective.

Prashant Dadlani Founder blu

TO stay competitive, Singapore needs to develop a pipeline to supply the workforce with the right skills and mindset for the future economy. A large part of Singapore's economy is seeing the automation of physical processes with the prevalence of robotics, drones and Artificial Intelligence complementing manpower, driving the need for re-adaptation of skills.

Yet, herein lies the gap - this theoretical understanding of innovations is not being translated into a practical push for productivity. There is thus a need for more than just re-tooling through programmes such as SkillsFuture - a base-level re-orientation of the workforce's perspective and skills is necessary, with more emphasis on process thinking, systems analysis, strategic innovation and creative problem solving.

Lee Fook Chiew Chief Executive Officer Institute of Singapore Chartered Accountants

THE immediate challenge for the committee is to secure good job opportunities for Singaporeans, amid threats from regional competition and rapid technological changes.

ISCA, the national accountancy body, is studying how professional learning will change amid the digital transformation, to help future-proof the accountancy profession. Key to this is to understand how education and learning should be revamped to develop individuals who are work-ready for tomorrow's economy.

As economic disruption can be especially tough for professionals, managers and executives, who have spent many years acquiring their education and expertise, it is critical that Singaporeans take ownership of their development and growth through lifelong learning so that they remain relevant for the future.

Chia Ngiang Hong President SGBC

IN the rapid swirls of the ever-changing external environment, Singapore needs to rely on its main asset - its people or human capital - as a stalwart and steadfast beacon. Our people need to be nimble to navigate the myriad challenges in the industry, while also staying relevant to remain competitive and adaptable in a dynamic business environment.

To help our people stay on top of their game, the government should encourage the adoption of new skillsets and innovations as well as bolster the adaptability of our people's capabilities and outlook, while also enhancing their connectivity to the global network.

Kevin Chow Chief Executive Officer Thales Singapore

ONE critical issue straddling all five CFE themes is Safety and Security. Safety and Security are essential building blocks for any economy and should be addressed at three levels: physical, cyber and protection of intellectual property.

Singapore has done well in this regard but with the technology landscape evolving rapidly, we are faced with more advanced physical and cyber threats. Singapore should continue to invest in these areas to stay ahead.

Besides being enablers of the economy, Safety and Security can also be a key industry vertical for Singapore by creating high-end, meaningful jobs. Singapore can innovate and create the new wave of safety and security products and services for local, regional and global markets.

James Tay Chief Executive Officer Logicalis Asia

DIGITAL transformation is pertinent to Singapore and the region around us. Singapore stands at the forefront of this shift with strong support from the government. Thus, I expect the CFE will address the need for digital transformation for all businesses, large or small.

Businesses need to create new customer experiences, make faster and better decisions through smarter collaboration, and create new digital business models and revenue streams, in a secure manner.

Digital innovation is accelerating. And Singapore companies cannot stand still. Ultimately a digital strategy must be rooted in strategic business objectives and customer impact.

Edwin Khew Teck Fook President The Institution of Engineers, Singapore

AN issue critical to the development of the future economy and common to all five CFE themes is the skilling of workers. Whether it is building a leading global, connected city; or enabling the Smart Nation drive and the Future of Manufacturing masterplan, the future economy needs future workers, especially highly-skilled engineers and technicians as it will be a heavily technology-reliant economy.

Although skills training has been an ongoing area of focus for the government, its significance warrants continuous strategising and re-strategising particularly in our institutes of higher learning. We hope the CFE can look at sharpening engineers' and technicians' relevance and enabling them to overcome constraints to develop new economic opportunities.

Axel Pannes Managing Director BMW Group Asia

ACCORDING to the Global Innovation Index of 2016, Singapore is one of the top 10 most innovative economies in the world. In order to maintain this position and stay competitive, infrastructure is one key issue that needs to be addressed.

From an automotive industry perspective, both public and private organisations need to invest in a scaleable smart infrastructure that will support emerging innovations such as intelligent traffic management systems, shared vehicles, electric and plug-in hybrid vehicles, and eventually, autonomous vehicles. This also will result in the need for advanced skills in the areas of software development, analytics, and engineering.

Dolly Goh CEO Singapore National Co-operative Federation (SNCF)

TO gear Singapore up for the future, the long-term outlook requires a vibrant and resilient economy built on its people. Singaporeans will need to work together to build not only a strong economy for the future but an endearing home for all.

To accomplish this, "softer" areas of growth need to be looked at. For example, increasing self-reliance and cooperation, which are important cooperative values. By taking care of each other and the community, it will create an inclusive environment and equal opportunities for all.

More importantly, it positions us better in a future replete with new challenges and opportunities.

Daniel Ng Senior Director of APAC Cloudera

THERE has been much talk about Singapore's Smart Nation initiative and our evolution as a more connected society. Now, it is imperative that the CFE and the community at large address the shortage of skills, especially within the ICT space.

As the city becomes increasingly connected and industries more digitised, the talent shortage in Singapore is becoming more apparent. The onus is on the public and private sectors as well as academic institutions to create a well-oiled engine for these skills to be developed and leveraged as we strive for success in the future economy.

With people as our only natural resource, the right skills will serve as a catalyst for greater innovation and growth.

Deborah Heng Country Manager MasterCard Singapore

THE key driver for growth in Singapore's future economy is innovation, specifically the introduction of disruptive technologies in the digital payment space. This will encourage companies, particularly SMEs, to leverage new technology to drive cashless transactions and boost operational efficiencies.

SMEs make up 99 per cent of enterprises in Singapore, therefore the adoption of digital innovation among SMEs will undoubtedly have a major impact on productivity.

Innovation in payment solutions can be further fuelled by encouraging collaboration between large financial institutions and fintech startups, creating a robust ecosystem of payment solutions that helps propel SMEs towards the digital age, bringing Singapore closer to its vision of being a Smart Nation.

Allan Robertson Senior Vice-President, Asia-Pacific Intralinks

THE need to embrace digital disruption is crucial to Singapore's future growth.

New technology adoption is the linchpin to create the competitive advantage for Singapore to win in the global market. Given the current uncertain economic and political climate, businesses need to adapt and be agile to stay ahead of their game, while the government can support business growth by strengthening international trade ties and agreements.

At Intralinks, we see our contribution as ensuring that businesses are equipped with the right digital tools for greater creativity, agility and security to close deals and get business done amid emerging challenges.

Thomas Holenia President Henkel Singapore

WITH Singapore being a global centre of excellence for Henkel and many companies, having the right talent - a mix of international experience, a global mindset and strong leadership skills - is critical to understanding and being responsive to our markets, customers and consumers.

We foresee more initiatives on leadership development, workplace inclusiveness and empowering employees to innovate, seize opportunities and drive change. This would support our aim to create a more agile organisation based on a culture of leadership and leverage Diversity & Inclusion as an asset in creating sustainable value for our stakeholders and the communities in which we operate.

Rosalynn Tay CEO Dentsu Aegis Network Singapore and Dentsu Singapore

A COMPREHENSIVE understanding of the digital economy has to be at the heart of Singapore's strategy. Digital disruptions, convergence and transformations are taking place every second, and we need to refocus our strategies to keep pace.

At Dentsu Aegis Network, our agenda of becoming 100 per cent digital by 2020 is supported by having and reskilling our people, which is the key to thriving in the digital economy.

To remain competitive, Singapore needs to be powered by agile, innovative thinkers with flexible mindsets (and yet determined attitudes) who can grasp the nuances of the digital landscape while remaining undaunted in the face of failure.

Zaheer K Merchant Regional Director (Singapore & Europe) QI Group of Companies

PERHAPS the single most important issue out of the five key areas canvassed by the committee is Singapore's transformation into a digital economy. Digitisation creates value for an entire society - for businesses, it can expand markets both domestically and globally, with the net effect of increasing sales potential.

Digitisation also means an overall increase in productivity when corporate processes - including from the digitised supply chain right down to digitised distribution systems, banking and innovative payment systems - are streamlined for convenience and efficiency.

For the government, electronic initiatives such as the collection of taxes, data management, combating fraud and misuse of public services undoubtedly cut down administrative red tape as much as improve processes. In a digitised economy, everyone benefits when quality goods and services are being offered at the lowest price, spurring businesses to be more competitive to improve their offerings, and consequently their competitiveness. Hopefully this will ensure that our economy is as vibrant as ever.

Robin C Lee Group COO Bok Seng Group

AS a tiny country with scarce natural resources, we need to continually enhance our global trade power and connectivity to ensure our economic survival. This can be achieved by enticing ever more value investments onto our shores.

To become a lucrative destination for such investments, we need to be ultra-productive and effective in order to mitigate our extremely high manpower and operating costs. This can only be done by relentlessly pursuing new business models, innovations and automations while upgrading our local workforce to equip all with the relevant skillsets that businesses so highly covet.

Support to establish more Singaporean companies beyond our shores will also be crucial for our future economy. Therefore, it is not one single issue to be addressed, but a whole connected cycle that the CFE can and needs to actualise.

Bill Taylor-Mountford Vice-President for Asia-Pacific and Japan LogRhythm

SINGAPORE'S competitiveness has largely been tied to its stability and security. Cyberattacks in the past year, such as the DDoS attack on StarHub, have shown that these threats can have very real implications for a nation, and could well jeopardise Singapore's position as a stable and safe place to do business.

While Singapore has made great strides in developing the cybersecurity sector, the main challenge will not be just on the tools but the automation of those tools and also the people using the tools. It is important that we place as much emphasis and provide opportunities to train the next generation of local cybersecurity experts.

Martin Hayes President Robert Bosch South-east Asia

FOR Bosch, we hope the committee will prioritise innovation as the way forward. To thrive and succeed in today's VUCA environment, Singapore must continue innovating new products and business models that achieve commercial viability - in Singapore and the rest of the world. We must also increase technological adoption to stay ahead when the rest of the region is fast catching up.

Manufacturers must reap the efficiency and productivity gains that Industry 4.0 technologies deliver for manufacturing to endure as a key pillar of Singapore's economy. Bosch is making its manufacturing connected, with over 100 projects within our plants worldwide already successfully running.

Matthew Johnston Area Vice-President, Asean & Korea Commvault APAC

AS Singapore strives to achieve its 2025 vision of a Smart Nation, embracing an information-driven economy is key to its success. Businesses now need to interpret volumes of information to derive data-driven insights that maximise revenue opportunities and business growth.

Data is no longer seen as a "challenge" that occupies storage space but a "strategic asset" for critical business decisions and investment. While businesses continue to tread the path of increasing digitisation, implementing an effective data management strategy to unlock greater value is a business imperative in a world of constant innovation and emerging risks.

Ronald Lee Managing Director PrimeStaff

PEOPLE are at the heart of every economy, as their skills and talent are the driving force behind economic competitiveness, especially in an era of political and economic uncertainty.

Therefore, the most important issue that I expect the CFE to address would be enhancing skills for greater mobility and future employability.

A further refinement of SkillsFuture may be critical to ensure relevance as well as greater effectiveness in meeting changing economic needs; accelerate usage and emphasise urgency; help change the general perception and mindset of the people in order to achieve the overarching goal of driving Singapore's economy forward.

Martin Mackay President and General Manager for Asia-Pacific & Japan CA Technologies

SUCCESS in the digital economy requires companies to be "built to change" - to be more agile by sensing, innovating and adapting quickly to changing market environments.

Every industry will increasingly be represented, engaged and judged through technology - in particular applications. It will be crucial for companies to have software as the central enabler of their business, which will help them drive continuous improvement in customer experiences.

In today's application economy, it is important to foster this new mindset, which is critical to future proofing companies, accelerating growth and removing barriers that come between ideas and outcomes.

Toby Koh Group Managing Director Ademco Security Group

SINGAPORE'S future depends on the generation that is in school right now and the correct framework is vital to ensure that Singapore nurtures world class talent.

I would like to see "Real World" classes and experiences being conducted at secondary school levels and beyond, where our young minds are exposed to the changing economy, design, innovation and business processes. This will inspire our young to think and imagine, and stir their interest in the various fields of study. They must be shown how simple ideas blossomed into Facebook, Uber, AirBnB.

The future of Singapore is innovation and we must start young. The committee needs to put deep thought into the strategy for our young.

KC Ong Senior VP, EMS Operations Jabil

TECHNOLOGY, connectivity and intelligence are fuelling constant disruption, redefining the way people live, learn, work and interact.

As we transition into the digital economy, companies will fall into one of two categories - the disruptors or the disrupted.

To stay in the game, businesses will have to rethink their traditional approaches and strategies, devise new ways to solve problems, or even adopt new leadership styles.

At its core, it is human ingenuity that will spot opportunities in this storm of disruption, transform business models and create new revenue streams.

Developing our human resource to ensure continued relevance of skills and the ability to make sense of complex data, and fostering an environment of innovation, entrepreneurship and risk-taking across schools, businesses and government, will be key.

Yang Wenhui General Manager UnionPay International South-east Asia

FROM a global payment brand's perspective, we look forward to seeing new initiatives being introduced to drive innovation, value creation and experimentation in the fintech space.

In 2016, we saw the fintech sector burgeoning in Singapore and this underscored the growth potential for the industry in Asia, as well as the appetite of consumers and firms to reap greater returns from adopting more efficient, cost-effective and secure ways for payment.

We also look forward to forging mutually beneficial partnerships with fintech innovators to collectively create solutions that can capture the potential of the local market and beyond, to drive the continued growth of the sector in the years to come.

Stephen Wang Director, Asia-Pacific Talent Plus Inc

AS we look into the crystal ball of the new year, it is natural to feel uncertain about the changing global, economic and political landscape. Yet, the importance of attracting and retaining the right talents will remain a constant.

Workforce quality and the ability to excel under complex circumstances are paramount to the continuing success of Singapore's economy.

We hope that with the implementation of the CFE, more focus will be placed on introducing frameworks and policies to hone the innate skills and talents of the Singapore workforce. As practitioners, we believe that these strategies will prepare the workforce with the necessary skills for 2017 and beyond.

Liam Wee Sin Deputy Group CEO UOL Group

AS a developer, we envision Singapore as a Future City that will go beyond the concept of "City in a Garden" and "Smart City".

To remain competitive, we have to address the changing live-work-play environment and the impact of climate change. Our built environment needs to be nimble to adapt to new business models and evolving space usage. We must also encourage more private-sector-led initiatives and promote ground-up activities from the people.

In the long run, a vibrant city has to create value and build its own unique identity. It has to thrive on innovation and inspire creativity.

Tripti Lochan CEO VML in South-east Asia & India

WHILE Singapore works hard to create a strong perception of being digitally advanced in order to remain an attractive location to investors and business abroad, perception alone is not a sustainable solution for any economy.

Keeping this in mind, amid the rapid digitalisation of industries bringing about new jobs and opportunities, we should not be investing in digital capabilities and technologies for technology's sake alone.

As a densely populated country with a highly tech-savvy population, Singapore boasts a strong advantage, but this can be taken to the next level by utilising digital solutions to meet real consumer and citizen needs.

Anton Ravindran CEO & Founder Rapidstart

THE digital economy driven by technology has naturally led to disruptions. Old models will not bring strategic value to enterprises and to the economy.

In order for big and small enterprises to succeed, they need to develop new products and services as well as enter new markets; they also need to build up business know-how for the new economy and most importantly, acquire new skills.

To create new jobs in the data-driven digital economy, investment in three key areas are important: in data, in digital infrastructure and in ICT skills. Other skills required include entrepreneurship. There should be favourable conditions - supported by policies and legislation - to spur the development of new goods and services enabled by digital technology. This will in turn promote skills and sustainable growth amid the new economic realities in today's digital economy.

David Leong Managing Director PeopleWorldwide Consulting Pte Ltd

THE main fulcrum of the Committee of the Future Economy rests on the speed of digitalising the Singapore economy. It needs to lift the technology-quotient of every one in Singapore from hawkers and retailers to bankers. Digital marketplaces are open and porous and are not restricted to the shorelines but can cater to the larger markets including Asean with 620 million consumers.

Consumer behaviour, interactions of enterprises and businesses, and transactional behaviours will change with digitalisation. With online marketplaces to last mile delivery and logistics to paying with cashless e-wallets and payments on fintech solutions, consuming and transaction patterns shift. This shift re-orders the whole of businesses because people will conduct their lives around and along the new patterns.

If Singapore's economy can rest on the digital foundation and be positioned as a connected city to the rest of the world, our market size will expand exponentially.

The future of Singapore will leapfrog on a digital springboard.

READ MORE: Total rethink needed for S'pore economy to stay relevant: business leaders