New schemes to help SMEs speed up digitalisation and create new revenue streams

SMALL and medium-sized enterprises (SMEs) can expect three new initiatives this year to help them quicken the development of their digital capabilities and create new revenue streams through digitalisation.

Minister for Communications and Information S. Iswaran, speaking during his ministry's Committee of Supply debate on Tuesday, said that this is to build on the progress of firms that have pivoted towards hybrid online-offline business models as a result of the Covid-19 pandemic, and to scale efforts so that more firms can benefit.

Last year, years worth of digital transition happened in a matter of months, he noted. For instance, over 35,000 enterprises are now registered for e-invoicing, up from 1,000 enterprises a year ago.

The first of the three initiatives is a scheme to help SMEs devise a digitalisation plan - the chief technology officer-as-a-Service or CTO-as-a-Service initiative.

This is aimed at helping firms identify and adopt digital tools based on their needs. It will offer a web application, which firms can use to assess their digital maturity and needs. They will also be able to view recommended solutions, including grant support, and make comparisons.

Firms will also be able to get more in-depth advice on data analytics, cyber security, and artificial intelligence. SME users will be able to access a shared pool of digital consultants with expertise in these areas.

A NEWSLETTER FOR YOU

Friday, 8.30 am

SGSME

Get updates on Singapore's SME community, along with profiles, news and tips.

Sign Up

The second initiative, a Digital Leaders Programme to be launched in April, is a two-year pilot programme under which firms will work on developing new digital capabilities, particularly for the purpose of developing new business models.

Under the pilot, companies can receive funding of up to 70 per cent of qualifying costs. They may use these funds to hire a core digital team, engage consultants or develop proof-of-concepts for new digital products or services.

The programme will start with up to 80 companies, beginning with those more advanced in their digital journeys, with management teams that are committed to driving digital transformation.

The third initiative is the Better Data Driven Business (BDDB) programme, which will offer free tools and resources aimed at helping businesses use data more effectively and responsibly.

For example, the programme will provide a free business-intelligence tool that can convert raw data into visual dashboards. It will also offer guidance on more advanced data uses, such as for research and development and innovation, through resources such as case studies and videos.

The resources to help SMEs start using data will be made available in the second half of this year, while those on more advanced uses will be available later.