Getting smarter in a data rich future

SINGAPORE has always prided itself on being an adaptive and nimble economy - enough to keep up with the ever-shifting global sphere. With digitisation now one of the main drivers for economic and social advancement, there has been a call to action by the government for Singaporeans to acquire and develop new skills, especially those that build on the country's Smart Nation vision.

As one of the four Asian Tigers, Singapore has also been recognised for its highly educated and productive workforce. However, with technology becoming more pervasive and with competition from developing nations, Singapore can ill afford to rest on its laurels. Instead, we need to constantly innovate and discover new, disruptive business models and develop the workforce to stay ahead of the curve.

This has been reiterated by the Committee on the Future Economy (CFE), which has highlighted seven strategies for Singapore to successfully grow. Among these recommendations, it is noted that data analytics will continue to become an important source of comparative advantage and the skills required to maximise its use will prove increasingly beneficial for every individual, business, and industry out there. But why is it so important for both Singapore and the average Singaporean? And what do we need to get there?