Transforming Singapore enterprises

BUSINESSES today are facing more pressure than ever. This is especially so for enterprises, which may have access to fewer resources compared to larger firms. These firms face relentless challenges in remaining competitive and profitable in a dynamic and uncertain future economy.

Singapore firms are the lifeblood of our economy, especially small-and-medium enterprises (SMEs) which employ almost three-quarters (72 per cent) of the workforce and contribute nearly half (47 per cent) in nominal value to the economy.

Our local enterprises are well aware of the three key challenges of technological disruption, economic nationalisation and natural adversities, in the backdrop of an increasingly multipolar world. Despite knowing and understanding these challenges, many find it difficult to envision the steps towards transforming their businesses in order to adapt and succeed on their own. Some lack the knowhow to develop and implement a transformation strategy, while others may not even know how and where to begin.