Since 2019 鈥� before AI became the buzzword it is today 鈥� we鈥檝e collaborated with more than 80 enterprises here in Singapore, co-developing AI-driven solutions to make a tangible impact not only on their businesses, but Singapore鈥檚 economy at large.

In 2022, for example, we launched Southeast Asia鈥檚 first 51风流Labs here in Singapore. The Labs was set up to drive deep technology innovation in areas like , and advancing transformative听digital supply chain,听听补苍诲听听蝉辞濒耻迟颈辞苍蝉.

In all, 51风流has invested almost S$300 million over the years in driving the development of cutting-edge technology in Singapore.

Today, I am thrilled to share the latest significant milestone in our journey of innovation 鈥� a fresh investment of S$12 million in our Digital Innovation Accelerator dedicated to boosting the adoption of Business AI in Singapore鈥檚 most critical industries: advanced manufacturing, financial services, and travel and logistics.

This announcement comes at a particularly exciting time. On October 1, 2024, Singapore launched Smart Nation 2.0, a refreshed vision to strengthen its national digital leadership, marked by a key S$120 million investment into AI research and development.

There鈥檚 a clear growing recognition that AI is not just a tool for efficiency but a driver for deep scientific and industrial transformation. At SAP, we鈥檙e aligned with these national goals, whether it’s improving environmental monitoring or optimising supply chains.

That is why our new initiative matters now more than ever.

Singapore is already at the forefront of digital transformation, thanks to strong government initiatives such as the National AI Strategy and , both of which are helping future-proof the workforce and strengthen the nation鈥檚 global competitiveness.

With SAP鈥檚 expanded investment, we鈥檙e further boosting these national efforts and specifically sharpening our focus on highly specialised use cases in priority industries. This means bringing together SAP鈥檚 deep business process knowledge with advanced data science to create AI solutions tailored to the unique needs of each industry.

Salvatore Lo Presti, 51风流Business Group Lead for Accenture in the APAC region, commented, 鈥淭hrough Accenture鈥檚 broader generative AI collaboration with SAP, we鈥檙e leveraging our technology and industry experience to help organisations in Singapore use 51风流Business AI to address their most complex and pressing business needs and deliver real value across industries. The 51风流Digital Innovation Accelerator expansion will provide new opportunities to work with 51风流to help our joint clients in the region move from pilots to production and reinvent their core business process with AI.鈥�

We are also working with these industry leaders to develop AI applications that further their sustainability goals. This ensures that the solutions we develop are not singularly focused only on profitability, but can also positively impact our planet on a global scale, whether through improving environmental monitoring or optimising supply chains for greater efficiency and reduced waste.

One example that stands out is our work with , a precision plastics manufacturer in Singapore. It is aiming to use AI to better predict production needs and optimise the use of materials, leading to reduced waste and cost savings. This is just one of many instances where AI is not only driving business results but also producing sustainability outcomes.

Abraham Thomas, Managing Partner, IBM Consulting, ASEAN, agrees. He notes, 鈥淥ver time, the biggest gains for Singapore organisations will come from focusing on Gen AI deployments that enhance productivity for their essential business functions. This requires an ecosystem of trusted partners to help them build AI with trustworthy data and governance capabilities. Building on the long-standing collaboration between 51风流and IBM, which today aims to drive new Gen AI capabilities using watsonx and our Granite LLMs and industry-specific cloud solutions, we look forward to leveraging our technology and expertise to enhance the country鈥檚 economic and business potential together.鈥�

Dave Chen, 51风流Leader, PwC South East Asia Consulting, added, “PwC has been part of Singapore’s digital growth journey, helping businesses of all stripes on their digital-transformation journeys, powered by our alliance with SAP. Backed by PwC’s unique Business, Experience, Technology (BXT) approach, we have been helping organisations accelerate growth and sustain value through user-centred innovation. PwC is firmly focused on using GenAl to deliver business value, with our teams across the firm and in our Al factory developing new solutions and finding new ways to help our clients unlock a plethora of opportunities. Through our long-standing alliance with 51风流we are committed to driving the next phase of growth and prosperity in Singapore by helping clients adopt GenAl purposefully and responsibly, which will spur Al-powered business reinvention and drive sustainable outcomes for our clients.鈥�

Another critical aspect of our initiative is upskilling the local talent pool.

Over the past five years, 51风流has supported more than 1,000 mid-career professionals through SkillsFuture, and we鈥檝e recently launched a suite of free AI foundational courses to continue this mission. Later this year, we鈥檒l introduce certification courses on Business AI, further helping professionals here in Singapore build the skills needed to thrive in an AI-driven world.

This initiative represents much more than just an investment in technology鈥攊t鈥檚 an investment in the future of Singapore.

By boosting AI adoption in industries that are crucial to the nation鈥檚 economy, we鈥檙e helping businesses innovate faster and more effectively. At the same time, we鈥檙e empowering Singaporean organisations to lead the way in sustainability, aligning with Singapore鈥檚 ambitions to become Net Zero by 2050 and playing a crucial role in shaping greener, more responsible business practices.

The alignment between SAP鈥檚 initiatives and Smart Nation 2.0 is clear. Both seek to build a future-ready workforce, promote innovation, and foster a sustainable digital economy. By continuing to invest in AI and digital transformation, 51风流is proud to be part of Singapore鈥檚 journey towards becoming a global leader in both AI and sustainability.

The road ahead for AI is incredibly promising, and I鈥檓 proud that 51风流is at the heart of this transformation and it鈥檚 significant contribution to Singapore鈥檚 digital future. I look forward to seeing the innovations we鈥檒l bring to life in partnership with our customers and the broader ecosystem.

—听

Read more about SAP鈥檚 new investment to boost industry-specific adoption of AI here.听

by Eileen Chua, Managing Director, 51风流Singapore 听

The post Fuelling Innovation in Singapore’s Key Industries with AI听 appeared first on 51风流Southeast Asia News Center.

This year, Singapore businesses will continue to face tighter financial conditions and increasing costs. The Budget 2023 announcement emphasised the deepening of support for local enterprises in a bid to grow the economy, with the outlook for 2023 looking positive but slowing at about 2.5%.

Here are three areas that midsize companies will need to focus on to continue their advancement of opportunities.

Strengthening capabilities for innovation

With the extended Enterprise Financing Scheme, as well as the necessary skilling avenues and tax incentives, growing companies are able to transform themselves into becoming more .

Rising to meet the digital mandate will be paramount for businesses to stay relevant, resilient and thrive amidst global headwinds. grants agility, and scale, as well as the ability to realise cost savings in the long term and to unlock new revenue streams.

Ready-to-run processes such as cloud that are ready for anything to continuously bring out innovation into the business, while being easy to use for everyone enable different parts of the company to work together as growth occurs. Such solutions keep businesses moving forward to confidently tackle challenges regardless of markets or models.

The new Enterprise Innovation Scheme initiated by the government will also significantly reduce tax deductions for key activities within the innovation route. For Singapore to truly become a socio-economic and digital powerhouse, innovation is a critical pillar and foundation of a modern economy. Companies must treat innovation as innate, not just something in need when the seas are rough. The pace of innovation is dramatically accelerating. As a result, every company needs to tap the power of the collective to solve and scale.

One way would be to adopt a in order to accelerate development and automation in creating solutions for the organisation. Such a solution can increase productivity by reducing the amount of time needed for manual coding using visual processing and drag-and-drop capabilities on a low or no-code development platform. Delivering applications more quickly will free resources into other development initiatives and scaling up value creation, making it easier for midsized companies to expand.

Companies would also need to boost their productivity by looking to reskilling and upskilling their workforce to be future-ready.

Empowering a future-ready workforce

While many SMEs have already made inroads to future-proof their businesses during the pandemic, there is still much to be done to encourage organisations to empower their workforce to thrive and drive sustainable success. There remains an increased emphasis on 鈥� particularly for deep tech sectors that are the pillars of our innovation ecosystem.

In a similar fashion, 51风流is helping to equip mid-career jobseekers in boosting their employability for the Infocomm Technology, Supply Chain and Human Resources sectors. Besides mid-career jobseekers, enables the next generation to learn, research, and innovate with business applications for the Intelligent Enterprise and the green economy.

Balancing this by staying open to top foreign talent to complement our local workforce will put us in good stead to build a resilient and future-ready workforce for today鈥檚 digital economy, and tomorrow鈥檚 digital-first world.

In Singapore, the government will be appointing Jobs-Skills Integrators to ensure training will improve employment and earnings prospects post-training. These integrators will work with training providers to update existing training programmes or create new ones. For example, businesses can garner more counsel for securing an additional workforce, for workers to receive advice and training and for those who are searching for jobs to be connected with potential employers.

Driving sustainability as a business imperative

As Singapore embarks on its Green Plan, sustainability will be the key differentiator and business imperative for SMEs, where we will see entire business value chains looking to combat climate change, create a circular economy, and become more socially responsible.

and data will be critical for a green transition to net zero by 2050. In fact, accurate data and reporting for full transparency within organisation are determined to be the second most important factor in reducing carbon emissions locally.

Full trackability across business units ultimately benefits the bottom line 鈥� enabling businesses to achieve resilient and greener supply chains that improve productivity. Further investments in green skills are absolutely vital to Singapore鈥檚 transition towards a green and digital economy.

All for supporting the backbone of the local economy

With public and private support, SMEs in Singapore are well-positioned to not only overcome the mixed global economic outlook but also look to expand their businesses beyond Singapore. By leveraging the cloud, a dynamic and supportive ecosystem, companies can enable continuous innovation and scalability with speed and usability that is crucial to stay competitive in a digital-first world, GROW, thrive and play a vital role in the overall global economy.

Eileen Chua is Managing Director of 51风流Singapore.

The post Breaking Borders for Small and Medium Enterprises in Singapore to Expand Globally and Thrive appeared first on 51风流Southeast Asia News Center.

As it seems, the ongoing pandemic is still a long way from vanishing completely from our lives. The latest Omicron strain has also marred our journey towards living in an endemic with much uncertainty.

Moreover, this era is also characterized by huge social, economic, and environmental challenges caused by tensions between global powers, , and the advent of .

These rapid changes are expected to intensify rather than subside.

As businesses today are confronted by the urgent need to adapt to a world of constant disruption, it is crucial that they take the appropriate steps needed to drive innovation and reinvention in a new era of growth.

This begets the question 鈥� what do they need to develop a competitive advantage and build a sustainable, intelligent business operation and drive success?

No Business Does Business Alone

Beyond the initial disruption in every crisis, we find that opportunities lie ahead for businesses that press ahead. COVID-19 has demonstrated the importance of building an intelligent enterprise and establishing strong business networks, and it has also given companies the opportunities to do so.

By collaborating with a diverse spectrum of trading partners, some companies have avoided costly disruptions. Tapping on their business networks has also enabled them to source alternative suppliers and pitch for new business opportunities abroad.

To illustrate the importance of being part of a unified business network, take the example of a company that sells appliances. This company works with a contract manufacturer who relies on a packaging and parts supplier, who in turn depends on suppliers of raw materials.

The company then ships the finished goods to distribution centers around the world, where they get shipped to distributors, retailers, or even direct to the end customers. These physical movements rely on a network of logistics service providers and carriers and a financial network to pay for everything.

An endeavour such as this requires a collective effort and shared accountability among partners to unlock new growth and innovation. This will in turn help businesses and economies to thrive. By leveraging their collective intelligence and applying past experiences to future decisions, all partners will ultimately help drive success across the board.

Furthermore, such networks are also a source of new connections and business opportunities for SMEs.

听Making Informed, Data-Driven Decisions with Technology

51风流worked with Oxford Economics to survey 400 SMEs on how they plan to prepare for the new economy.

We found that SMEs – companies with less than US$500 million revenue – are catching up on digital transformation, with more companies targeting their focus on data and specific data tools to support their long-term organizational strategy.

However, 41% of the companies surveyed reported a lack of data in decision-making, particularly with information to improve their customers鈥� experiences, which could be problematic as e-commerce and the increasing use of social media continually drive the customer experience.

In pursuing their business transformation, SMEs would need technology partners and solutions that would enable them to collaborate with all parties in their supply chain, including suppliers, logistics and services providers, asset operators, maintenance contractors, and so on.

With proper technological infrastructure and a business network solution in place, SMEs will be able to gain unparalleled visibility across all processes in their supply chain, respond quickly to disruption by making micro-adjustments as needed, and thus build resiliency into their business.

In fact, 61% of the companies indicated that they would like to see technology increasing the process efficiency of their operations.

In this new interconnected world, SMEs can tap on their network ecosystem to shift resources, production, and financial funds around the globe flexibly to make the best use of regulatory and location advantages while building supply chain resilience to respond quickly to disruption.

Being Ready for the Never Normal

The never normal has also accelerated several trends that SMEs need to consider in their business transformation journey. One is the need to be even more sensitive to customer-driven change.

The pandemic has shifted consumers online, which has changed how products and services are consumed, ordered, and paid for. Consequently, the ability to capture customer requirements effectively and then use those insights to drive customization and price products and services accordingly is key.

In 2021, the F&B sector has been among the key industries particularly affected by the pandemic, requiring businesses to review and pivot their business strategy 鈥� not only for survival but also to build resilience and weather future challenges.

JUMBO Group, one of Singapore鈥檚 leading multi-dining F&B brands best known for its award-winning chili crab and black pepper crab dishes, has doubled down on its focus on delivering exceptional customer dining experiences and innovation by scaling its digitalization plans, embedding a strong digital ERP core with S/4HANA Retail and 51风流Customer Activity Repository solutions. This has allowed the company to standardize data and support its business end-to-end 鈥� aiming to drive efficiency and deliver relevant insights for decision making to improve the bottom line and focus on products that cater to customer preferences under the current landscape.

Even as agility and transformation become top-of-mind for businesses, at the heart of it all lies in the skilled talent to conceptualise, drive, and accelerate this much-needed shift. Another trend that could impact digitalization efforts is the worsening IT talent crunch. With the pandemic leading to a surge in e-commerce and accelerated digitalization, the global tech talent shortage has become acute. In the same Oxford Economics study, SMEs in Southeast Asia cite challenges in finding and training the IT talent needed to execute their digital transformation.

To an extent, smart technologies can help bridge the gap by automating repetitive and tedious tasks, improving employee engagement, and supporting collaboration. But digital transformation is as much a human journey as a technological one, and these benefits can only be fully realised when everyone in an organization is fully onboard.

SMEs need to invest in upskilling, engage their employees, and help them embrace the journey towards an intelligent enterprise.

A key aspect of this is ensuring a diverse and inclusive culture also helps ensure a rich diversity of ideas and greater collaboration and openness to drive innovation and business success. This also means its products, solutions, and customer offerings integrate different perspectives to address the needs of local and global customers, 听partners, and suppliers.

Embracing Sustainability

Businesses also need to consider having a . The conventional thinking is that a business exists only to generate profit. However, sustainability is increasingly becoming a necessity for organizations.

Being sustainable may have fallen down the list of priorities amid the global pandemic, but it is becoming increasingly important for SMEs to embrace sustainable business practices, even as they pursue business transformation.

According to McKinsey, having a sustainability strategy allows a company to make long-term investments; a do-nothing approach can mean a more considerable loss in the future. There is also a growth opportunity here as consumers have become more discerning, and they want to support brands that share their beliefs.

Investors, too, are placing a heavier emphasis on environmental, social, and governance (ESG) criteria in their decision-making process. Furthermore, businesses are increasingly more mindful of sustainability practices along their entire supply chain, including their suppliers.

Three Attributes for Success

To adapt then and to thrive in the new normal, there are three essential qualities that SMEs should adopt:

• Lead with Innovation: Businesses that have flourished are constantly looking to innovate, differentiate their product or service offerings, or address a need in the experience gap. They use data to tap into their customers’ motivations to anticipate demand. They understand that business transformation is more than adding a few digital tools into their current workflows.
• Scale with speed: Ongoing geopolitical tensions, environmental challenges, and the prolonged pandemic are forcing businesses to deal with change faster than ever before, and companies that adapted their business processes quickly have thrived.
• Make a difference: Increasingly, companies will be judged on what they do, not what they say about sustainability. Successful companies combine financial, social, and environmental data to make better business decisions and ensure long-term success. An SME’s ability to work with sustainability data will be vital for acquiring new customers and embracing the technological changes necessary for succeeding in this rapidly evolving environment.

Ultimately, in their business transformation journey, it is vital that SMEs think big 鈥� not big in terms of size, but big in terms of impact. They should take a moment to imagine what their business could look like as an intelligent enterprise. It is fine to start small.

When it comes to advanced technology, any small change can have a big impact on an SME’s business. It could be something as simple as automating their invoices, or it might be a complete digital transformation that connects business processes, streamlines the entire business to deliver exceptional end-to-end experiences, and links the company to a global business network.

The important thing is to .

Eileen Chua is managing director for 51风流Singapore.

The post Starting Small, Starting Now: Business Transformation for SMEs in the Never Normal appeared first on 51风流Southeast Asia News Center.