As technology continues to disrupt the economy, businesses, no matter big or small, must embrace such disruption and be ready to move into the Fourth Industrial Revolution, or the digital economy. Technological disruption is carried out at an exponential pace, creating a new business environment, which even the early adopters struggle to comprehend or to forecast its changes.
Singapore's robust and advanced business infrastructure have positioned its small and medium-sized enterprises (SMEs) well to make their move into the Fourth Industrial Revolution. There are 3 ways which SMEs can capitalise on technology for business growth:
The meteoric rise of digital marketing has brought SMEs an affordable marketing tool. With Facebook and Google Ads, advertising for SMEs is no longer a hefty expenditure. SMEs can now tailor advertising campaigns according to their finances. Compared to the traditional 'spray-and-pray' outbound marketing, digital marketing now establishes a customer-centric communication which enables SMEs to spend their advertising dollars more effectively to achieve specific marketing and sales objectives.
- Automate business processes
Technology has now significantly minimised or even eliminated issues that impact work efficiency. The results are higher quality, lesser strain on resources and timeliness. The Singapore School Transport Association (SSTA) is a good example. With the help of U SME, SSTA had successfully adopted the School Bus Management System, which digitises traditionally labour-intensive operations such as attendance taking and route planning.
Manpower has always been a key challenge which SMEs find hard to tackle. With labour-intensive business processes now automated, manpower crunch is eased. SME employees can now focus on business activities that create more value, in turn developing new skill sets and knowledge. In the case of SSTA, labour-intensive operations are now digitised, enabling SSTA's members to manage their manpower more effectively in times of unforeseen circumstances.
SSTA, representing 80% of local school transport operators, adopted SBMS with the assistance of U SME as a LED scheme multiplier. For more information on the LED Scheme and other business transformation schemes, please contact U SME at firstname.lastname@example.org.