Technology and digitization are two different concepts which were identified and realized early by Singapore. Small and medium enterprises also known as SMEs were the focus areas for digitalization under the umbrella SME go Digital. To know the various schemes provided the government of Singapore, you must know what grant is. Never compare a grant to a loan. A grant is something awarded to an institution or businesses which need not be paid back. Then again to get a loan, the must fulfill some predefined guidelines.
A program known as SME go digital was inaugurated recently in Singapore for announcing various grants to help out SMEs in Singapore. Here are some of the grants provided by the Singapore government to help out SMEs based in Singapore.
ICV or Innovation and Capability Voucher: The grant allows a sum of $5000 for SMEs to help them develop their business capabilities and productivity.
PIC or Productivity and Innovations Credit: The specific grant is to encourage SMEs to take on innovative endeavors. Upton $400,000 will be provided to SMEs if they satisfy certain criteria set by the committee regarding innovating their businesses.
Capability Development Grant or CDG: The grant offers 70% funding for developing the SMEs locally as well as globally. The aim is to aid SMEs in business development, branding, human resource development, etc.
Automation Support Package or ASP: The grant is offered to the SMEs who have to transition their existing production services to automation enabled sites.
Building information Model or BIM: The grant gives up to $30,000 to SMEs for increasing efficiency of managing building projects.
SMEs make up for more than ninety percent of the business in Singapore, mostly towards the higher side, so it had become necessary not only to develop them but also ensure their smooth management as well.
This was taken care by introducing special credit schemes or grants, cybersecurity, tax rebate schemes among the various others. They are to receive step by step advice as training on technologies to ensure healthy management. When it is felt that they are ready to implement new software, advanced markets help businesses via SME Digital Tech Hub can be brought in to guide and grow in that particular software. Once this gets done, cyber security services will be employed where all the results and inputs of the software can be protected from being lost or misused.
Digitalization is surely going to enhance the potential of the SMEs as it will replace the old techniques soon to be ancient with digital accounting systems that will help in improve fields like data analysis and maintenance.
With the Enterprise Resource Planning being considered by many, the business is certain to be helped by investors as they always look for enterprises that are innovating and looking forward to the future. ERP provides some real help in terms of management and security and user-friendly usage if understood. Customer Relationship Management (CRM) is another aspect the SMEs are expected to develop swiftly. If they are to be considered fit for the international markets they are to understand the diversity in the customer demands especially in the local markets. The POS systems can hugely help in the business development as they will provide the ways to cater to the customer with mobile ordering and multiple ordering stations ensuring a lower rate of mistake.
Once the short term issues slowing the growth are dealt with, the potential can be identified for international readiness and the possible benefits that can be actually gained out of it. Until then special attention towards the SMEs digitalization and advice when necessary is the only option. The government is doing its part very well with the latest 2017 SME grants. SME go digital campaign will not only help to enable them to shape their future but also the country itself.