When it comes to digital commerce readiness in Singapore, Manufacturing SMEs are at a crossroad. SMEs tend to focus only on managing their core business and their margins, so innovation and digital commerce will inevitably fall by the wayside. In the meantime, companies (and countries) that proactively include digitalisation in their plans will increase their lead over the others. This is especially true for companies where margins are slim, or that have complex configuration and calculations, like Engineer-to-order (ETO) and Make-to-order (MTO) industries.
Looking at the rise of China over the last 10 years, we can see the importance of adopting technologies early. Considering that Singapore has a small local market that is highly technologically-savvy, digitalisation will become a crucial point of differentiation for companies. Regardless of whether your manufacturing business is B2B or B2C, the need for digital commerce cannot be stressed enough. This becomes even more important when we look at businesses that deal with a regional or global market. Even Singapore’s Economic Development Board has come up with a Smart Industry Index to try to push for digitalisation.
With that said, how can SMEs keep their businesses relevant in the next 10 years?
Education Is The Key
Many manufacturers are simply unaware of the significance of digitalisation. From concepts such as how digitalisation works, what digitalisation is in the world of Industry 4.0, and especially, how quickly digitalisation can affect the bottom line…these are all seemingly unnecessary points for SMEs in Singapore. This is not the case, and the best way to fix it is through education of manufacturing SMEs in Singapore.
For companies that aren’t able to currently implement Industry 4.0 due to legacy tools, they can learn how to work towards digitalisation. From something as simple as implementing cloud solutions to using Industrial Internet of Things (IIoT) solutions, there are many ways that manufacturing SMEs can utilise Industry 4.0 solutions to make their supply chain smoother and increase productivity.
The Singapore Manufacturing Federation’s Digital Commerce Group – a trusted resource for Manufacturers
The Singapore Manufacturing Federation (SMF) is THE institution for Singapore to represent the interests and needs of the manufacturing industry and drive its competitiveness and sustainable growth. With over 3,000 corporate members and 10 industry groups it stands for an important sector to contribute to Singapore’s economic success. Within SMF the Digital Commerce Interest Group (DCom) has formed with the mission to guide Singapore manufacturing SMEs to learn more about digital economy and empower commerce with technology to achieve sustainability and growth. The group offers workshops and resources for those interested to learn more about the digital economy and provides opportunities to connect and exchange knowledge.
If you want to learn how to move forward in digital commerce, join Digital Commerce Interest Group and benefit from their educational offerings.
For further questions about our CPQ solution: