SME Capabilities Forum advices SME’s to embrace technology for Better Future and Economy

Mr. Teo Ser Luck during the inauguration of SME Capabilities Forum advised Small and Medium-sized enterprises (SME’s) that technology can help them to become more productive and they must innovate to improve their operation and adjust to changing market conditions.

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Technology has opened up many new directions for SME’s to connect and communicate with their customers i.e. with the help of digital marketing platforms, by applying technology and by thinking creatively about their business models. Adopting these policies will help SME’s to manage their cost in a better way; it will also enhance their top line and will help them becoming more competitive.

In order to adjust with the changing market conditions, the SME’s must adopt innovative and creative business models, especially for companies that are undergoing disrupting changes. These new business model strategic moves will not only help them to confiscate new business opportunities but will surely help them to amplify their top line.

The Spring Singapore and Collaborative Industry Partners (CIPs) are also stepping up; to help and benefit SME’s with better access to technology and new digital marketing channels. Out of five, three projects are result of collaboration between Spring and A*Star. They will enhance SME’s access to technology innovation, helping business adopt radio frequency and identification (RFID) and image recognition technologies.

While, the other two projects, launched by Spring and two private-sector industry partners, will help SME’s to boost their sales, marketing and customer engagement capabilities. One project will provide an integrated IT solution and technical training to control the growing online and offline mobile marketing trends, whereas, the other one will see Digital Influence Lab, also providing training and consultancy to help companies build in-house digital marketing capabilities to reach new customers and markets.

Impact of innovative technology will surely increase in the coming years and SME’s will continue to play the critical role in Nations’ economy and development. Governments that recognizes and appreciates technology role in growing SME’s and ensure that they are prepared with know-how of the business, will definitely harvest benefits in the near future.  This will also allow companies to make new international contacts and to have better ideas and practices needed for the SME’s to grow in the near future.