This vendor-written piece has been edited by Executive Networks Media to eliminate product promotion, but readers should note it will likely favour the submitter's approach.
Following the 2016 Singapore Budget, businesses in Singapore should look out for these four key areas this year:
1. Seizing growth amidst disruptive technological changes and digitisation
Technological advances are changing the way businesses differentiate themselves. Enterprises need to embrace digital technologies to scale up, internationalise and outperform their competitors. Singapore being at the forefront of digital transformation is also seeing how digitisation is becoming increasingly relevant to each industry; financial services, healthcare and education are among the top 10 most likely to be disrupted digitally.
Digitisation is beginning to disrupt industries as it connects machines, assets and people across the business, and organisations need to put more emphasis on this. The budget announcement has indicated that healthcare spending in particular will continue to grow; digital innovations in healthcare such as data analytics will drive more digitally-enabled care.
Digital disruption has also transformed the classroom, bringing a shift to the whole experience and process of education and learning. New "digital institutions" digitise and transform the learning journey, leading to blended learning experiences, "flipped" classrooms models and mobile learning programs.
Industries such as transportation has also been evolving for quite some time and now, for the first time, it has the opportunity to integrate digital capabilities across all business operations. Companies in this industry can generate insights, transform processes, and optimise operational performance, enabling them to deliver greater safety and mobility with a better passenger experience.
We are seeing more and more connected devices, people, industries and information being shared across more easily. As everything becomes connected, security cannot be overlooked as well. There is a need to ensure that security still remains a boardroom discussion for all organisations and appropriate measures and resources are put in place.
The global economy is becoming more interconnected yet diverse, but more importantly all these changes should be addressed with an optimistic eye. At Cisco, we believe that digitisation will play a huge role in helping the government to achieve its plan to fully transform Singapore's economy. Our country's position is strategically well-placed to benefit from technological changes and digital transformation is set to enable us to seize new opportunities, both domestic and abroad.
2. Spurring value creation to sustain growth
The government has announced its plan to drive industry-level transformation to solve issues that are relevant to each sector, and also roll out a sector-specific transformation map. Innovation is the engine driver of value creation and growth and enterprises are encouraged to innovate faster, find a common industry solution and deepen industry partnerships. New technologies have forced business models, revenue streams and societal impact to continually evolve and the ability to move with today's pace and innovation will determine our survival.
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