Singapore has demonstrated its ability to use technology to benefit businesses in the third edition of Ericsson's Networked Society City Index report.
The report analyses how information technology creates opportunities and benefits for 25 of the world's largest cities, stimulates innovation and entrepreneurship, improves access to markets as well as reduces business costs.
Ericsson has given Singapore the fourth position in the top overall ranking of the cities in its ability to use technology to benefit businesses. This ranking indicates a strong correlation between the technology maturity of Singapore and the triple bottom line of economic, social and environmental development.
Patrik Regårdh, part of the Ericsson's Networked Society Lab and head of strategic marketing at Ericsson, notes that a one percent increase in broadband penetration can be a stimulant of growth and increase new business registration in a country's workforce by 3.8 percent.
Eighty new jobs can be created for every 1,000 new connections and GDP can be increased by one percentage point for every 10 percent increase in mobile and broadband penetration in Singapore.
Changing how business sectors operate
Ericsson's Networked Society City Index report further indicates that technologies such as mobile broadband and new digital services are changing the way Singapore and its business sectors operate and evolve.
On a global level, IT is expected to reduce carbon emissions by businesses by 15 percent (7.8 giga tonnes carbon dioxide emissions) by 2020.
Singapore is a mature economy that is focused on services progressing towards digital economies. The nation boasts reliable network infrastructure, initiatives that take advantage of ICT, and a clear regulatory framework that supports triple bottom line benefits.
Through this report, Ericsson hopes to inspire Singapore government, decision-makers and enterprises to use technology to create stimulating city environments and set positive change.
Singapore shares one thing in common with the top performing cities such as New York, Tokyo, London and Los Angeles. It has a well- established position in global business and Ericsson concludes that successful city development can be achieved by setting a direction for industrial development, incorporating the effects of digital transformation, and creating a positive business environment.
Sign up for CIO Asia eNewsletters.