A mobile application has a bigger role to play in the digital transformation of businesses than is evident on the surface. A well designed mobile or web app is beneficial for customers as well as the company. Customers can access their needs at the fingertips, have more faith in the company they are dealing with (as mobile apps are transparent with their processes), better organize their purchases/wish-list, and get support hassle free.

On the other hand, businesses with a mobile application can better understand customer activity, collect useful information to implement business strategies, interact easily with their users, and expect a hike in customer demand. However, in order to get the most out of your mobile/web app, it is important that the application is created and designed in a way that best reflects your goals. It should also be user friendly and require constant updates and fixes (since mobile software keep evolving). Therefore, it becomes crucial to have your app developed by trusted experts. 

Digital Transformation: An Essential Need

After the world has witnessed the effect of Covid-19 on the economy, one thing has become certain for businesses small and large- digital transformation is an essential need for companies that have not yet taken steps to align their processes with the quickly evolving digital world.

Last year, many businesses were struck hard with the pandemic. Many companies collapsed entirely, some are still struggling to get back on their feet, some did better than others, and some achieved spectacular success despite the global lockdown. The key to this success witnessed by businesses is digital transformation.

A State of Digital Business Transformation research conducted in 2018 by IDG revealed that nearly 90% of business organizations hold one thing in common- they either already have a digital strategy in place, or plan to imply it soon. In the time that has elapsed since, digital transformation has become an urgency instead of a recommendation. The time to act is now, and small businesses have the most to gain.

Digital Transformation for businesses in Singapore

Last year, Singapore allocated more than 352.5 million USD as funds to help businesses employ measures of digital transformation. This primarily included helping companies set up e-payments and e-invoicing processes.

The fallout of Covid-19 helped businesses in Singapore accelerate their process of digital transformation. What would have taken at least 5 years for the Singaporean consumers and businesses to adopt, was achieved in less than 6 months.

The country’s government is in complete support of digital transformation. Not only are they providing funds to help establish digital transformations for companies that don’t have it, but also to enhance and make better the digital inventions that some companies already have in place. The funds would also be utilized to help schools and higher education institutes make better use of technology for the process of learning and teaching.

Some of the government Grants for businesses in Singapore to help with digital transformation are:

Enterprises Development Grants (EDG):

These grants are available to Singaporean businesses to upgrade or internationally expand their businesses under three primary categories. These include-

(b) Innovation and Productivity: support will be given to business projects that involve coming up with new ideas for growth and enhancing efficiency. For instance, projects involving new designs for workflow, or implementation of automation/technologies to enhance efficiency of routine tasks, would fall under this category.

 

According to a study (SME DIGITAL TRANSFORMATION STUDY) conducted by Microsoft & ASME in Singapore in 2020, more than 80% of the country’s SME’s (small and medium sized enterprises) has embrace digital transformation.

The findings of this research showed that the percentage of SME entrepreneurs that were aware of the term ‘digital transformation’ had gone up to 80% from 57% in 2018.

Nearly 99% of the companies that were included in the study reported that they had adopted at least the most basic level of digital transformation such as web based e-mail and productivity tools/software.

SME’s are now aware of the benefits of digital transformation that include -optimised operations, customer engagement, employee empowerment, internationalization, and product transformation.

However, the study also reported that there were barriers that impeded the digital transformation that the country expected. These included-

• High cost
• Lack of digitally skilled workforce
• Uncertain economic environment
• Not being aware of government support
• Lack of right technology partners

SME’ s took a big hit during the Covid 19 pandemic. Implementing digital transformation became crucial, but only 30% of the Businesses in the study hinted that the government asked for digitalisation during the lockdown. Had digitalisation been made mandatory for all businesses operating during the pandemic, perhaps many businesses would already be reaping its benefits.

Basic Steps to Digitally Transform your Business

What customers need is fast and effective solutions to their problems. With technology, it has become extremely feasible to transform your business digitally. Although digital transformation for businesses will vary depending on the product/service and the customer base, given below are some common measures that almost all businesses should implement to fast forward their digital transformation.