In last week Sunday Times, the reporter spoke to Dr Vivian Balakrishnan about Smart Nation which was initiated by Prime Minister Lee Hsien Leong to improve lives, create opportunities for the future and strengthen community togetherness.
Why Smart Nation?
While various cities around the world are experimenting with ‘smart city’ technologies to tackle issues such as street lighting, waste collection and traffic light management, Singapore has a much more ambitious and whole-of-nation vision.
This vision involves pulling together its world-ranked universities and medical facilities, multi-billion dollars annual research and development (R&D) investments, a fast-growing community of tech start-ups and large pools of investment capital. It also centres on the government and private sectors using technology holistically to bring about better lives and greater business opportunities.
Extract from – //www.smartnation-forbes.com/#sthash.lvhAZMI0.dpuf
How Smart Nation affect businesses?
IDA team will be developing the Business Grants portal, which organises public-sector grants according to business needs at different phases of their growth. In the long term, this helps SME to grow in the right direction where Human Capital, Rental and Small Market is a major concern.
Human Capital Management
Leverage on Cloud technologies to allow professional who can work from café and home.
Cloud-based software, SAAS like Xero and Quickbook allows professional accountants to work us. It is no longer an issue when a staff needs to be at home taking care of her Primary 1 kid who just return from school.
Cloud-based CRM system like Sale force encourages sale person to work more efficiently without rushing back to the office for a meeting and submission of report.
API links up the world to business owners without heavy investment in capital outlay. With IDA involvement in Business Grants portal, we can look forward to better and more efficient grant process.
When the staffs are allowed to work out of the office, company save precious work space and operating cost is maintain at its lowest. This phenomenon creates a mushroom of serviced offices and virtual offices located inside Central Business District and at the suburban area. This new business model like value based pricing helps SME to start business with the lowest capital outlay. Upscale of business can be done at any time when business breakeven thus making business more competitive.
Small market size also has some microeconomic advantages, the most vulnerable to the challenges of globalisation is making all countries smaller relative to the relevant (world) market
The relative importance of large national markets has thus declined, and even larger economies are increasingly dependent on external conditions. Singapore, being a small market can utilise Cloud technologies to make itself connected to the world without the physical barrier like distance and human capital issues.
Experience how to be Firm of the Future today
Video Extract from World Economic Forum