Thu, Mar 19, 2020 – 12:14 PM
THE Singapore Enterprise Federation (SBF) and V3 Fintech, the fintech arm of life-style merchandise group V3, on Thursday launched Past Lab, a digital academy to coach small and medium-sized enterprises (SMEs) in digital competencies.
First introduced final December, the lab will assist SMEs in Singapore and the area use digital know-how to grow to be extra resilient, adaptable and ready to deal with disruptions such because the Covid-19 outbreak which is reshaping enterprise practices and client habits.
It’s going to give attention to areas reminiscent of knowledge analytics, fintech improvements and assist for inexperienced options.
Past Lab will even assist the digital upskilling of SME homeowners and workers to maximise effectivity and champion digital transformation of their organisations.
In a press release, SBF and V3 Fintech famous that the novel coronavirus pandemic has made the worth of digital transformation extra obvious, as companies which have invested in digital channels, merchandise and operations could possibly higher mitigate the outbreak’s affect.
Past Lab goals to supply SMEs with the assets and experience to embark on their digital journeys.
“SMEs are in the most effective place to undertake new applied sciences as they’re agile and adaptable, and but they face important hurdles as they attempt to digitalise, with the lack of know-how and experience appearing as a persistent, pervasive barrier,” mentioned Annie Koh, professor of finance (observe) on the Singapore Administration College (SMU) and chairman of Past Lab’s steering committee. She is additionally V3 Group’s professor of household entrepreneurship and SMU’s vice-president for enterprise growth.
SMEs that embrace digital transformation is not going to solely reap income beneficial properties but additionally scale back prices by growing the effectivity of their enterprise operations and bettering buyer satisfaction, mentioned SBF chief government Ho Meng Package.
“We urge our firms to persist or embark on their digitalisation journey in the event that they haven’t already,” Mr Ho mentioned.
Past Lab’s pilot cohort of 30 SMEs will bear diagnostics with Ernst & Younger Advisory (EY) to set their efficiency targets and prioritise areas for development.
After that, they are going to be matched to SkillsFuture Singapore programmes provided by Past Lab’s data companions Ngee Ann Polytechnic (NP) CET Academy and the SMU Academy, the college’s skilled coaching arm.
The corporations’ enterprise leaders and workers will get entry to subsidised programs, starting from synthetic intelligence in finance to knowledge science bootcamps.
The SMEs will even be matched with know-how suppliers to assist them apply digital processes to their companies, consistent with the digital roadmaps developed with EY.
As well as, NP and SMU could conduct utilized analysis tasks, and work with startups and tech companions to develop customised options for SMEs’ challenges.
Mentioned Keith Tan, chief product officer for Zeemart, one of many tech companions for Past Lab: “Most SMEs are conscious of the necessity to digitalise, but it surely usually will get deprioritised within the each day hustle of chasing numbers and managing clients.”
“We’ve got to obviously present how straightforward it’s to implement tech options, and the way it will make them extra productive and worthwhile,” Mr Tan added.
Past Lab goals to have two intakes per yr, which can see about 60 SMEs graduating from the programme by the tip of this yr.