In the ever-changing digital environment, small and medium-sized enterprises (SMEs) in Singapore face opportunities and challenges in their quest for growth and efficiency. Recognising this, the Singapore government has rolled out several schemes to help SMEs embrace digital transformation.
A key programme that the government developed is the new blueprint, Digital Enterprise Blueprint (DEB) which was unveiled in May 2024. At least 50,000 SMEs are expected to benefit from the DEB over the next five years, according to the Ministry of Communications and Information (MCI) and Infocomm Media Development Authority (IMDA). The DEB aims to support enterprises in Singapore with the next phase of digitalisation by facilitating the adoption of AI-enabled solutions as well as providing opportunities to upskill and reskill their workers.
Under the DEB, trade agency Enterprise Singapore (EnterpriseSG) and national programme AI Singapore (AISG) have partnered with Microsoft to help over 1,000 local SMEs boost their productivity through Microsoft Copilot, an AI assistant.
The substantial government support is highly beneficial for SMEs to incorporate AI into their operations. How can SMEs take a step towards adopting AI in their digital transformation journey?
Unlocking Innovation: A guide to AI-powered Digital Transformation for SMEs
A key enabler of AI-powered digital transformation is the availability of rich, high-quality data sources for AI systems to derive their predictive analytics and models. Therefore, the ingestion of high volumes of structured and unstructured data into AI-embedded data management, hyper-automation, business intelligence and customer experience management systems is critical. Many local SMEs still operate on outdated manual processes and disjointed operations with data silos, making it challenging to fully utilise AI-powered digital technologies and adapt to the modern business environment.
To kickstart their digital transformation journey, SMEs can begin by digitalising physical documents and ingesting digital files, such as PDFs, into content management systems before extracting the required data from them.
Intelligent document processing (IDP) is one simple technology that SMEs can use to extract data to support the automation of high-volume, repetitive document processing tasks and for analysis and insight. IDP uses natural language technologies and computer vision to extract data from structured and unstructured content, especially from documents, to support automation and augmentation.
Proper data ingestion and extraction is crucial, as mishandling it can lead to inaccurate data collection and insights. With consolidated digital data, SMEs can perform data management, ensuring that scattered data is organised into a secure and centralised repository, making it accessible for analysis.
Implementing AI and Automation Solutions
Next, SMEs can explore implementing AI and automation solutions to streamline processes and workflow. This enables resource-constrained SMEs to eliminate errors and mundane tasks, allowing them to focus on innovation and gain market competitiveness.
Additionally, data intelligence can be applied to interpret data using machine learning and generative AI to uncover insights and trends for SMEs to make strategic decisions.
Overall, this approach helps SMEs create a total experience for employees and customers, resulting in personalised services and simplified tasks for employees. According to Gartner, total experience (TX) is a strategy that creates superior shared experiences by weaving together the 4 disciplines – the multi experience (MX), customer experience (CX), employee experience (EX) and user experience (UX). Technology plays a core role in TX success, as it involves using technology to empower employees and enhance customer experiences.
Prioritising AI-powered digital transformation is key for Singapore’s SMEs
To achieve organisation-wide business transformation, business leaders need to set a clear vision and direction for long-term goals while leaving room for teams to contribute ideas. This collaborative approach allows leaders to identify potential areas for improvement and work with employees to create and implement new ideas.
In conclusion, Singapore’s SMEs must prioritise a well-executed digital transformation plan to thrive. The DEB offers a comprehensive guide, emphasising productivity, scalability, cyber-resilience, and workforce development. Leveraging government support and partnerships, SMEs can effectively integrate AI and digital technologies. Starting with thorough data ingestion and advanced capabilities like intelligent document processing and conversation analytics is essential. Leadership and collaboration are key, with business leaders setting a clear vision and empowering teams.
By fostering an inclusive environment, SMEs can build a resilient digital ecosystem, benefiting both employees and customers and driving long-term growth and competitiveness.
