How SMEs Can Leverage IMDA's Advanced Digital Solutions Scheme For Growth
In line with Singapore’s Digital Enterprise Blueprint (DEB), the Infocomm Media Development Authority (IMDA) has recently launched two new solution categories under the Advanced Digital Solutions (ADS) scheme – Omnichannel Retail Management (OCRM) and Integrated Security Management (ISM). These two schemes are targeted at small and medium-sized enterprises (SMEs) from the retail and security industries and aim to equip SMEs with solutions to deepen their digital capabilities and build business resilience for growth in a digital economy.
These initiatives are part of a broader, long-term strategy to help businesses in Singapore digitise. Over the past decade, digital transformation has been an area of focus and was prominently featured as a critical pillar of “Industry Transformation” in Singapore’s SG Budget 2024. The introduction of OCRM and ISM categories under the ADS scheme represents a continued commitment to empower SMEs in Singapore, particularly in today’s fast-evolving business environment.
Looking to evolve and grow your business? This article will explore what SMEs need to know about OCRM and ISM to embrace digital transformations and stay competitive.
Digital Integration with OCRM
The retail sector contributes to 1.4% of the nation’s total GDP and accounts for 3% of the nation’s total employment. Its significance is further underscored by the numerous multinational retail companies that have established headquarters in Singapore, leveraging it as a strategic hub for Southeast Asia.
With goals to support and empower retailers in Singapore, IMDA’s OCRM digital solutions seek to unify customer engagement touchpoints to deliver a seamless and personalised customer experience. By digitising retail management processes such as inventory management, point-of-sale operations, and customer relationship management, these digital solutions ensure that SMEs are equipped to meet the expectations of modern consumers.
When combined with services such as managed network services and managed experience platforms, these digital tools enable businesses to create a fully integrated environment that blends e-commerce and physical retail into a cohesive and attractive consumer experience.
Enhanced Offerings Through ISM
Unlike OCRM, which strives to streamline and improve existing processes, IMDA’s ISM solutions are geared towards utilising new technologies to help SMEs receive a more comprehensive service package when working with traditional security agencies.
By harnessing AI technologies and integrating them across Security and Facility Management monitoring services, service buyers can expect significant improvements in monitoring through in-depth insights and a management board.
ISM solutions promise to centralise Security and Facility Management for service buyers, encompassing security, fire safety equipment, and energy consumption through third-party cloud platforms. It also allows security agencies to upskill the existing workforce with more value-added roles. Beyond traditional security management, these emerging technologies seek to digitise an analogue industry with value-added and complementary services.
The Impact of the DEB on Our Future
Ranking as the smartest city in Asia and fifth-smartest city in the world, Singapore’s commitment to digital innovation is clear. In addition to the upcoming updates to existing “Smart Nation” policies, the DEB also lays out a clear roadmap for additional focus areas that the government seeks to target. These include scalability, AI guidelines, cyber resilience, and upskilling workers to embrace a more digitised future.
Businesses looking to stay ahead of the curve can take cues from the DEB and use that as a frame of reference to guide ICT decisions. Furthermore, business leaders should also make it a point to stay up to date with the latest trends such as AI, cloud computing, and data analytics, and consider how they can be implemented to bolster their organisations effectively.
As your trusted partners in digital transformation, MyRepublic Business Solutions is ready to provide SMEs with IT support and cloud services for the modern day, aiding business productivity, collaboration, and security
Take your businesses into the future, reach out to MyRepublic Business today and find out how our tailored solutions can revolutionise your digital journey.
