Can we continue to produce a crop of next-generation companies that are agile enough to harness the opportunities of the digital economy? And can our business leaders leverage Singapore’s innovation capabilities to become innovation leaders in their respective fields?
Riding the digital wave requires large upfront investments in building strong digital capabilities. High cost and complexity of implementation are often cited as the key barriers to implementing new technology.
Our vision to support the drive to digitalise is the introduction of “Digital ITM”, focusing on Innovation, Technology and Manpower, and supported by a range of tax incentives.
In our KPMG Global CEO Outlook survey, 96% of Singapore CEOs are looking to invest in business innovation, including new products/services and ways of doing business.
Providing businesses with well-rounded support in the various stages of their business journey is crucial as they transition to an economy which relies increasingly on technology. Therefore, in addition to the existing Government strategy for the Industry Transformation Maps, stronger support for the Digital ITM – or Digital Innovation, Technology and Manpower, is required to push Singapore’s digitalisation strategy ahead. Incentives for investing in technology and innovation would catalyse the digital transformation of companies, and a manpower framework that is more robust and responsive to the needs of businesses would help those that wish to invest to command leadership positions globally in cutting edge know-how.
For more information on our Digital ITM proposal, click here.