Focus on digital strategy with a business value approach – Deloitte’s Piyush Jain

He explored Singapore’s business growth through digital strategies, strategic partnerships, and emerging opportunities.

As digital transformation continues to redefine industries, businesses in Singapore are leveraging advanced digital tools and strategic partnerships to navigate the complexities of an interconnected global economy.

Piyush Jain, Monitor Deloitte Leader for Southeast Asia and Technology, Media & Telecommunications Industry Leader for Deloitte Southeast Asia’s Strategy, Risk & Transactions business, shared insights into the business landscape in Singapore.

With deep expertise in advising CxOs, global and regional organisations—including Fortune 100 corporations and regulatory agencies—he specialises in 5G, post-merger integration, value creation, digital strategy, and fostering strategic partnerships and alliances.

As a judge at the SBR International Business Awards and SBR National Business Awards 2025, Piyush offered insights on how businesses can embrace digital transformation, forge strategic partnerships, and leverage emerging trends to drive long-term competitiveness in Singapore’s dynamic business environment.

With your leadership in both strategy and technology, how do you see the digital transformation and traditional industries reshaping the business ecosystem in Singapore?

In Singapore, digital transformation is reshaping the business ecosystem, including traditional industries, leading to a more dynamic, innovative, and competitive landscape.

Businesses are increasingly adopting digital solutions to enhance productivity, drive innovation, and deliver value to customers. This includes using generative artificial intelligence (Gen AI) and data analytics to gain insights into customer behaviour, adopting cloud computing for scalability and flexibility, and embracing automation to reduce costs and improve efficiency.

Partnerships and alliances are also a critical piece in driving digital transformation. Companies in Singapore are forming strategic collaborations with technology providers, research institutions, and other industry players to accelerate their digital journey. These partnerships enable businesses to access cutting-edge technologies, share expertise, and co-create innovative solutions.

With your extensive experience in advising CxOs, what would you consider the most critical factors for businesses to consider when developing a comprehensive digital strategy?

When developing a comprehensive digital strategy, businesses should prioritise an approach led by business value rather than one driven by tools or platforms. This perspective ensures that their strategy is in line with their overall organisational objectives and that it delivers tangible benefits.

Businesses should also adopt a holistic approach that is underpinned by a well-structured roadmap. This roadmap should take into account the impact versus effort of various initiatives. This stands in contrast to piecemeal proof of concept or pilot projects, which may not provide a cohesive or sustainable long-term strategy.

In addition, the significance of change management and executive alignment cannot be overstated. Throughout the digital transformation journey, businesses should ensure that all stakeholders, particularly at the executive level, are aligned and supportive of the strategic vision. This alignment is vital for fostering a unified approach and overcoming any resistance to change.

In your view, what makes a successful partnership or alliance, and how can companies in Singapore cultivate strong, mutually beneficial relationships with key stakeholders?

A successful partnership or alliance hinges on several critical factors. First and foremost, it is essential that the interests of both parties are aligned and that their capabilities complement each other. This synergy allows for a mutually beneficial relationship where both partners can leverage their strengths. Additionally, a win-win commercial model is crucial in ensuring that the partnership is economically viable and advantageous for both sides.

Another key factor is the active involvement and sponsorship from the CEOs of both organisations. When the highest level of leadership is committed to the partnership, it sets a strong precedent and drives momentum from the top down.

Finally, both parties should establish aligned incentives and key performance indicators that measure the success of the partnership. Clear and shared goals create a unified direction for the organisation to work collaboratively towards achieving the desired outcomes.

What emerging trends or initiatives do you believe present significant growth opportunities for businesses in Singapore?

In today's VUCA world, characterised by volatility, uncertainty, complexity, and ambiguity, there is a common misconception that these conditions are inherently disruptive and negative. However, within this landscape lie significant growth opportunities for businesses in Singapore.

For one, we see opportunities in selective regional expansion. With the shift in trade flows towards intra-region markets and the emergence of new economic zones, such as the Johor-Singapore Special Economic Zone, businesses can expand either directly or through strategic partnerships. This approach can unlock new markets and drive regional growth.

Next, the advancements in technology, particularly in the realm of Gen AI, present a substantial growth area. The entire value chain across the Gen AI stack—from applications, foundational models, and platforms to data centres, cloud infrastructure, and power—offers businesses the chance to innovate and stay ahead of the curve.

In addition, whilst businesses will need to carefully evaluate short-term investments in areas related to environmental, social, and governance (ESG), given ongoing uncertainties, I believe sustainability initiatives have long-term growth potential and will be an area to keep an eye on.

Looking ahead, what do you think are the critical strategies companies need to adopt to remain competitive in a globally interconnected market?

To remain competitive in a globally interconnected market, companies need to leverage their inherent strengths to create a unique differentiation. This could be through gaining a unit cost advantage or by offering differentiated products or services to carve out a distinct position in the market.

For Singapore-based organisations, it is also essential to leverage the inherent strengths of Singapore’s economy and ecosystem.

One key strength is its advanced digital infrastructure. Singapore has established itself as a global leader in digital innovation with initiatives like the Smart Nation programme, which promotes the use of data and technology to improve urban living.

Furthermore, Singapore serves as a gateway to Southeast Asia and is strategically positioned in the middle of cross-border economic flows.

Businesses can also benefit from the skilled workforce and regulatory stability that Singapore offers. According to the 2024 World Talent Ranking by the International Institute for Management Development, Singapore ranks second globally in terms of talent competitiveness. Singapore’s strong legal framework and stable regulatory landscape also offer a sense of confidence for businesses to invest and expand their operations.

By strategically leveraging both their organisational strengths and the external advantages provided by the Singaporean ecosystem, companies can position themselves for sustained success in the global market.

As a judge at the SBR International Business Awards and SBR National Business Awards 2025, what are the key criteria you will use to evaluate the nominees?

Firstly, I will assess the current business trajectory of each nominee. This includes examining their growth, margins, and overall financial health to ensure they are positioned for long-term sustainability. A company that demonstrates strong financial performance and growth potential will be highly regarded.

Next, consistency of performance and strategic direction is crucial. I will look for companies that have maintained a steady performance over time and have a clear and consistent vision for the future.

Another important factor is the broader impact the company has on society, consumers, and other stakeholders. I will consider how the company contributes to the community, the environment, and its industry. Nominees should demonstrate positive social impact and responsible business practices.

Lastly, I will evaluate the satisfaction of both customers and employees. A company that maintains high levels of customer satisfaction and employee engagement is likely to be more successful and sustainable.