Commentary

An advanced economy with a low birth rate, Singapore needs to adopt an ‘automation first’ mindset to drive its next stage of growth.

Technology is a powerful tool. At the macro level, it can improve economic growth, whilst on a smaller scale, streamline business practices. Across the Asia-Pacific region, Internet of Things (IoT) spending is expected to reach US$7.53b by 2020. As a smart city, Singapore is at the forefront of IoT implementation with total IoT revenue in Singapore project to reach $714m by 2025, but when it comes to agriculture innovation – its counterparts like Malaysia and Thailand – have the advantage.

At the recent Smart Nation Summit, Mr S Iswaran, Minister for Communications and Information, highlighted the need for businesses to harness the digital age. It is part of an ongoing national effort to raise productivity levels against a backdrop of slowing economic growth, and continuous geopolitical uncertainty.

Economic growth requires not only sound government policy, but also a robust legal system that promotes the rule of law, effective enforcement of contracts and the protection of intellectual property. Singapore’s history of strong growth is largely a testament to its sound legal system set in place by the government.

At the 2019 National Day Rally, Prime Minister Lee Hsien Loong announced that retirement and re-employment ages will be raised. By 2030, Singaporeans will be able to work to the age of 65, instead of 62 now. What does that mean for Singaporeans in terms of their extended work life?

By 2030, Singapore is expected to face a talent shortage of over a million workers which could result in losses of US$106.8b. Globally, the talent shortage is projected to reach 85.2 million people, with developing economies in Asia expected to be among the hardest hit . The manufacturing sector alone is expected to face a deficit of two million workers by 2020, and more than 7.9 million in 2030, amounting to US$607.1b in revenue losses.

Every year there’s a new thinkpiece declaring the death of email, claiming people are moving on from this technology now that has reached middle age. Despite the naysayers, email lives on and remains a widely-used and extremely popular mode of communication – particularly for marketers in Singapore.

Retailers across the globe are reinventing the digital and physical retail experiences to cater to the modern and technology savvy customer. Facial recognition payments, service robots and digitised aisles are just some of the avenues retailers are looking into. We’re also seeing more e-commerce businesses expanding into the physical space in their own ways. According to Statista, Singapore’s e-commerce market is expected to grow at an annual rate of 14.9%, and will continue its ascent to US$8.6m by 2023. With the expansion of e-commerce, brick-and-mortar retailers are scrambling to find a middle ground between the online and digital realms as they face increased pressure and competition from their digital competitors.

Digital technology has become so deeply ingrained in our daily lives that we rely on digital devices for a spectrum of uses, from watching our favourite TV shows on-the-go, to shopping for a new outfit. In fact, consumers’ dependence on digital devices is so high that 49% of Singaporeans reported that they could not go a day without their mobile phones, according to Limelight Networks’ recent The State of Digital Lifestyles 2019 research report.

As the competition for top jobs intensifies, executives in Singapore need to focus on improving their digital and language skills.

In 2017, famous physicist Stephen Hawking said that AI could be the last big event in human history unless we learn how to avoid the risks. Like him, I too am concerned about the risks of AI going awry and the dangers of it.

Food tech has become an exciting place to in the last few years as an increasing number of players look to tap into a near-insatiable appetite for food delivery services. The numbers are staggering, to say the least.

Singapore has seen a 47% increase in the number of data investigations since 2017 handing out over one and a half million dollars in fines, affecting companies from almost every industry

Nurses are the backbone of Singapore’s healthcare system and they play an important role in transforming the healthcare industry. President Halimah Yacob highlighted the significance of nurses during the International Council of Nurses’ biennial congress that was held earlier in June. It is essential that we introduce measures to support the unsung heroes of our healthcare system through the adoption of technology. This will help grow and develop the nursing workforce to address challenges in the healthcare system.

The Personal Data Protection Commission (PDPC), set up in 2013 to implement Singapore’s Personal Data Protection Act (PDPA), focused on establishing standards and rules to govern the control and management of personal data.

Singaporean companies should focus on the strategic aspects of HR and leave the day-to-day functions to professional managed services providers, who can drive efficiency, reduce costs and improve security.