The Digital Economy is defined as an economy that is based on digital computing technologies and is characterized by three main components:
Digital transformation is a journey of embracing digital technologies, that does not only create unique marketplace opportunities, but also challenges. Singapore’s government has realized that digital technology has the unique potential to transform businesses, large and small, across the economy. The IMDA and CSA along with SPRING Singapore have put the programs “SMEs Go Digital” in place to help SMEs tap on that potential. Leveraging digital technology and embracing innovation are the key capabilities for businesses to stay competitive and grow, Finance Minister Heng Swee Keat said in his Budget 2017 speech on 20 February 2017. This step shows once more that the emerging technologies and digitization is putting immense pressure on SMEs to keep up to date with the latest trends.
With this background, SMF has taken up the initiative to facilitate digital transformation for its members by creating awareness, educating them and guide businesses on their way to digital transformation. SMEs in Singapore need to build capabilities and be equipped with the relevant skills needed for the Digital Economy.
The main objective of SMF Digital Commerce Interest Group is not only to promote the use of digital technologies among SMEs in Singapore but also help companies adopt and embrace it in their business operations and provide them resources, consultancy and step wise approach for every stage of their digital journey.
“Empowering commerce with technology to achieve sustainability and growth”
“Transforming businesses in Singapore for the Digital Economy”