Digital transformation is happening across all industries worldwide, including in Singapore. This book seeks to provide insights on how small and medium enterprises (SMEs) can embark on their own journeys of digital transformation, while at the same time remaining agile in responding to industry and consumer needs. It will outline how firms can foster a culture of business transformation to improve efficiency and productivity; elaborate on how the COVID-19 pandemic has accelerated the digital transformation process, and how it has provided new opportunities; present a roadmap on how SMEs can navigate through the artificial and data analytics revolution; and provide recommendations on how SMEs can partner with institutes of higher learning. It concludes by elaborating on the skillsets and capabilities needed to drive digitalisation.
Author(s): Poh-sun Seow, Clarence Goh, Yuanto Kusnadi, Benjamin Lee, Gary S C Pan
Publisher: World Scientific
Year: 2023
Language: English
Pages: 153
City: Singapore
Contents
Foreword
About the Authors
About the Contributors
Prologue
1. Accelerating Business Transformation in the Digital Age
Background
Role of Digital Technology
Adopting a Digital Mindset
Mindset shift #1: Disrupt or be disrupted
Mindset shift #2: Redefine the business strategy
Mindset shift #3: Establish an agile and experimentation mindset
Mindset shift #4: Be data-driven and exploit business areas that cannot be digitised
Digital Transformation of SMEs: How Analytics is Driving the Change
Conclusion
2. Opportunities for Digital Transformation Amid the COVID-19 Pandemic
Background
Part 1: How Can SMEs Take the Opportunities to Collaborate with Banks?
Pain points faced by SMEs in the F&B industry
Benefits of the collaboration
Part 2: Transforming Businesses with E-commerce Intelligence
The Growing Need for EI Solutions
Changes in Digital versus Traditional Marketing Spend
Smaller Clients Need Brand-Level EI Solutions
Bigger Players Need a Suite of Solutions
Data Storytelling: A Compelling Must-Have
Conclusion
3. Enhancing SMEs’ Digital Transformation Capabilities through Partnership with Universities
Background
Part 1: Enhancing SMEs’ Data Analytics Capability
An SME–university partnership model
Case study: A food manufacturer in Singapore
Conclusions
Part 2: Developing SMEs’ Online Business Strategy
An SME–university partnership model
Case study: A technology company in Singapore
Conclusions
Part 3: Developing Cultural Intelligence and Digital Literacy via a University’s Overseas Student Consulting Programme
Background
Overseas study mission course at SMU
Case study 1: Study mission trip to Laos
Recommendations to Company A in Laos
Case study 2: Study mission trip to Indonesia
Recommendations to Bank B in Indonesia
Feedback from Client Partners
Feedback from Faculty Members
Feedback from Students
Partnership Management and Benefits of Project Collaboration with University
Conclusions
4. SMEs Roadmap to Navigate through the Artificial Intelligence and Data Analytics Revolution
Background
The Rise of Artificial Intelligence and Data Analytics
Understanding AI
Trend Enablers of AIDA
Getting Started with AIDA
Impact on SMEs
Example: NaRaYa
Encouraging AIDA Adopti
Conclusions
References
5. How Accounting Organisations Can Approach Digital Transformation
Background
Part 1: How Data Analytics is Reshaping the Work of Accountants
Applications of data analytics in accounting
Growing data analytics capabilities
Conclusion
Part 2: Introducing Continuous Auditing in Finance and Audit
Seven dimensions of continuous audit
Conclusions
Part 3: How Forensic Accounting Can Move Forward with Technology
What is forensic accounting?
Using technology to detect fraud
Detecting fraud using Benford’s law
Conclusions
6. Digital Transformation in Healthcare SMEs
Background
Why Digital Transformation is Necessary for the Healthcare Industry
SMEs in the Healthcare Industry
Digital and Digital Transform
Mindset Determines the Results
Modern Healthcare Landscape
How Can SMEs Increase Their Digital Capability?
Conclusions
7. Digital Transformation in Logistics SMEs
Introduction
Case Study: XDel Singapore Pte Ltd
Services offered
Cost structure
Revenue streams
Key Technological Innovations Developed In-House
Gains from Long-Term IT Investments
Competitive advantage
Significant improvements in efficiency and productivity
Powerful data analytics leading to better decision-making
Enhanced security for confidential documents for the customers
Customer empowerment to track delivery progress
Recent Developments
Conclusions
8. Digital Transformation in Microfinance SMEs
Background
Myanmar
Microfinance in Myanmar
Daung Capital
Lending Model
Loans for motorcycles
Loans to salaried workers
Tangible Strategies for Combating Risk
Motorcycle loans
Salary loans
Other loans
New loan scheme: Harvesting farmer loans
Pertinent issues
Conclusions
9. Developing Skillsets and Capabilities to Drive Digitalisation in SMEs Acquisition of Digital Skillsets — Optimisation and Simulation
Part 1: Optimisation Skills
Implementing a Goal Programming Model in a Spreadsheet — An Example
Revising the Goal Programming Model
Conclusions
Part 2: Simulation Skills
Conducting Simulation in Excel
Designing the Spreadsheet Model
Inserting Random Number Generators (RNGs) into the Model
Running the Simulation
Analysis of Outputs
Conclusions
10. Developing Skillsets for Future Accountants
Background
Part 1: SMU School of Accountancy Accounting Data and Analytics Second Major Programme
Curriculum Structure
Learning Outcomes
Collaborations with Industry Partners
Singapore Exchange (SGX)
Seng Hua Hng (SHH) Foodstuffs Pte Ltd
XDel Singapore
Work–Study Programme
Conclusions
Part 2: Online Accounting Data Camp
Interactive and Engaging Online Group Presentation
Preparing a Future-Ready Accountant
Conclusions
