To survive or to be eliminated? This is a question that has been on top of everyone's head in 2020, where many SMEs are facing serious challenges. One of the may keys to survive would be to actively pursue a transformation.
On 11 November 2020, APEC Institute of Business held a live webinar of the 2nd APEC Experts Forum, with guest speaker Professor Liu Ling Ling sharing on the topic of Digital Transformation.
The webinar was hosted by APEC Institute's Brand Director, Cathy Chen.
Digital Transformation Drives New
Opportunities for Enterprises
According to Professor Liu, the development of human industrialization in the post-pandemic era has ushered in more challenges, and many traditional enterprises are facing the enormous pressure of survival and development in the presence of globalization, for which countries have already started to respond to actively. In the next three decades, the transformation and upgrading of industrialization, especially digital transformation, will maximize productivity. In line with such a goal, a new pattern of which a dual cycle will be formed between domestic and international development, and a huge international and domestic market will gradually be formed through the rapid advancement of digital and intelligent transformation.
In order for digital transformation to take place, Professor Liu pointed out three necessary conditions:
Firstly, there has been an increase in demand for a higher quality of life, and people are more in favour of a variety of personalised products that meet their aesthetic requirements. It is difficult for traditional enterprises to meet the demands of flexible production lines, especially as the new consumer and aesthetic values of the younger generation are closely aligned with digitalization.
Secondly, many developing countries also have the strong need to modernize and improve their living standards. This is why digital technology can be used in a new way to help more developing countries develop their economies and open up larger markets, so that more people can live in a digitalized world.
Finally, and most importantly, revolutionary technologies, especially digital intelligence-enabled technologies, will be used to achieve industrialization of the future. This new industrialization includes going green, smart devices, service and customisation.
Professor Liu sharing more on digitalization.
Effective Regulation on Digital Transformation by Governments Needed to Stay Ahead
In Singapore, the pandemic has also driven a shift towards digital living, due to disruption in some industries happening and lasting. Businesses will also have to change their business models to survive, and everyone has taken a big step into the digital age during the "circuit breaker" period. The three consecutive budget plans announced this year have included a number of measures aimed at upgrading workforce skills and helping businesses making the change towards digital transformation.
At the same time, in order to realise the vision of a "Smart Nation" and to stay ahead of future technological developments, Singapore authorities has developed a five and ten-year blueprint to effectively regulate data-based platforms and big data optimisation, which will be running before businesses develop. The government has also integrated many different data-enabled platforms to focus on the actual needs of citizens and to simplify operations. For example, during the prevention of the pandemic, smart devices are distributed throughout the country, so that even for the elderly who do not have a smartphone can provide complete data. Government hospitals will also know of the places they have visited, what are their drug allergies and other necessary information. This is a very practical and effective way of practice. The government has also launched the National AI Strategy to promote the use of AI technology in five key areas - transport and logistics, smart towns and neighbourhoods, healthcare, education, security and safety, in order to facilitate the digital transformation of the economy.
Professor Liu Lingling having an engaging interaction with Professor Yang Siqun.
No Sunset Industries - Any Industry is Worth Reviving
Through various case studies, Professor Liu also pointed out that digital transformation can give a new dynamic energy to the majority of enterprises and industries. As such, there are no longer differences between upcoming and sunset industries in the digital era. With the application of digital transformation, all industries around the world are worth reviving, including processes such as production, re-engineering, improvisation, so as to enhance the core competitiveness of products and services.
Professor Liu also depicted a present and future: if we combine digital resources with the current factors of production and reallocate them, humans will gain more wealth, better services, more precise healthcare, more precise education etc., and it will be eco friendly. Digitalization offers more control over make our products green, and the regulation on digitalization will be more precise, efficiently managing whether companies meet carbon emission standards.
Dr. Koh Chin Yee, Managing Director of Singapore Eye also participated in interacting with the audience. Dr. Koh reflected on the eagerness of the audience to learn from the views of famous experts and gain new knowledge. The APEC Experts Forum will continue to focus on current affairs, new business developments and other related content, focusing on the changes and opportunities in the post-pandemic era.
The live webinar was well received by the audience, attracting over 3,700 viewers from Singapore, China, Canada and Korea.