It is never too late to embark on your digital transformation journey.
The Productivity Solutions Grant (PSG) is an incentive to help firms implement IT solutions, equipment and consultancy services.
It was announced at Budget 2021 that the raised maximum funding support of 80% will be extended from 30 September 2021 to 31 March 2022.
The grant supports a broad spectrum of industries, including:
- Early childhood
- Marine and offshore
- Financial services
- Engineering services
Furthermore, the grant covers IT solutions that are widely used across all industries, including:
- Data analytics
- Financial management
- Accounting management
- Inventory tracking.
You may find the complete list of pre-approved solutions on GoBusiness.
Are you having second thoughts about digital transformation?
Technology has become a vital key to the success of businesses.
Some may not want to implement technology yet, given the heavy time and monetary investments. However, in the long run, technology will undoubtedly bring cost benefits and contribute to sustainable development.
With the government subsidising up to 80% of qualifying costs (with a cap of S$30,000 per company), there is no better time to start implementing IT solutions into your businesses. Businesses can either embark on it now with subsidised costs or start later and take on the total expenditure.
A digitalised company can save time through the automation of processes such as invoicing and payroll. Research by McKinsey stated that businesses spend 69% of their time on data processing which could have been saved with automation. The time saved can be channelled to value-adding business activities to increase business efficiency and reduce cost. Companies can propel faster and meet the demands of business partners and consumers with accelerated speed.
A report by MicroStrategy found that 90% of business users view data analytics as essential to digital transformation. Companies that implement data analytics are able to understand their customers better, develop well-rounded content strategies, mitigate risks and tighten security. The most significant advantage of data analytics is making better decisions via models such as data prediction and classification.
According to BestInSingapore, 60% of Singaporeans use mobile devices to shop or research products. These numbers are expected to grow, which puts greater emphasis on the importance of online marketing. In order to remain competitive, businesses must tap on digital solutions to understand customer behaviour and create customised online marketing campaigns to attract and retain customers.
Another benefit is the ease of collaboration and communication. With remote working becoming the new normal and 5G up and ready to go, many businesses carry out activities while on the go. Firms that adopt cloud-based solutions and use high internet speed as leverage can share information and work simultaneously with business partners across a similar cloud platform, enjoying the ease of obtaining accurate real-time information wherever they are.
How does PSG help make digital transformation easier?
Rather than talking about how great your business can grow with the help of technology, the primary concern is the daunting process of digital transformation.
As you would already know, the PSG helps cover up to 80% of funding to invest in digital resources, which is a significant amount of savings for companies.
PSG also provides firms with a comprehensive range of tools and solutions specific to their business needs. These solutions have been pre-scoped by the National Environmental Agency (NEA), Enterprise Singapore and other governmental organisations. Rather than expending time and effort to conduct your research on suitable strategies, the PSG helps firms by listing down industry-relevant tools and solutions and pre-approved vendors and consultant firms.
With COVID-19 as the economic backdrop, some tools that enterprises may consider are virtual meeting, temperature screening and digital marketing tools.
How do I apply for the PSG?
The application process is relatively simple.
- View the list of supportable solutions eligible for your enterprise and identify those you want to procure
- Your following action depends on the type of solution you wish to procure:
- IT solutions: Obtain a quotation from a pre-approved vendor
- Equipment: Source for equipment and obtain a quotation from the vendor
- Consultancy service: Obtain a quotation from a pre-approved consultant
- Submit your application on the Business Grants Portal (BGP) via a Corppass account
- Submit your grant claim on the BGP before the claim due date
If your enterprise is serious about applying for PSG, you will be happy to know that TnB is a pre-approved PSG vendor. Make your digital transformation journey effortless, and get in touch with us!