Strategic Tech Adoption to Meet Business Objectives

 

Driving Innovation Through Technology: Singapore Budget 2025

Singapore’s Budget 2025 delivers a strong national mandate:
Every enterprise—large or small—must accelerate technology adoption to remain competitive.

To support this, the government has enhanced the National Productivity Fund by S$3 billion, expanding schemes such as:

·        Productivity Solutions Grant (PSG)

·        Enterprise Compute Initiative (new S$150 million programme)

·        SMEs Go Digital and related consultancy services

Companies can now access a comprehensive mix of sector-specific digitaltools, cross-sector solutions, and advisory services to strengthen competitiveness and productivity.

1. Aligning Technology With Business Strategy

As finance professionals, Chartered Accountants are uniquely positioned to guide enterprises in identifying:

·        Core business goals (revenue, profitability, market expansion)

·        Strategic priorities (new markets, competitive differentiation, new channels)

By understanding these priorities, CAs can help pinpoint technology investments that directly accelerate business outcomes.

Once strategic goals are mapped, enterprises can prioritise technology areas that enhance competitiveness, such as automation, customer engagement platforms, CRM systems, cybersecurity, or AI-enabled business tools.

CAs therefore play a value-added, cross-functional role, advising leadership on how digital solutions can drive:

·        Sustainable margins

·        Operational efficiency

·        Market adaptability

·        Long-term ROI

2. Using ITMs & IDPs to Identify the Right Tech Solutions

Singapore’s digitalisation roadmap is guided by two key frameworks:

Industry Transformation Maps (ITMs)

Developed across 23 sectors by the Future Economy Council, ITMs outline sector-specific strategies to boost:

·        Productivity

·        Innovation and digital transformation

·        Resilience and sustainability

·        Workforce and skills development

Learn more: MTI Website → ITMs.

Industry Digital Plans (IDPs)

Aligned to each ITM, IDPs provide SMEs with step-by-step digitalisation pathways, including:

·        Recommended digital solutions

·        Skills training for employees

·        Tools to evaluate their digital readiness

SMEs can also access:

·        Free Digital Health Checks

·        One complimentary digital consultancy session (CTO-as-a-Service)

·        Project management support through SME Centres

Learn more: IMDA → IDPs.

Case Study: Retail Industry Digital Plan

SME retailer Parisilk used the Retail IDP to identify digital priorities. With IMDA’s CTO-as-a-Service:

1.     They completed a free digital health check

2.     Received a complimentary digital consultation

3.     Held paid follow-up sessions for CRM planning

4.     Implemented project management support for system deployment

This structured approach helped the retailer modernize its operations and plan future digital growth.

3. Productivity Solutions Grant (PSG) — Eligibility & Benefits

The PSG subsidises up to 50% of eligible costs (capped at S$30,000 per entity per year) for approved solutions aligned with ITMs and IDPs.

Eligibility Criteria

To qualify, businesses must:

1.     Be registered and operating in Singapore

2.     Have at least 30% local shareholding (Singapore Citizens/PRs)

3.     Qualify as an SME (group turnover ≤ S$100M OR group employment ≤ 200)

4.     Avoid any pre-payment before application

5.     Use the solution solely within Singapore

6.     Not fall under excluded categories (e.g., charities, VWOs, religious organisations, govt entities)

Multiple applications are allowed if they cover different solutions or deployment sites.

4. Types of PSG-Supported Solutions

A. Sector-Specific Solutions

Covers industries such as:

·        Accountancy

·        Food Services

·        Retail

·        Logistics

·        Precision Engineering

·        Advanced Manufacturing

·        Early Childhood

·        Personal Care Services

·        Wholesale Trade
(Full list available on GoBusiness portal)

Case Study: Wanpo Tea Shop

Wanpo implemented the Connected Business Suite, enabling:

·        Automated order and payment processing

·        Seamless inventory and pickup workflows

·        Better customer experience

Since digital transformation began, Wanpo has grown from 3 outlets to 7, supported by operational efficiency.

B. Cross-Sector (Generic) Solutions

Includes solutions applicable across industries:

·        HR Management Systems

·        ERP, CRM, Accounting Systems

·        Cybersecurity Tools

·        Document Management & Mobility

·        Fleet Management

·        E-commerce Platforms

·        Digital Marketing Tools

·        Carbon Management Systems

·        Content Creation & Chatbots

Full list available on the PSG portal.

C. Consultancy Services

Job Redesign Consultancy (PSG-JR)

Funding:

·        Up to 50% for SMEs

·        Up to 30% for non-SMEs

IMDA also offers a GenAI Navigator featuring pre-approved Generative AI tools and vendors.

Case Study: Crestar’s GenAI Chatbot Transformation

Crestar faced up to 18 hours/week of repetitive customer queries.

With IMDA support, they deployed a GenAI-powered chatbot across website, WhatsApp, and social media.

Results

·        Manual queries reduced from 50 to 20

·        Fewer technician visits needed

·        Valuable insights into common customer issues

·        Better product guides and FAQs

·        Teams could focus on higher-value operational tasks

5. How to Apply for PSG Funding

1.     Identify relevant PSG-supported solutions

2.     Obtain quotations from pre-approved vendors

3.     Submit application via the Business Grants Portal (BGP) using CorpPass

4.     Wait for approval before making any payment

5.     Deploy and use the solution for at least 30 days

6.     Submit a claim before the deadline

7.     Receive government disbursement

6. Enterprise Compute Initiative (New in Budget 2025)

A S$150 million initiative supporting mid-sized and digitally mature enterprises adopting advanced AI.

Eligible enterprises will receive:

·        Access to AWS, Azure, or Google Cloud

·        AI/ML tools and cloud compute

·        Specialist consultancy guidance

·        Up to 70% funding support, capped at S$105,000 per company

Focused on helping businesses build minimum viable AI products and scale modern capabilities.

7. Global Founder Programme (GFP)

Introduced in Budget 2025, the GFP aims to attract experienced global entrepreneurs to:

·        Build new ventures in Singapore

·        Leverage local talent and innovation ecosystem

·        Scale globally from Singapore

More information: EDB → Global Founder Programme.

Conclusion: The CA’s Role in Singapore’s Digital Future

The message from ICAI India’s Editorial Board remains deeply relevant:

Chartered Accountants are critical enablers of MSME growth.

With expertise in finance, compliance, and risk, CAs help businesses:

·        Navigate regulatory frameworks

·        Access technology grants and funding

·        Implement effective internal controls

·        Build sustainable, competitive operations

As Singapore moves toward innovation-led growth, CAs will play a pivotal role in guiding enterprises to adopt the right technology aligned with strategic business objectives.