Adopting Digital Earlier Than the Rest Makes Singapore an Asian Digital Leader
In today’s world, it is mostly occupied with digitalisation. From merely ordering food, to retaining sensitive information, we seem to rely on computer power and digitalisation to make our lives easier. Admit it, only a few of us can recall the phone numbers of our loved ones, without whipping out our mobile phones. If properly utilised, digital technology can do more good than bad as we are the creators of new technology. Nevertheless, it is imperative to continue learning about new technologies and their possible solutions, so we are always ready. This is how digital competitiveness of Singapore has made it into the charts once again.
Trailing in Second
Digital competitiveness of Singapore is only second to the United States of America. Even at number two, Singapore is leading Asia in this sense. The only other Asian economies that made into the IMD World Digital Competitiveness Ranking are South Korea and Hong Kong. The ranking is used to measure world economies’ capacity in adopting and exploring digital technologies as a critical economic transformation. Digital competitiveness uses a model that is divided into three fundamental segments, namely; knowledge, technology and future-readiness. Within each element, other aspects play different roles to provide insights about how an economy is digitally competitive. It suffices to say that Singapore is a prosperous country, and it utilises digital technology to achieve it.
With the outbreak of the pandemic worldwide, there is no doubt that digitalisation was the only option available to continue living. There was already a steady uptake of online business and platforms before the pandemic as more people find it convenient. Thus, IMD conducted the digital competitiveness survey between February and May 2020, which was the peak of the pandemic Covid-19. Indirectly, the world’s economies were to rely heavily on digital platforms to interact and manage their daily lives. Generally, people will adopt technology if it means to lighten their burden. We are mostly technology consumers. With our familiarity with new technologies, we have a better understanding of technology. Singapore intensifies this matter by creating a digital-friendly environment so that its citizen can develop new digital technology suitable to our society.
Singaporeans are lucky to receive high levels of training and education of new technology and digital technology. The island nation is also spearheading implementing technology is many of its industries. The world would expect that Singapore society is readily willing to adapt to technological change. It is surprising to see the community at large are hesitant to such change. Such technological changes will better take place when businesses begin utilising more digital technologies. However, this segment seems to be sluggish as companies are not having faith in digital technology. Businesses must exploit digital technology so that their business agility will significantly advance. It is when companies are more open to uptake of new technology, whether, for their business operations or brand presence, digital competitiveness of Singapore will have a better score in the future.