Innovation and technology need not be out-of-reach and expensive. For SMBs willing to take the jump, the Productivity Solutions Grant (PSG) helps to support companies keen on adopting IT solutions.
3 Mins
1st November 2024
Article
SMB, Digitalisation
Innovative technological solutions can help to drive capability and growth in a company that allows SMEs to stay relevant and become more competitive. For a business to grow, employee productivity is crucial to ensure that the services or products they offer are effective and efficient. And with increased productivity, businesses can focus on acquiring and retaining new customers.
However, to improve productivity, SMEs need to adopt technological solutions and introduce these innovations into their core business operations. These solutions make internal processes more efficient and productive and allows SMEs to remain competitive and explore new opportunities in new markets.
For example, an SME can increase efficiency and productivity by automating and streamlining the quotation and invoicing processes or managing essential HR services like payroll or leave. SMEs can also take advantage of e-commerce platforms to access new customers across borders.
Of course, adopting technological solutions may take time and require a heavy investment. However, Christie Chu, head of Emerging Business, Global Commercial banking, OCBC Bank, said: “It is absolutely necessary in the long run thanks to the cost benefits it can bring. It is necessary for sustainable growth too.”
SMEs that are looking into incorporating tech solutions and equipment to their business operations but are hesitant because of the investment can turn toward the Productivity Solutions Grant (PSG) for funding support of up to 50%. The PSG provides support for the adoption of IT solutions and equipment that have been pre-scoped by the industries’ lead agencies. The list of readily adoptable solutions can be found on Tech Depot.
The PSG covers sector-specific solutions in the retail, food, logistics, precision engineering, construction and landscaping industries. However, if your SME does not fall in any of the industries, there are readily adoptable solutions that cut across industries – such as digital customer relationship management and human resource management systems.
SMEs can apply for the grant if they are registered and operating in Singapore. They also need to ensure that the purchase, lease, subscription of the IT solution or equipment must be used in Singapore.
To apply, identify relevant solutions by looking through the list of supportable solutions here or on Tech Depot. Get a quotation from the pre-approved vendor if you are interested in an IT solution or equipment. Then, submit an application on the Business Grant Portal. Do make sure to register for a CorpPass account.
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