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Thinking of going digital for your business but don’t know where to start?
If you are an SME that has just started your business or is new to digital technology, you may want to consider signing up for the Start Digital Pack offered by banks in Singapore.
This initiative is supported by IMDA under the SMEs Go Digital Program offered in partnership with DBS, Maybank, OCBC and UOB.
Learn about the Start Digital Initiative, the Digital Solutions available and compare the different packages offered by these banks.
Launched in 2019 by Infocomm Media Development Authority (IMDA) and Enterprise Singapore, Start Digital is an initiative that may help your business to grow, scale or improve productivity by digitalising existing processes.
In the words of Minister S. Iswaran, many SMEs shared that they wished they had implemented basic digital solutions at the very nascent stages of their businesses.
The initiative will provide SMEs with access to basic and affordable digital solutions.
Mr. S. Iswaran also shared that “by working with Start Digital partners, the government hopes to scale up tech adoption to a much larger base of SMEs and boost the impact of digitalisation”.
He highlighted that “implementing quality foundational digital solutions at the start would set SMEs on the right path and position them well for the future”.
In line with the government’s efforts, six partners: DBS, Maybank, OCBC, UOB, Singtel and M1 are offering curated digital solution bundles.
SMEs can take up any two digital solutions from five categories of core business functions namely: Accounting, Cybersecurity, Digital Marketing, Digital Transaction, Human Resource Management System & Payroll.
Each eligible SME is entitled to one Start Digital Pack that comprises two digital solutions from one Start Digital Partner.
They can also apply for more than two digital solutions if required, under the same Start Digital Partner.
The programme requires a minimum commitment period of 18 months, of which the government will sponsor at least 6 months and remaining costs will be priced according to the vendor.
Shortcut to tables at Annex 1:
a. Accounting
e. Human Resource Management System & Payroll
a. Conduct a Needs Assessment
Before committing, you may want to conduct a needs assessment to determine if you need to adopt digitalisation for your business at this juncture.
If digitalising is the route for you, you may compile factors such as features and functions that complement your business needs, number of users, etc.
With these serving as guidelines, you can tally what you need against what is offered by the banks.
b. Types Of Solutions Offered And Limitations
Most of the solutions offered in the Start Digital Pack may come in the form of a basic plan.
For some, limitations such as the number of users is capped.
If your company has more staff who require the solution, you may want to consider upgrading the plan or taking up another solution.
Furthermore, bear in mind that you are restricted to one Start Digital Partner’s list of digital solutions.
Hence, ensure that the two digital solutions or bundle that you intend to choose are relevant to your business needs.
c. Costs and Promotions
Find out if you can afford to take up the Start Digital Pack and weigh its long-term costs against the benefits you will obtain.
Take this chance to also compare promotions that you are entitled to before settling on a Start Digital Pack or bundle.
It is important to note that the sponsored period for most of the solutions offered by the government is limited.
After this, the rate proposed by the vendor kicks in and you may be required to pay for two digital solutions for the remaining months that you have signed up for.
The Start Digital Initiative may be beneficial for eligible SMEs who need a springboard for digital acceleration.
The programme has helped more than 4,000 SMEs adopt digital solutions for their businesses during the first half of last year.
However, before taking the plunge, it is important to consider if this is a suitable option for you.
Feel free to sign up for the trials, and explore the functions and features of the solution.
When in doubt, talk to solution providers or a Start Digital Partner to find out more.
If this programme is not suitable for your business, you may visit the SMP Centre and IMDA for a complete list of digital solutions, digital training programmes and funding support.
Lendingpot.sg operates a Business Loan Marketplace that allows an SME to connect to multiple lenders with just one application, allowing the SME to know who its prospective lenders are and the rates that they offer, in a very short time.
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Jennifer loves helping SMEs in their business growth journey. She is also an epicurean and has perpetual wanderlust. During the weekend, she weaves poems out of thin air and buries herself in books.
