Training on digitization and cybersecurity to help SMEs in their business transformation
SINGAPORE, Jan. 4, 2022 / PRNewswire / – Prudential Singapore (“Prudential “) has partnered with Ngee Ann Polytechnic (“Ngee Ann Poly”) and ST Engineering to equip small and medium-sized enterprises (SMEs) with the knowledge and resources to go digital in a safe and secure manner.
The medium includes a digital commerce playbook launched in collaboration with Ngee Ann Poly in September 2021 to help SMEs start their digital journey. The playbook is customized according to the business needs of each SME and was developed in collaboration with students from the Ngee Ann Poly School of Business & Accountancy who specialize in the digitalization of businesses. With ST Engineering, Prudential offers training to improve cybersecurity awareness of SMEs so that they can better protect their business.
Sir Goh Theng Kiat, Client Manager, Prudential Singapore, said digitization is important for companies to better engage their employees and customers, as well as to optimize processes.
“SMEs recognize that the digital switchover is not just a question of preparing for the future, but a question of survival in the current pandemic. To support SMEs during this difficult time, we are collaborating with different industry players to give them knowledge, experience and tools, accelerate their digital transformation so that they can remain relevant to their customers ”, said Mr. Goh.
SMEs represent a large part of the Singapore economic, representing 99% of companies in Singapore and employing 70 percent of the workforce. However, SMEs often do not have access to the resources they need to transform their businesses. According to the study on the digital transformation of SMEs Involving a survey of 400 SMEs, 56% of the SMEs surveyed said it was too expensive to digitize due to high implementation costs. More than half (54%) said the Covid-19 pandemic had slowed their digital transformation plans. They also cited the lack of employees with digital skills as a challenge they faced.
Thrive in a digital world
Pilot execution of Prudential-Ngee Ann Poly’s digital commerce playbook began in September 2021 with 30 participating SMEs. They completed the training program in October 2021. As part of this commitment, the students of Ngee Ann Poly were assigned to participating SMEs to provide practical help on how to use digital technologies that best meet their business needs. For example, some students guided SMEs on how to create engaging content to use on social media and supported chatbot development for the SME website. This playbook is accessible to all SMEs, including non-Prudential customers.
Husks Green, an SME that turns rice husks into tableware and cooking utensils, has benefited from the collaboration with Ngee Ann Poly.
Sir Phang Siang Yang, Managing Director, Husks Green International Pte Ltd, noted: “The pandemic has highlighted the importance of engaging our customers through digital channels. We are grateful for the support of students who help us understand how our business can strengthen our social media presence. The playbook they shared has also given us greater confidence to do more in the social media arena as we plan our roadmap for the year ahead. “
Ensuring cybersecurity for SMEs
As SMEs accelerate their efforts to connect, they need to ensure that their business operations are secure and protected from cyber threats. Prudential collaborated with ST Engineering provide SMEs with relevant training and personalized solutions to monitor and counter cyberattacks in order to protect their data.
Cyber threats are everywhere in a highly connected world, with global losses from cybercrime estimated at nearly 1000 billion dollars in 2020. Digital transformation can also open the door to new risks that businesses may not be prepared for. SMEs are particularly vulnerable due to a lack of cybersecurity resources or expertise. According to the Cybersecurity Agency of Singapore (CSA), nearly 40% of cyberattacks in Singapore in 2017 involved companies, in particular SMEs.
Sir Goh Eng Choon, President of Cyber at ST Engineering, noted: “The collaboration between ST Engineering and Prudential will empower SMEs, providing them with the knowledge and resources to improve their cybersecurity readiness. We leverage our deep cybersecurity skills to deliver robust and latest technologies, solutions and services to enhance their cyber resilience.
Better access to coworking spaces
Recognizing that ways of working and office spaces have evolved after the pandemic, Prudential has also partnered Change allow SMEs to access coworking spaces of all kinds at competitive prices. As more businesses embrace hybrid working arrangements, SMEs can also leverage coworking space on an ad hoc basis instead of having physical office space. This arrangement will give them flexibility and cost savings.
Sir David Zhao, Vice-president, Go-to-Market, Switch Singapore, said: “The nature of work has changed for everyone since the pandemic. We are happy to partner with Prudential to bring hybrid workspace solutions to more SMEs and give them the opportunity to work from n ‘ anywhere and develop their business. “
Build a strong network of partners to support the growth of SMEs
These initiatives are part of Prudential’s continued support as SkillsFuture Queen Bee to intensify the skills development of the SME community. In October 2020, the company launched the SME Skills Acceleration Program equip SMEs with the skills and resources to grow and innovate, develop the skills of their employees and improve employee retention. This is a collaboration between Prudential and SkillsFuture Singapore, as part of the SkillsFuture Queen Bee partnership.
Prudential will continue to develop its SME ecosystem of partners to support the growth of SME businesses and meet the evolving needs of SMEs in Singapore.
For more information or to register for the above programs, please email [email protected] or WhatsApp +65 9732 3563.
Notes to editor:
About Prudential Assurance Company Singapore (Pte) Ltd (Prudential Singapore)
Prudential Assurance Company Singapore (Pte) Ltd is one of the leading life insurance companies in Singapore, serving the financial and protection needs of the country’s citizens for 90 years. The company has an AA- financial strength rating from the leading credit rating agency Standard & Poor’s, with $ 49.3 billion funds under management December 31, 2020. It offers a full range of protection, savings and investment products through multiple distribution channels, including a network of more than 5,000 financial consultants.
SOURCE Prudential Singapore