Reference no: EM133285394

Question - SBF, V3 Fintech launch digital academy for SMEs

The Singapore Business Federation (SBF) and V3 Fintech, the Fintech arm of lifestyle products group V3, on Thursday launched Beyond Lab, a digital academy to train small and medium-sized enterprises (SMEs) in digital competencies.

First announced last December, the lab will help SMEs in Singapore and the region use digital technology to become more resilient, adaptable and able to cope with disruptions such as the Covid-19 outbreak which is reshaping business practices and consumer habits. It will focus on areas such as data analytics, Fintech innovations and support for green solutions.

Beyond Lab will also support the digital upskilling of SME owners and staff to maximise efficiency and champion digital transformation in their organisations.

In a statement, SBF and V3 Fintech noted that the novel coronavirus pandemic has made the value of digital transformation more apparent, as businesses that have invested in digital channels, products and operations may be able to better mitigate the outbreak's impact. Beyond Lab aims to provide SMEs with the resources and expertise to embark on their digital journeys.

Beyond Lab's pilot cohort of 30 SMEs will undergo diagnostics with Ernst & Young Advisory (EY) to set their performance targets and prioritise areas for growth. After that, they will be matched to Skills Future Singapore programmes offered by Beyond Lab's knowledge partners Ngee Ann Polytechnic (NP) CET Academy and the SMU Academy, the university's professional training arm. The firms' business leaders and staff will get access to subsidised courses, ranging from artificial intelligence in finance to data science bootcamps.

The SMEs will also be matched with technology providers to help them apply digital processes to their businesses, in line with the digital roadmaps developed with EY. Said Keith Tan, chief product officer for Zeemart, one of the tech partners for Beyond Lab: "Most SMEs are aware of the need to digitalise, but it often gets deprioritised in the daily hustle of chasing numbers and managing customers." "We have to clearly show how easy it is to implement tech solutions, and how it will make them more productive and profitable," Mr Tan added.

Beyond Lab aims to have two intakes per year, which will see about 60 SMEs graduating from the programme by the end of this year.

Question - Discuss five (5) factors that will determine the marketing communication mix that Beyond Labs should use to create awareness of its services to the local SME market.