When it comes to boosting efficiency in your organization, automation may be a powerful weapon in your arsenal. Automation of certain processes and tasks would undoubtedly be beneficial to the whole organization.
Automation of various processes and tasks necessitates the adoption of current technological solutions by a business. On the other hand, increased productivity does not have to come at a high price. Businesses may apply for grants from the government and private organizations. For the Productivity Solution Grant (PSG) you need be sure.
What is PSG, and what does it stand for?
There are three existing awards that have been combined to form the PSG, namely, a Landscape Grant from the National Parks Board, a Spring Singapore Innovation Voucher, and the Media Development Authority’s SMEs Digital Program.
If a firm is going to grow, it has to incorporate cutting-edge technology into its daily operations in order to save money, according to experts in global commercial banking.
This initiative offers Singaporean businesses with 70% of the money they need to make a technology shift. Digital investments that will help certain companies grow over the long run may be beneficial to such companies in particular.
Customer relationship management, data analytics, financial management, and inventory management are all examples of the kind of solutions the PSG promotes. Enterprise Singapore, the National Environmental Agency (NEA), and the Singapore Tourism Board (STB) have already chosen these proposals for future research and development.
Enhancements to the PSG
As a way to encourage firms to keep up their digitalization efforts, the Supplementary Budget 2020 raised the value of the prize.
The maximum finance support level was increased to 80% from April 1, 2020, to September 30, 2021. As a result of COVID-19, several measures were put in place to help companies deal with the repercussions.
As far as generic solutions go, this is what’s been more generally available:
- Web-based meeting tools.
- Collaborative software (covering remote working solutions).
- Instruments for gauging temperature.
- Among the many different types of queue management systems, one kind is the queue management software.
Tools for the digital era of marketing
As a reminder, unless an extension is granted, the support for COVID-19 business continuity measures expires on December 31, 2020. All companies that applied before the deadline will be eligible for a bundle of benefits.
Who may apply for the PSG?
Small and medium-sized businesses (SMEs) that meet the following requirements may apply for funding:
- Singapore is the only jurisdiction in the world where a company may be incorporated and have its headquarters.
- Singapore must use all of the equipment and IT solutions that have been purchased or leased.
- For a corporation to operate, at least 30 percent of its stock must be owned by local investors. Be aware that this only applies if the company’s annual sales turnover is less than S$100,000,000 or if it has fewer than 200 workers on payroll (for selected solutions only).
- At least three Singapore nationals or permanent residents must be employed or on the payroll every month throughout this time period.
- The company has never before given much thought to SFEC.
New windows with various demands will open when that step is done, and the user will be prompted to choose an industrial sector that best fits their company. Alternatives include landscaping, building and construction, logistics, tourism, food and beverage, retail, manufacturing and engineering, information technology, and the media.