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How can companies take advantage of the Industry Transformation Map laid out recently by the Singapore Government

Singapore’s Professional Services Industry Transformation Map (ITM) was launched last week, charting a roadmap to develop the industry to become a global market leader in high-value, specialist services, driven by innovation and partnerships, over a five to ten year horizons.

Through ITM, the sector is projected to post an average growth rate of 4.6% from 2015 to reach a value-add of S$31 billion by 2020 and generate 5,500 new Professional, Managers, Executives and Technicians (PMET) jobs every year during the same period.

Launching the ITM at the opening of Dentsu Aegis Network’s Asia Pacific Headquarters in Singapore, Ms. Indranee Rajah, Senior Minister of State, Ministry of Law & Ministry of Finance and Co-Chair for the Future Economy Council (FEC) Modern Services Sub-Committee, said,

“The Professional Services sector is a growing industry with tremendous potential for job creation. Singapore has the right conditions for companies to innovate world-class business solutions and forge cross-disciplinary partnerships. The ITM is an integrated plan that will enable our firms to scale, innovate and increase their productivity, while preparing Singaporeans to take on exciting new jobs such as digital product developers, data modellers and risk advisory professionals.”

How can companies capitalise on this initiative by the Singapore government? Where are the areas to apply these initiatives?

Growth areas

Companies in advertising, consulting and engineering services are looking to build key digital capabilities in data science, analytics and artificial intelligence. There are also significant opportunities for strategy and operations consulting as clients embark on digital transformation projects. In addition, the steady growth of engineering and infrastructure projects, and financial services is expected to increase demand for specialised services such as project management, risk management, business valuation and dispute resolution.

  1. Accounting firm Precursor Group has diversified from traditional audit services to also offering HR and analytics services, through its proprietary cloud-based services delivery platform. This has allowed them to scale their offerings to over 500 local and multinational clients with just 60 staff.
  2. WongPartnership, a leading full service Singapore law practice, adopted AI tool, Luminance, to enhance its due diligence processes for Merger & Acquisition transactions. The firm is harnessing the predictive power of AI to discern patterns and detect anomalies across large volumes of contracts and unstructured data.

Other areas which companies can grow

1. Strategy consultants can offer real time monitoring of research topics, such as those from the Bioscience industries to provide up-to-date and accurate data of trends and happenings in any given area. Revamping the way market studies are done on desktop, Strategy consultants can accessed data sources from 1,000 websites and social media to create a powerful analytic view at various points across any industry’s Verticals. Data about Industry drivers are captured any displayed in real-time from sources i.e. news, comments, publications and journals.

2. Consultants in the Tourism industry can boost the value of any Scenic Sites in the world by creating an on-demand tourist insights platform, from user-generated content, which also covers English and Chinese social media and websites; to boost lifetime value of scenic sites, reduce time-to-value, monetize customer patterns.

3. Consultants in the Media and Entertainment Industry can provided detailed sentiment analysis of news and comments related to targeted Celebrities and Personalities, to detect love and hate factors for their Clients in real-time.

4. Any management consultant can use AI and Big Data Techniques to automate research and report generation. Solutions already developed for Academically institutions can now be used to automate the process of research and report

generation; module is to be used widely across the Company (i.e McKinsey) to reduce time spent on research and reporting, increase collaboration, widened and deepened research scope, thus produce better research quality.

5. Improving customer service for Telcos. Also already developed as a service for Medical Researchers in another part of the world to improve patient care;

Consultants in Telco can now unify the largely unstructured data to provide sentiment analysis towards improving service levels in Telecommunications.

6. Government Agency Consultants advising Ministries can now use Big Data to consolidated data sources across countless data lakes; integrating different data warehouses together into a unified database for automated publishing and delivery of analytics, in visual charts and graphs. MOH may be one to take note.

7. Advertising and Media industries can take “KYC” to a whole new level. From

knowing what Viewers have mentioned, liked, commented, watched, providing a multi-dimensional view of target audiences’ emotional feedback.

8. The same industry can create new product lines around Advertising, so that Companies can bid for an entire audience segment rather than time slots. This can be in a form of a web-based application displaying interaction and traffic data, aimed at maximising the true value of advertising at a particular time slot.

9. Engineering consultants and Technology providers can increase sales, predict tenders by using AI and NLP to compliment the work of their inside sales staff, using big data and "fuzzy logic" techniques to identify the 5Ws and 1H about their clients, competitors and sponsors.

10. Lastly, do what Amazon can do by predict your next product/service champion, from sentiment analysis using data from Google, Grab and Adobe. Singapore is finally opening up data sources for SMEs to enjoy, and now its the time to "Grab" them.

If you have any more ideas, leave a comment, we love to hear from you.

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