ALL YOU NEED TO KNOW ABOUT PRODUCTIVITY SOLUTIONS GRANT (PSG)
Today, technology has incorporated the use of high-end and expensive solutions. You can start at a lower level by automating the simple existing processes in your business to improve its productivity. The Singapore Government has introduced the Productivity Solutions Grant (PSG) in a move to encourage and support businesses in their transformation journey. The transformation requires a massive investment in digital marketing and more long-term commitments. The productivity solutions grant will help companies to purchase and adopt new technological solutions in an aim at remaining competitive in digital marketing. The Productivity Solutions Grant is dedicated to supporting the business firms that are interested in adopting information technology solutions and equipment’s to make their business processes more effective and efficient. This article will go through all what you need to know about the Productive Solutions Grant.
The Productive Solutions Grant is focused on adopting internet technology solutions in several selected industries. These include retail, finance, logistics, engineering, food, and landscaping industries. PSG has brought together three types of existing grants including national parks board ‘s landscape grant, spring Singapore innovation voucher, and Media Development Authority‘s SMEs Digital programme. The Government simplified the overall awards into one main PSG. You can now apply for the support under one grant scheme. These solutions have been previously pre-copied by the Government mentioned above agencies. However, in case your business SME does not readily fit any of the industries, PSG offers some adoptable solutions such as digital customer relationship management and human resource management that cuts across all sectors.
The PSG provides one of the significant financial breakthroughs to most companies. According to the global commercial banking, adopting technological changes in your business is essential as it brings cost benefits that enable the state to attain sustainable growth in the long run. The programme offers about seventy percent funding support to the Singapore companies. This will give them a chance get into long-term digital technology investments. The tech Depot can provide the list of the readily flexible solutions. Companies that want to undertake the schemes can apply the Productivity Solutions Grant for a more substantial one grant scheme. Among the support of pre-approved solutions, to be streamlined into a productivity solution grant include the SMEs Go digital programme.
The Government of Singapore is ready to allocate about $110 million in financial assistance to the company that will get into the modernisation strategy of their business through the Productivity Solutions Grant. The Government has integrated PSG to work together with industry transformation maps (ITMs) in a motion seeking to promote partnership between the industries, the local business, and the Government. Why is ITMs integration necessary? Industry transformation maps act as the guideline in the determination of Government digital transformation support. The Singapore Government can group industries as a group of six through ITMs. This collaboration is critical in making Singapore home of productive and innovative SMEs.
The revolution of IT solutions is fast growing through the incorporation of social media marketing, online marketing, and search engine optimisation. In that case, most of the businesses downfall is as a result of poor digital marketing strategy. Company development ‘requires a vast lead generation investment to keep it competitive in online marketing. Online marketing has become a huge investment for small and big investors and has had tremendous growth especially in Singapore. About fifty-five percent of Singaporeans accessing the internet use their devices to search or purchase products. This proves the need for the companies to apply for the production solution grants to try and sell their business brand to the demographic market.
Today, business digital transformation and automation is crucial in all business firms. Your business cannot afford to work manually in calculating and keeping its marketing records. The Government is funding for innovation of these local businesses through PSG. The grants will provide a computerised accounting that is more accurate and gives the online marketer more room in concentrating on other business matter. Additionally, use of automated transactions places your business at the exposure of a larger area of online users. You can gain access to more potential buyers and also gives you an ideal platform for company .
The accounting software solutions also can claim under PSG . Our ABSS Accounting Software Singapore / MYOB Accounting Software Singapore are eligible to claim up to 50% .
The PSG may be a Government tool in aiming for economic growth. The Government provides a finding of up to seventy percent to the SMEs. Other companies have raised offering to fund businesses with a quite reasonable amount in countering the PSG. This increases competition between local businesses resulting in industrial growth. A good example is Innovation and Capability Voucher (ICV). The affected solution providers will direct their SME clients apply for the PSG support on business grant portal.