Business

Govt to fund 300 assessments of companies to speed up change

The Government will fund 300 assessments of small and medium-sized enterprises and multinational corporations using the Singapore Smart Industry Readiness Index to help them accelerate their industrial transformation efforts.

Senior Minister of State for Trade and Industry and National Development, Dr Koh Poh Koon, said yesterday to further amplify the reach and use of the Index, an accreditation programme will also be developed to train and qualify assessors.

The Index is a world-first diagnostic tool that companies, across all industries and of all sizes, can use to learn about Industry 4.0, evaluate the state of their facilities and develop a transformation roadmap.

Industry 4.0 refers to the Fourth Industrial Revolution, which envisages companies using "smart factories" where highly skilled staff work seamlessly alongside robots, using automation and new data exchange technologies.

The Singapore Economic Development Board, in partnership with Germany's TUV SUD, launched the Index last year.

TUV SUD specialises in training, inspection and product certification services.

Said Dr Koh: "The Index has received positive reviews since its launch and we are heartened that companies have found it useful in their transformation journeys. However, through feedback from public workshops, we recognise that having a qualified assessor can help companies overcome the initial barriers to transform. As such, we have committed 300 funded assessments and an accreditation programme, to ensure companies receive sufficient guidance in using the Index..." - THE STRAITS TIMES

BUSINESS & FINANCE