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Businesses need to collaborate with one another to thrive

Businesses in unrelated fields should form eco-system to maximise profits without additional expenditure

With globalisation and digitalisation, business platforms need to transform potential opportunities towards growth and expansion beyond our shores.

During such highly diversified times with automation in place, our local market is faced with many challenges.

These include competing with nations that are progressively involved with productivity and manufacturing.

Increasing operating costs and manpower labour are notable concerns.

A network of collaborative entities could be the solution, ensuring sustainability and growth within independent companies as an eco-system.

Why collaborate?

Industries are now faced with competition due to automation.

This has resulted in lower prices for products as e-platforms offer a wider selection of choices to consumers.

By collaborating with other companies, businesses in unrelated fields can form an eco-system for new opportunities.

This might result in a wider variety of products at affordable prices for consumers.

For example, a bridal shop provides wedding fittings for a couple. It can collaborate with photography services, floral services and event organisers to form an eco-system and maximise their profits.

This will allow these businesses to remain competitive without further expenditure .

We have witnessed entities taking off with similar collaborative platforms, applying automation and technological applications to enhance both productivity and accessibility to meet consumer needs.

FOCAL POINT

Gone are the days when service is perceived as unique. Customer experience is a focal point in today's consumer behaviour.

Business models have evolved through collaboration, empowering independent individuals to be a part of a structured platform and resulting in potential thinking space for creativity.

This will encourage businesses and start-ups to create portfolios to meet the standards and demands of the market.

It is probably no longer a practice when one can say: "My service is worth this price."

As information technology continues to progress, consumers will have more access to products and services, giving them more value for money.

Education has also had to adapt to changes in technology.

Students can now explore hands-on applications through job attachments during school holidays.

UOB-SMU Asian Enterprise Institute is one platform where the exchange of knowledge and resources to support the growth and development of local enterprises and students is available.

Through the real-life consulting project supported by the institute, students can create innovative solutions after data collection and analysis and working with entrepreneurs.

These developments make students realise that education focuses not just on academic results but also nurtures them and prepares them for challenges in the working world.

By having more of such talented people enter the workforce, it is hoped that they would be able to adapt quickly in a competitive work environment - and be able to see more opportunities in collaborative efforts with other companies that might not just shake up the industry but also inspire others to make Singapore's business environment more vibrant.

The writer is founder and owner of 3.Arts Concept, which specialises in live 3D scanning services.

BUSINESS & FINANCE