Themed “Technology Inclusion or Infusion”, this year’s Stone Forest CIO2SME conference, held on 27 September 2019, touched on leading technological trends. Invited speakers shared how growing businesses can achieve returns from technology transformation with minimal risks in disruptive times. SME owners were also introduced practical solutions in the exhibition area.
- Succeed in the Fourth Industrial Revolution
Our very own IT director, Mr Tay Thain Lin, kick-started the conference by addressing a pertinent question: “How digital-ready are you in this age of disruption?” Tay advised business owners to be prudent in adopting the latest technology after rationalising their new business models with the right technology infusion to create value in four key areas:
- Growing the business
- Beating the competition
- Meeting customer needs
- Managing cash flow and labour/talents
- Blockchain Defined
Many business owners see blockchain as merely cryptocurrency or Bitcoin. In just one line, Mr Sean Kor of Trinide brought home the point that “blockchain is a technology that allows for a distributed and decentralised ledger.” Making reference to real case studies, Kor shared how blockchain is disrupting certain industries, highlighting its competitive advantages. To SMEs that are looking to adopt blockchain, Kor stressed that they should still first weigh its benefits against its limitations.
- SME Digital First Aid Kit
Introducing the concept of a “Digital First-aid Kit”, Mr Hoi Wai Khin, Business Consulting Director, RSM, highlighted the importance of developing a holistic strategy for a secure, compliant and resilient business. This digital kit includes cybersecurity awareness, IT governance and compliance, business continuity and disaster recovery, and incident response readiness. Hoi also shared preventive measures and practical solutions to keep cyber threats at bay.
- Personal Data Protection Act (PDPA) Compliance
If there ever is one legal advice that is worth taking note of, it is that of data protection obligations presented by Mr Lionel Tan, Equity Partner of Rajah & Tann Singapore. Tan helped SMEs understand the importance of balancing the use of personal data and data confidentiality by breaking down the latest PDPA regulatory updates and digital privacy legal considerations.