Current technological developments affect all aspects of the economy that exist throughout the world. One of the ‘big events’ that will be faced by all countries together with the development of the digital era is the industrial revolution 4.0. Many developed and floating countries prepare themselves to face this ‘big event’. For new companies that will expand their business in Singapore, this is the right time to call a professional company incorporation singapore and ask for their help.
The government also understands that Industry 4.0 can open new opportunities for innovation. The key is to utilize and maximize the innovation of the eight pillars of nine technological advancements that drive the Industry 4.0 approach, namely autonomous robots, big data, augmented reality, additive manufacturing, Industrial Internet of Things, horizontal and vertical system integration, simulation, cloud, and cybersecurity.
Combining the latest Industry 4.0 technology and sophisticated consumer base from various races and nationalities will also put Singapore in an ideal position as a testing ground for Asia. This will encourage competitiveness as a center for research and development and have a positive impact on incoming investment to drive the economy.
However, industry 4.0 also brings its own concerns, especially about the assumption that automation will reduce the need for low-skilled workers who carry out routine tasks.
To pave the way for Industry 4.0, the Singapore Government has also launched the Standards Mapping for the Singapore Smart Industry Readiness Index (SmS) to help companies in Singapore.
The main indicators of SmS are eight pillars, namely operations, supply chain, product lifecycle, automation, connectivity, intelligence, structure & management, and talent readiness. The SmS indicator also includes 60 other standards that can help companies adopt smart manufacturing, robotics, automation, and cybersecurity.
Deputy Prime Minister and Coordinating Minister for Economic and Social Policy Tharman Shanmugaratnam said SmS could help companies in Singapore to identify industry standards and needs in the 4.0 industrial revolution.
The standards in question include how to fill market opportunities and anticipate growth trends, encourage productivity, optimize resources efficiently, and support security standards and social needs.
As a concrete step, the Singapore Enterprise and Singapore Economic Development Board are collaborating with the Southeast Asia German Accelerator to increase startup expansion in both countries, both Singapore and Germany.