Contributed by Koo Jian Xiong, Internal Control & Compliance Officer
The "SMEICC Conference," Singapore's largest bilingual SME event, convened at the Suntec Singapore Convention & Exhibition Centre on August 15th and 16th. The event featured prominent business owners, thought leaders, and government officials who showcased technology-driven business innovations and ideas. On the invitation of the Remittance Association of Singapore (RAS), a team of CYS Global Remit key personnel attended this significant event.
The conference provided an opportunity for CYS delegates to engage with a diverse range of business stakeholders. It's CYS' commitment to stay at the forefront of technology-driven business innovations and our dedication to the remittance industry in Singapore.
During the conference, esteemed speakers shared insightful perspectives on various topics. Here are some takeaways from the CYS team.
1. Harnessing Enterprise Internal Data
One key message was effectively harnessing enterprise internal data for driving business development. In recent times, the macro economy has witnessed volatility due to factors like warfare and supply chain disruptions, contributing to fluctuating business costs. To combat inflation, interest rates have surged, compelling companies to closely monitor the microeconomy's influence on consumer spending patterns and trends. The imperative for enterprises lies in bolstering data analysis and real-time insights to adeptly navigate any potential adversities that may arise in the future.
2. Leveraging AI-supported data collection
Leveraging AI-supported data collection ensures the acquisition of impartial data. Data analytics occupies a pivotal role in facilitating well-informed business decisions. This process can be categorized into four distinct levels: descriptive analytics, diagnostic analytics, predictive analytics, and prescriptive analytics. These stages delineate a progression from comprehending past events (descriptive) to unearthing their origins (diagnostic), forecasting future outcomes (predictive), and culminating in actionable recommendations for effective decision-making (prescriptive). Companies fortified with data analytics support enjoy a competitive edge, as they can harness customer insights, elevate decision-making, and enhance risk management.
3. Intuition vs Data Analytics
While individuals might contemplate the choice between intuition and data analytics in decision-making, it's worth noting that many of the sound decisions based on intuition find substantial support in extensive big data analysis and accumulated experience. In contemporary decision-making, data analytics has evolved into an essential process that should be seamlessly integrated into a company's operations. This holistic approach ensures that businesses remain adaptable, informed, and primed for success in an ever-evolving business landscape.
CYS is glad to have attended this year's event and is thankful for the valuable learnings and connections, both old and new, that were cultivated during the conference. See you next year at SMEICC!