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Thriving In The Digital Economy
Thriving In The Digital Economy
- Business Strategy Development
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Human Capital Consulting
- Customer Strategy
Agile Lab is a boutique digital transformation consultancy firm that develops impactful digital solutions and software. They have been assisting startups and enterprises to tap on the latest technologies and innovate since their inception in 2016.
PRICE PRESSURE – Agile Lab is faced with growing pressure from competitors in light of the intensifying price competition across the Info-Comm and Media (ICM) industry.
BUILD TECH CAPABILITIES – To stay competitive and meet the challenges of a fast-moving digital landscape, Agile Lab needs to upskill existing employees and advance the team’s digital skills to help the company thrive in the Digital Economy.
BRANDING – Small local IT firms like Agile Lab face an uphill task in competing for projects with government and large enterprises. Other challenges faced include difficulties in substantiating their product claims, lack of track records and gaining market visibility.
Business Strategy Development
In response to the increasing price pressure, Agile Lab is advised to develop its own innovative high-growth InfoComm products for the enterprise market. This will help the company generate new revenue streams and higher profitability.
To thrive in the future economy, Agile Lab would need to harness the four key frontier technologies apart from digitalisation:
1. Cyber Security
2. Internet-of-Things
3. Immersive Media
4. Artificial Intelligence and Data Science
Human Capital Consulting
The Skills Framework for ICT (SFw for ICT) will be adopted to serve as a guide for Agile Lab to promote ICT skills mastery and lifelong learning among its employees. This will help employees to skill up and stay competitive so that Agile Lab is able to thrive in the Digital Economy.
Customer Strategy
To better substantiate product claims to customers, we recommended Agile Lab to pursue accreditation under IMDA’s Accreditation@SG Digital scheme, which provides an independent third-party evaluation of the company’s claimed product core functionalities and ability to deliver.
Apart from that, Agile Lab could gain market visibility and support by enrolling for IMDA’s SG:D SPARK membership, a programme that will support the initial growth of the company through a hybrid of Government grant tools and collaboration with peers and ecosystem partners.
If desirable, Agile Lab can also embark on a branding exercise to develop an effective brand strategy that appeals to targeted customers and offers a differentiated proposition from the competition.
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The Hardware segment continued to be the largest contributor to the Infocomm industry revenue, with a share of 74.2% of revenue. This is followed by the IT Services segment that contributed 13.6% of revenue.
The fastest growing segment of the Infocomm Industry was the IT Services segment, which grew by about 68.5% year-on-year from 2016 to 2017. The CAGR of the revenue contributed by the IT Services segment grew by 16.8% from 2012 to 2017.
Based on the above industry projections, Agile Lab can potentially see a 5-10% of revenue growth arising from new revenue stream from the enterprise product market.
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According to research from Gallup, with a highly engaged workforce, Agile Lab could possibly see a 41% reduction in absenteeism and 59% less turnover.
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A key aspect of branding is to have a consistent presence on all advertising platforms, which has the potential to boost business revenue by 23%, according to Forbes.