Digital competitiveness is growing at such a rapid rate as more advancements are being made through technology. In this sophisticated and advanced century where people are reliant on technology to survive and grow, research organisations publish reports based on their findings to find out countries’ digital competitiveness across the globe.
These reports are based on several criteria that measures countries’ ability to adopt and explore digital technologies leading to transformation in government practices, business models and society in general.
Countries that rank higher in digital competitiveness shows that the country and its people have the capability to adopt, learn and explore new technologies that can contribute to the growth and improvement of business models and the economy of a country.
More developed countries tend to rank higher as technology is more readily available and its people are highly trained and educated due to a more progressive education system. A strong economical country will also lead to higher ranking as more funds could be pumped into technological advances and training programmes.
Why is Digital Competitiveness information important?
Having information on countries’ digital competitiveness can be very useful as it reflects on a country’s health, whether is the country doing well, stagnant or developing. From the country’s health, it is then possible to gauge more specific information such as literacy rate, economical and social factors.
These reports done by research organisations is significant to economically-inclined individuals particularly investors and entrepreneurs. Investors and entrepreneurs will make use of economic information on countries to make better informed decisions.
For example, investors would want to know about certain markets of a country such as Digital Market before making an investment. Also, investors can make use of information on how well the country is progressing so that their investment can be made securely and safely.
Entrepreneurs on the other hand, would want to know whether the country is developed and that its people are trained and educated well before setting up a business there. This would make their organisation well-equipped especially in a competitive market.
Singapore’s rank in Digital Competitiveness
According to Swiss Business School IMD, Singapore is ranked second place among 63 economies in digital competitiveness, just behind United States. Previously, Singapore took the top spot before dropping to second place.
The IMD World Competitiveness Centre is a research group at IMD Business school in Switzerland with 30-years of research expertise in the field of country competitiveness.
Based on the findings, Singapore topped the knowledge and technology categories due to its digital-friendly environment and high levels of education and training. Singapore has the capability to adopt technologies and transform business digitally.
This increase in capability is a result from strong performance in employee training and an increase in the share of scientific and technical employment while furthering the technology sector. Highly connected infrastructure helps in improving the capability as well.
Overall, 29 countries in 2018 saw an improvement in their level of digital competitiveness. Approximately 40 percent, 26 countries, showed a decline while only 8 economies remained in the same position.
Overall, Singapore, the smallest yet one of the most successful Asian country, remained to be the only Asian country to hit the top ten list, with closest rival Hong Kong falling into 11th place from 7th in 2017.
Korea went up five places to hit the 14th spot, while Japan did likewise to reach the 22nd spot. The leading Asian Competitors are still Hong Kong, Japan and Korea. However, these countries are far off from Singapore in terms of ranking, reinforcing how well Singapore is doing as the smallest Asian country.
Hence, people in Singapore should start to see its strong digital market as an opportunity to grow financially. Singapore based technology companies such as software companies should also be aware of the competitive but successful digital market, and its highly talented workforce.