FC - RCMA - 2023-2024

43 Vincent Li from Starry Homestead Pte Ltd In these digital times, the success of your business can pivot on the technology and online services you use. By having online payment platforms, cloud storage services, a strong social networking strategy, cybersecurity solutions and online customer support systems in place, our operations have been running much more smoothly. We have seen bad debt being reduced significantly, as well as scams. However, digitalisation comes at a hefty price, software systems can become obsolete easily and switching or updating software providers can be a large investment. Hiring an in-house IT personnel can be incredibly costly due to the current competitive market demand. Sky Tan from Sky Creation Design Pte Ltd Consumers are getting more internet-savvy and soon enough, we will see AI taking over traditional 3D renderings with more professional results. Homeowners are also more demanding these days as they become more involved in the renovation process while doing their own independent research. We hope to see more renovation practitioners become empowered to digitalise their business for continuous success. That will mean constant upgrading and attending courses to undergo training. We are looking into a sophisticated customer relationship software (CRM) to digitalise our business and adopt a paperless approach. In line with AI technology down the pipeline, we can offer a fully-digital package for our customers. Patrick Puah from Lian Seng Hin Co (Pte) Ltd Before the COVID pandemic, manpower, cost and material essentially were manageable, due to efficient supply chain and sufficient labor supply, therefore costs could be contained. Post-COVID, there were severe disruptions, so costs rocketed. Essentially, costs have gone up by at least 20%. In terms of manpower and material supply now, we see some semblance of normalcy, albeit some sectors still facing tight supply, like carpentry. While digitalisation can take care of many aspects of our business, there are still some things that can’t beat physical interaction. For instance, touching the product and seeing it up close; our customers still want to be able to do that. We do see more zoom meetings, online invoicing and scheduling, and off-site project management. However on-site physical meetings and material selection cannot be totally eradicated even in advanced stages of digitalisation.