As digital technology transforms every sector of Singapore’s economy, it is essential that small and medium sized enterprises (SMEs), defined in Singapore as businesses with an annual turnover of not more than S$100 million, or that employ more than 200 workers, make the most out of digital technologies to improve operations and generate new revenue.
There are programs in place that can help, like the Enterprise Solutions Grant (EDG) that supports projects that help you upgrade or innovate your business, or the Market Readiness Assistance (MRA) that helps businesses wishing to take their first step into the overseas market.
Singapore SMEs looking to adopt digital technologies like NetSuite can also take advantage of the Productivity Solutions Grant (PSG) to improve, grow and scale their business.
What Is the Productivity Solutions Grant (PSG)?
The PSG is an initiative delivered by the Government of Singapore via its Infocomm Media Development Authority (IMDA). It helps small to medium-sized enterprises (SMEs) invest in technology, IT solutions and equipment that will enhance and automate business processes, therefore improving productivity. The PSG is part of IMDA’s SMEs Go Digital Programme, which helps to simplify the adoption of new technology for SMEs. It offers funding support to SMEs who select pre-approved solutions, like NetSuite.
What Help Is the Singapore Government Offering With the Productivity Solutions Grant (PSG)?
The Government of Singapore has allocated an initial S$110 million over the next three years for the Productivity Solutions Grant. The PSG supports the purchase of pre-approved productivity and technology solutions for SMEs across specific sectors, as well as a selection of solutions used across most industries.
What Are the Advantages to Applying for a Productivity Solutions Grant (PSG)?
With the PSG, SMEs receive up to 80% in funding support* when they adopt approved software and equipment. The government has approved specific solutions and equipment that will support business growth and a strong economy.
What Does the Productivity Solutions Grant Cover?
The PSG covers solutions in specific industries including retail, manufacturing, wholesale trade, logistics, food, logistics, precision engineering, construction and landscaping. The PSG also supports broader solutions that impact a wide range of industries, such as customer relationship management, data analytics, financial management, inventory tracking, online collaboration tools, virtual meeting and telephony tools, queue management systems and temperature screening solutions.
Who is Eligible to Apply for the PSG?
Business entities can apply for the PSG if they meet the following criteria:
- Registered and operating in Singapore.
- The purchased/leased IT solutions/equipment/consultancy service must be used in Singapore.
- A minimum of 30% of the business is owned by local shareholders (for selected solutions only).
- Have at least three local employees at the point of application or deployment of the solution (for selected solutions only).
What Documents Are Required to Apply for the PSG?
PSG applicants require the following documents for their application:
- A copy of their latest financial statement.
- A quotation from the vendor of a pre-approved solution.
What NetSuite Solutions Are Pre-approved Under the PSG?
SMEs can get up to 80% funding support* by adopting a solution from the five pre-approved NetSuite SuiteSuccess solutions listed below:
- SuiteSuccess Starter with Implementation is well suited for companies using entry-level accounting software, but need more functionality than their current solution offers;
- SuiteSuccess Starter Plus with Implementation is well suited for companies using entry-level accounting software, but need more functionality, specifically around complex and advanced inventory management requirements;
- SuiteSuccess Standard without implementation is well suited for companies using entry-level accounting software, but need more functionality, specifically around complex and advanced financial requirements;
- SuiteSuccess Financials First Standard Cloud Service with implementation is well suited for companies using entry-level accounting software, but need more functionality, specifically around complex and advanced financial requirements;
- SuiteSuccess Standard & Advanced Inventory without implementation is well suited for companies using entry-level accounting software, but need more finance functionality, and complex and advanced inventory functionality;
| Offering | Implementation | LCS Training | # of Users | ERP and CRM | Core Financials | Advanced Financials | Basic Inventory | Advanced Inventory |
|---|---|---|---|---|---|---|---|---|
|
Package 1 NetSuite SuiteSuccess Starter |
Implementation is included | Yes | Up to 10 | Yes | Yes | Yes | ||
|
Package 2 NetSuite SuiteSuccess Starter |
Implementation with one of the following options;
- Starter + Pick, Pack and Ship - Starter + Matrix Items |
Yes | Up to 10 | Yes | Yes | Yes | Yes* | |
|
Package 3 NetSuite SuiteSuccess Financials First Standard |
Implementation not included | Yes | Up to 30 | Yes | Yes | Yes | Yes | |
|
Package 4 NetSuite SuiteSuccess Financials First Standard Cloud Service |
Implementation is included | Yes | Up to 30 | Yes | Yes | Yes | Yes | |
|
Package 5 NetSuite SuiteSuccess Standard and Advanced Inventory |
Implementation not included | Yes | Up to 30 | Yes | Yes | Yes | Yes | Yes |
*depending on Starter Plus option chosen
NetSuite can be fairly complicated to price, so check out our blog post for more info on the cost of NetSuite ERP. At Threadgold Consulting we have helped many organisations implement NetSuite with the help of Singapore's Productivity Solutions Grant. If you'd like some support, then get in touch and we will be with you at every step of the way!
