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.
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.
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.
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.
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.
Business entities can apply for the PSG if they meet the following criteria:
PSG applicants require the following documents for their application:
SMEs can get up to 80% funding support* by adopting a solution from the five pre-approved NetSuite SuiteSuccess solutions listed below:
| 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!