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The Singapore government is strongly supportive of local Small and Medium Enterprises (SMEs) digitising their operations and moving towards an Industry 4.0/ Smart Nation initiative – one of such methods is implementing a modern ERP sofware.
There are two main financial assistance programmes aimed at assisting SMEs to implement smart digital solutions into their operations. Read on to find out more!
Option #1: Enterprise Development Grant (EDG)
Announced in February 2018, the EDG grant is the successor to the Capability Development Grant (CDG).
The EDG grant is focused on helping Singapore companies scale up their business capabilities and ensure business growth. The projects can be under these key pillars – transforming business by upgrading core capabilities; innovating and increasing productivity by using technology to automate routine tasks and optimize resources; and expansion to overseas markets.
Under this grant, the maximum possible funding is up to 50% of qualifying costs.
This grant would be a suitable option for companies with more complex operations and thus require add-on modules or customised features in their ERP software. Due to the more complex nature of such projects, applicants are required to submit an in-depth proposal with the assistance of their solution consultants.
Option #2: Productivity Solutions Grant (PSG)
Similarly announced in February 2018, the PSG grant is widely considered as a replacement for the popular-but-discontinued Productivity and Innovation Credit (PIC) scheme.
The PSG grant covers pre-scoped/ off-the-shelf solutions and is more suited for companies who are looking for a straightforward and no-frills ERP solution to improve productivity.
Under this grant, the maximum possible funding is up to 50% of the project cost, capped at $30,000.
As the pre-scoped solutions are less complex, the application process for this grant is much more straightforward. An in-depth proposal is thus not required, and applicants simply have to submit the PSG application in the Business Grant portal.
► The solution – SAP Business One, version for HANA
- Real-time ERP solution with CRM, sales, purchasing, inventory, production, service, finance and more.
- Built-in Business Intelligence function within the ERP solution
- Mobile application
- Artificial intelligence and machine learning capabilities
- Flexible licensing and deployment – on-premise, cloud or subscription
► Our PSG pre-approved packages for SAP Business One, version for HANA
- PSG Package A – 3 Cloud Subscription Users
- PSG Package B – 3 Perpetual Users
- PSG Package C – 5 Cloud Subscription Users
- PSG Package D – 5 Perpetual Users
- PSG Package E – 8 Perpetual Users for Project Industry
We have carefully considered the most requested ERP software functionalities of our SME customers and put together 5 packages accordingly.
► Funding support
The PSG grant funding covers up to 50% of qualifying costs, capped at $30,000.
► What’s next?
a. Check that your company is eligible for PSG. The eligibility criteria are as follows;
- Business entity that is registered/incorporated in Singapore.
- At least 30% local shareholding.
- Company’s Group Annual Sales Turnover of not more than S$100 million, or Company’s Group Employment Size of not more than 200 workers.
- Purchase/lease/subscription of the Equipment or IT Solution must be used in Singapore.
b. Contact us and we will recommend the best PSG package to meet your needs.
c. Submit the grant application on Business Grants Portal (BGP).
You will require a CorpPass to submit your PSG grant application in this portal. You are required to submit the signed quotation and the vendor Invoice.
Do not start the project until you have successfully submitted the PSG application.
d. Claim for your project.
After your ERP system has gone live, submit these documents in the BGP portal for your project claims.
- System screenshots and relevant information to demonstrate that you have used the system for at least one month. We will provide you a guide on what information is needed.
- Proof of payment – receipt/ cheque/ bank statements.
► PSG Mobile Computer – Warehouse application grant (Optional)
Under PSG, you can also receive up to $30,000 subsidy on the cost of mobile computers for your warehouse.
With a WMS (warehouse management system) application, companies can fully digitalize their warehousing operations to achieve accurate and faster order fulfilment. A WMS mobile computer can automate the goods receiving and picking process using bar codes, QR codes or RFID.
While some WMS systems are standalone or require integrations to work with an ERP system, Inecom’s Warehouse Management System integrates seamlessly with SAP Business One’s inventory and warehouse modules, providing real-time updates via hand-held mobile computers for greater productivity.
With the PSG Mobile Computer (Warehouse application) grant, companies can get up to $30,000 funding on the cost of equipment.
The eligibility criteria is as follows:
- Business entity that is registered/incorporated in Singapore.
- At least 30% local shareholding.
- Company’s Group Annual Sales Turnover of not more than S$100 million, or Company’s Group Employment Size of not more than 200 workers.
- Purchase/lease/subscription of the Equipment or IT Solution must be used in Singapore.
► If you need a more complete help for a combination of these strategies – upgrading, digital innovation or venturing overseas – we can help you with the EDG (Enterprise Development Grant) application.
Apply for the PSG grant if your operational requirements can be achieved using a standard ERP solution package. Inecom’s strong track record and our industry best-practice templates for SAP Business One will ensure a smooth implementation of your ERP project from start to finish.
If you have a unique industry practice or an innovative way of increasing company productivity, you may want to consider the EDG grant to support additional customisations. We can design a solution using the latest technologies to complement your company’s business strategies.
Inecom has extensive experience in helping customers succeed in their grant applications. We use the Shark Finesse ROI Software to build a value-based business case for your project investment, which helps to identify your company’s pain points and demonstrates how the ERP project can deliver monetary benefit and value.
Contact us now to find out more about how the Productivity Solutions Grant and Enterprise Development Grant can help your company increase efficiency and productivity.
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