In Broadcast - March 2020 - 21

21

www.inbroadcast.com | Vol: 10 - Issue 3 | March 2020

InAPAC

Singapore Should Embrace
Automation for its Next
Stage of Growth
An advanced economy with a low birth rate,
Singapore needs to adopt an 'automation first'
mindset to drive its next stage of growth...

S

ingapore, by most measures,
is enjoying many of the
trappings that come with being an
advanced, developed economy. Low
unemployment (around 2.1% in 2018),
high GDP per Capita, high levels of
education, low crime etc. It also suffers
from a number of pitfalls, too, notably
lower growth than its less developed
neighbours, higher exposure to global
economic and geopolitical trends
thanks to its more open economy, a
lower birth rate and higher prices.
Last year, the number of babies
born in Singapore fell to its lowest in
eight years with 39,039 babies born,
a 1.5% drop from 2017. This comes at
a time when the Singapore economy
is starting to experience the sideeffects of the US-China trade war and
the results of the global economic
slowdown - particularly with trade.
Another Asian country that is
similar in many ways to Singapore is
Japan. With a stagnant birth-rate and
declining population, the country's
growth in the 90's was at least 1.5%
slower than the rest of the world
resulting in economic stagnation,
known as the 'Lost Decade' (though it
should be two decades, from 1990 to
2010).
Following an economic crash in
the early 90's the country's growth
slowed and it took on considerable
debt largely thanks to social welfare
spending on its aging population.
This was exacerbated by its shrinking

tax base thanks to low birth rates
and
declining
population.
The
consequences were a decline in GDP
from $5.33 trillion to $4.36 trillion in
nominal terms and real wages falling
by about 5%.
While Singapore today is very
different to Japan of the early 90's
- it is arguably in a much better
position - we should still look to learn
from Japan. The most obvious area
is low population growth and how to
generate economic growth with an
aging population.
Technology Benefits
First on Singapore's list is
automation and leveraging automation
technologies
to
both
address
productivity issues arising from an
aging and/or declining population
and
generate
more
economic
growth. Technological innovation
and advancement can be disruptive
and there are a number of new,
powerful technologies emerging that
will transform companies. However,
those firms that resist automation
inevitably fall by the wayside, but most
importantly, an advanced economy
such as Singapore with an educated
workforce will be best positioned to
reap the benefits automation brings.
Singapore already has a good record
on workplace automation. According
to the survey, The Global Future of
Work, automation is expected to
perform almost 30% of all work done

By: Malina Platon,
Managing Director,
ASEAN Region, UIPath
by Singaporean firms by the end
of 2020. That figure was just 7% in
2014 so automation growth has risen
considerably.
One of the main obstacles to the
wider adoption of automation is
the perception that this can lead to
widespread job losses. Headlines about
robots stealing jobs and a dystopian
future where humans are subservient
to robot 'bosses' usually catch our
attention but are rarely accurate. Not
only will automation technologies not
take away Singaporeans' jobs, but it
will make work better.
For example, Japan's Sumitomo
Mitsui Banking Corporation (SMBC)
deployed Robotic Process Automation
(RPA) to automate a number of tasks
and processes. It is estimated that they
automated over 3 million-man hours
over three years, yet without any
forced layoff.
Significantly though, work is getting
better because of automation. One of
the main causes of long-term stress
is boredom and there are few things
more mind-numbing than doing rote,
repetitive tasks such as data entry, or
manual rules-based work on a factory
floor.
Ask a Singaporean if they're excited
about automation and they may have
reservations. Ask a Singaporean what
tasks they find boring at work and
whether or not they would like these
tasks automated and my guess is they
will respond with a resounding yes.

Importantly
for
Singapore,
automation will allow employees to
be more productive as it enables them
to do more value-added work that
involves creativity and innovation. A
more productive workforce will allow
it to grow economically with the same
number of workers.
Automation Partnerships
Yet in order to enable this we must
start inculcating an 'automation first'
mindset earlier, in our schools and
universities.
Students need to understand that
robots will not replace them, rather
they will allow them to do more and
better things. It is therefore imperative
that schools and universities teach
and build skills among their students
from a young age, something that is
already starting to happen thanks to
partnerships with leading universities
in Singapore.
These partnerships will allow the
workers of tomorrow to be taught
how to work alongside robots in the
workplace, positioning them for more
success in the automated economy of
the future.
Lastly, we need to encourage more
communities and ecosystems of
businesses and experts / developers.
While automation technology may
be complex we should make it more
accessible by connecting those who
use and benefit from this technology
(businesses, governments etc.) with
those who are driving the technology
forward (developers etc.).
With recent news surrounding
Singapore's lower GDP growth figures
thanks to the US-China trade war
now is a good time to think how we
should equip ourselves for an economy
that will only get more complex.
Artificial Intelligence (AI) and other
technologies are here to stay and
we should embrace automation and
understand how it could continue our
economic growth.


http://www.inbroadcast.com https://www.uipath.com/

In Broadcast - March 2020

Table of Contents for the Digital Edition of In Broadcast - March 2020

Content
In Broadcast - March 2020 - Intro
In Broadcast - March 2020 - Cover1
In Broadcast - March 2020 - Cover2
In Broadcast - March 2020 - Content
In Broadcast - March 2020 - 4
In Broadcast - March 2020 - 5
In Broadcast - March 2020 - 6
In Broadcast - March 2020 - 7
In Broadcast - March 2020 - 8
In Broadcast - March 2020 - 9
In Broadcast - March 2020 - 10
In Broadcast - March 2020 - 11
In Broadcast - March 2020 - 12
In Broadcast - March 2020 - 13
In Broadcast - March 2020 - 14
In Broadcast - March 2020 - 15
In Broadcast - March 2020 - 16
In Broadcast - March 2020 - 17
In Broadcast - March 2020 - 18
In Broadcast - March 2020 - 19
In Broadcast - March 2020 - 20
In Broadcast - March 2020 - 21
In Broadcast - March 2020 - 22
In Broadcast - March 2020 - 23
In Broadcast - March 2020 - 24
In Broadcast - March 2020 - 25
In Broadcast - March 2020 - 26
In Broadcast - March 2020 - 27
In Broadcast - March 2020 - 28
In Broadcast - March 2020 - 29
In Broadcast - March 2020 - 30
In Broadcast - March 2020 - 31
In Broadcast - March 2020 - 32
In Broadcast - March 2020 - 33
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In Broadcast - March 2020 - 35
In Broadcast - March 2020 - 36
In Broadcast - March 2020 - 37
In Broadcast - March 2020 - 38
In Broadcast - March 2020 - 39
In Broadcast - March 2020 - 40
In Broadcast - March 2020 - 41
In Broadcast - March 2020 - 42
In Broadcast - March 2020 - 43
In Broadcast - March 2020 - 44
In Broadcast - March 2020 - 45
In Broadcast - March 2020 - 46
In Broadcast - March 2020 - 47
In Broadcast - March 2020 - 48
In Broadcast - March 2020 - 49
In Broadcast - March 2020 - 50
In Broadcast - March 2020 - 51
In Broadcast - March 2020 - 52
In Broadcast - March 2020 - Cover3
In Broadcast - March 2020 - Cover4
http://europe.nxtbook.com/nxteu/lesommet/inbroadcast_202102
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http://europe.nxtbook.com/nxteu/lesommet/inbroadcast_cabsat2018
http://europe.nxtbook.com/nxteu/lesommet/inbroadcast_201801
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http://europe.nxtbook.com/nxteu/lesommet/inbroadcast_NABSHOWNYexpo2017
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http://europe.nxtbook.com/nxteu/lesommet/inbroadcast_inshowguide2017
http://europe.nxtbook.com/nxteu/lesommet/inbroadcast_201708
http://europe.nxtbook.com/nxteu/lesommet/inbroadcast_201707
http://europe.nxtbook.com/nxteu/lesommet/inbroadcast_201705
http://europe.nxtbook.com/nxteu/lesommet/inbroadcast_NABSHOW2017
http://europe.nxtbook.com/nxteu/lesommet/inbroadcast_201704
http://europe.nxtbook.com/nxteu/lesommet/inbroadcast_cabsat2017
http://europe.nxtbook.com/nxteu/lesommet/inbroadcast_201703
http://europe.nxtbook.com/nxteu/lesommet/inbroadcast_201702
http://europe.nxtbook.com/nxteu/lesommet/inbroadcast_201701
http://europe.nxtbook.com/nxteu/lesommet/inbroadcast_INREVIEW2016
http://europe.nxtbook.com/nxteu/lesommet/inbroadcast_201612
https://www.nxtbook.com/nxteu/lesommet/inbroadcast_201611
https://www.nxtbook.com/nxteu/lesommet/inbroadcast_NABSHOWNYexpo
http://europe.nxtbook.com/nxteu/lesommet/inbroadcast_20110708_DEMO
https://www.nxtbook.com/nxteu/lesommet/inbroadcast_201610
http://europe.nxtbook.com/nxteu/lesommet/inbroadcast_inshowguide2016
http://europe.nxtbook.com/nxteu/lesommet/inbroadcast_201609
http://europe.nxtbook.com/nxteu/lesommet/inbroadcast_201608
http://europe.nxtbook.com/nxteu/lesommet/inbroadcast_201607
http://europe.nxtbook.com/nxteu/lesommet/inbroadcast_201606
http://europe.nxtbook.com/nxtbooks/lesommet/inbroadcast_APAC03
http://europe.nxtbook.com/nxteu/lesommet/inbroadcast_201605
http://europe.nxtbook.com/nxteu/lesommet/inbroadcast_NABSHOW2016
http://europe.nxtbook.com/nxteu/lesommet/inbroadcast_201604
http://europe.nxtbook.com/nxteu/lesommet/inbroadcast_201603
http://europe.nxtbook.com/nxteu/lesommet/inbroadcast_cabsat2016
https://www.nxtbook.com/nxteu/lesommet/inbroadcast_201602
http://europe.nxtbook.com/nxteu/lesommet/inbroadcast_201601
https://www.nxtbook.com/nxtbooks/lesommet/inbroadcast_APAC02
https://www.nxtbook.com/nxteu/lesommet/inbroadcast_201512
https://www.nxtbook.com/nxteu/lesommet/inbroadcast_201511
https://www.nxtbook.com/nxteu/lesommet/inbroadcast_CCW15expo
https://www.nxtbook.com/nxteu/lesommet/inbroadcast_201510
https://www.nxtbook.com/nxtbooks/lesommet/inbroadcast_APAC01
https://www.nxtbook.com/nxteu/lesommet/inbroadcast_201509
http://europe.nxtbook.com/nxteu/lesommet/inbroadcast_IBC2015
https://www.nxtbook.com/nxteu/lesommet/inbroadcast_201508
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https://www.nxtbook.com/nxteu/lesommet/inbroadcast_201506
http://europe.nxtbook.com/nxteu/lesommet/inbroadcast_BROADCASTASIA2015
https://www.nxtbook.com/nxteu/lesommet/inbroadcast_201505
https://www.nxtbook.com/nxteu/lesommet/inbroadcast_201504
http://europe.nxtbook.com/nxteu/lesommet/inbroadcast_NABSHOW2015
https://www.nxtbook.com/nxteu/lesommet/inbroadcast_201503
https://www.nxtbook.com/nxteu/lesommet/inbroadcast_cabsat2015
https://www.nxtbook.com/nxteu/lesommet/inbroadcast_201502
https://www.nxtbook.com/nxteu/lesommet/inbroadcast_201501
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