To create values for businesses.
To empower organizations with the mindset and tools to achieve the optimum level of Innovation led Productivity.
SMF Singapore Innovation & Productivity Institute is a knowledge enterprise that champions manufacturing excellence through innovation & productivity for Singapore’s manufacturing sector. Its key functions include providing productivity resources & customized roadmapping/ coaching support to help enterprises implement their specific productivity roadmaps. SiPi also undertakes research & benchmarking to steer industry development, and collaborates closely with the Singapore government agencies, industry experts, academia & overseas institutes to develop tools, case studies & localize best practices. SiPi also leverages highly on SMF several centres of excellence to provide a one-stop solution for productivity & innovation.
SPRING Singapore, a statutory board under the Ministry of Trade and Industry, aims to raise productivity to enhance Singapore’s competitiveness and economic growth. SPRING stands for Standards, Productivity and Innovation for Growth. The statutory board focuses on three areas: productivity and innovation; standards and quality; and development programmes; for small and medium-sized enterprises (SMEs) and the domestic sector. This programme is supported by SPRING Singapore through Capability Development Grant (CDG).
Problems faced by Singapore SMEs
- The middleman roles played by many local manufacturing SMEs (stockists, agents, distributors, etc) are being marginalized due to the prevalence of the Internet, making it easy for buyers to find the sellers and vice versa.
- Traditional markets are being affected by disruptive technologies and innovative business models. Companies with the ‘business-as-usual’ mentality are not able to adapt to these disruptions.
- Globalization has resulted in open markets in international trade. With increasing Trade Agreements, more and more trade barriers have been removed. SMEs will face a global competition.
- Intense competition not only from developed economies but now also from emerging countries.
- Singapore companies must now also focus on value creation to stay relevant and retain their competitiveness
- One way to do so is through Business Model Innovation.
Rationale of setting up BMI Centre
- SMEs lack awareness of BMI. SMF’s study on BMI shows that 71% of the 251 companies surveyed are not familiar with BMI.
- Only 5.5% of the companies surveyed have implemented BMI in their companies. Most of the SMEs lack the resources or do not know where to start even though they have plans to revamp their business models.
- SMEs need to collaborate with one another and form clusters to promote BMI at the sectorial level.
- With the manufacturing industry undergoing transformation, SMEs must focus on creating value.
- Local SMEs can learn BMI best practices and examples from local and overseas experts.