New index for firms in process construction and maintenance to go digital faster

Companies in the process construction and maintenance industry here can tap a new benchmark index to better understand how they can speed up digitalisation efforts.

The Digitalisation Readiness Index comprises questions that guide companies in the sector on the steps needed to improve their operations to aid digitalisation, while ensuring their workforce stays productive.

The process sector involves the construction and maintenance of equipment and machinery such as those found at petrochemical, energy, pharmaceutical and chemical plants.

The sector is made up of about 500 companies, of which 95 per cent are small and medium-sized enterprises, and employs more than 30,000 people here.

The index was launched at the Association of Process Industry's (Aspri) 25th anniversary event at the Grand Copthorne Waterfront hotel yesterday.

It will serve as a "health report" for member companies in the sector and help them develop more sustainable growth strategies, said Mr Danny Chua, president of the trade association.

The index is an extension of the process sector's digital plan that was introduced last year, and comprises curated questions on six pillars - people, strategy, technology, integration, processes and sustainability, added Mr Chua.

Aspri will be reaching out to its members shortly to inform them of the new index via e-mail.

Companies can also access the Digitalisation Readiness Index via the Aspri website soon.

By referring to the index, companies will have a better understanding of their strengths and weak points when it comes to raising efficiency and productivity, Mr Chua said.

"When our members complete this index, they will receive a kind of health report as to how they compare with similar companies within the industry," said Mr Chua.

"The questionnaire focuses on outward thinking, making companies think of how they can improve or minimise wastage, for example, which then helps create better value and allows for sustainable growth."

Mr Chua said that when companies are able to implement sustainable growth strategies, they become more agile and are better able to adapt to a crisis like the Covid-19 pandemic or the current geopolitical uncertainty resulting from the Russia-Ukraine war.

He said: "When we mention digitalisation, we do not mean just computer software or applications, but hardware such as robotics and the latest equipment or technologies as well."

Mr Chua said that some of these companies might end up developing technologies and capabilities that are not yet available in the region and could be exported, and Aspri would be able to help in taking these solutions beyond the Republic's borders.