The use of technology amid a push for innovation looks set to lead transformation in the precision engineering industry in Singapore.
And to reflect this trend, the industry's association has changed both its name and logo.
The new name is the Singapore Precision Engineering & Technology Association (Speta).
It used to be called the Singapore Precision Engineering & Tooling Association.
Unveiling the change yesterday, Speta said it signals "that technological innovation anchors the priority for companies to sustain their competitiveness and move up the manufacturing value chain".
It added that it is critical for the local precision engineering industry to stay competitive as it is the "backbone of the manufacturing sector", offering support to other sectors such as electronics, aerospace, oil and gas, and life sciences.
Speta chairman Jeremy Fong said in a statement: "We are very pleased to kick-start a new transformation and engage the industry to help precision engineering companies improve, innovate and grow."
To this end, Speta is partnering Spring Singapore and the Singapore Institute of Manufacturing Technology to help firms strengthen their operations by adopting "capability solutions".
Under Spring's Local Enterprise Association Development programme, Speta wants to spearhead industry transformation over the next three years by encouraging firms to adopt technology, improve productivity and innovate their business models.
Among the solutions offered is a diagnostic toolkit that provides a "developmental road map" for SMEs that will help them become core or Tier 1 suppliers or strategic partners of choice of large organisations.
Speta has 135 members and it hopes to increase this by 30 per cent in the next three years.