Businesses today have all the tools they need to transform for the digital economy, tech industry players said yesterday.

But the key to success lies in being able to leverage these tools quickly and effectively.

"The first step is simply to digitalise. Don't be afraid to do so, and to get used to online tools such as e-invoicing, e-logistics or e-commerce marketplaces, which are already out there," PayPal Singapore chief executive Aaron Wong told the Ministry of Communications and Information's inaugural Insights Conference.

"The second thing is to find an ecosystem partner you can trust to protect your data and your transactions amid the sheer volume of digital commerce that's going on."

PayPal is one of a number of companies offering digital solutions to businesses under the Infocomm Media Development Authority's SMEs Go Digital programme.

During yesterday's dialogue at the Sands Expo and Convention Centre, panellists were also asked what Singapore companies needed to do to differentiate themselves and be competitive at the international level.

Mr Russell Tham, senior managing director for strategy and enterprise development at Singapore's Temasek, noted that all companies are dealing with the same broad technological trends around the world.

"So you have to be very clear about what you cannot control, and what intrinsic capabilities you have within your firm (that give you an advantage) vis-a-vis the competition," said Mr Tham.

"Do you understand how the markets and technology are interacting? Through this interaction, there are typically pain points to be solved, and that customers are willing to pay for."

He added that the top technology companies are "perpetually moving the bar" and have a whole host of competencies that are constantly being refreshed and adjusted.

IBM managing director Martin Chee said that having the right combination of soft and technical skills will be crucial at a time when machines are becoming more and more capable.

"The truth is that there has always been (technological) disruption, but we also need to recognise that there are things that humans are very good at doing - the ability to co-create, creativity and critical thinking," he added.

"With mid-career professionals, for example, we are talking about people with tremendous experience and soft skills, and (the question is) 'how do we help them with technical skills?'"