Digital Transformation

Strengthening your Businesses' Core Capabilities with EDG Funding (Essentials for every Singapore Business)


December 8, 2023
 min read
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Boost Your Core Business Areas with Up to 70% EDG Grants

This guide acts as the basics to all things EDG Grants - if you're new to EDG grants, please refer to this particular article before reading through our other guides

Every company seeks to strengthen its core capabilities and processes to enable higher growth trajectories. However, foundational initiatives like formulating business strategies, optimizing finances, developing talent, and enhancing customer experiences often require expensive consulting projects and lengthy implementations.

Fortunately, the Enterprise Development Grant (EDG) program funds these high-impact transformations covering up to 70% of project costs. Areas eligible for subsidies include:

  • Business strategy formulation
  • Financial management optimization
  • Human capital development
  • Service excellence improvements
  • Brand and marketing enhancements

With Devhaus's expertise in securing grants, companies can make foundational upgrades affordable, establishing solid bedrocks for the future. This article explores potential EDG-funded projects in core capability areas.

EDG overview

Reinvent Business Strategy with EDG Consulting

Outdated business strategies eventually restrict any company's growth journey. To stay ahead of change, companies need regular outside-in assessments of their strategic direction. Strategy consulting firms typically charge exorbitant fees making such projects cost prohibitive for many companies.

However, EDG grants covering up to 70% of consulting costs now make rigorous strategic reviews achievable for most firms.

Common Examples of EDG projects covered could include:

Do not that you'd be able to cover more technical implementation and integrations with the EDG subsidies, we this guide serves as just a basic overview. If you're keen to dive to the deep ends, feel free to reach out to our sales team.

Comprehensive Business Diagnostics

In-depth analyses of internal workflows, capabilities, and processes compared to competitors, the market, and industry trends. Identifies priority gaps to address.

  • SWOT analyses assessing strengths, weaknesses, opportunities and threats
  • Competitive benchmarking comparing operational KPIs
  • Customer and market trend analyses highlighting evolving needs
  • Stakeholder interviews identifying internal pain points

Strategic Planning Workshops

Multi-day strategy sessions facilitating development of new long-term visions, missions, objectives, KPIs, and implementation roadmaps.

  • Visioning exercises to redefine future ambitions
  • Mission refinement articulating purpose and values
  • Goal setting via OKRs or other frameworks
  • KPI reviews to track progress ongoingly
  • Change management planning

Operating Model and Process Redesigns

Evaluating and optimizing structures, departments, workflows, systems, and processes for greater agility and performance.

  • Organizational design more aligned to objectives
  • Streamlining critical customer-facing processes
  • Improving cross-departmental collaboration
  • Automating manual processes where possible
  • Instilling modern frameworks like agile and design thinking

New Offering Development

Devising new products and services aligned to evolving customer needs and company strengths.

  • Ideation workshops uncovering new concepts
  • Market research quantifying demand
  • Competitive analyses ensuring differentiation
  • Business case preparation projecting profitability
  • Launch roadmapping and readiness reviews

With Devhaus overseeing the EDG application process, companies can secure subsidies to make essential strategy upgrades attainable. We ensure consulting projects deliver maximum value within approved budgets.

Ongoing change management and training prepares organizations to execute new strategic plans. This establishes stronger foundations to build upon through future EDG projects.

Optimize Finances with EDG Grants

Financial constraints represent one of the biggest roadblocks for most growing companies. Limited funding restricts key investments in capabilities and talent. Tight cashflows create persistent financial firefighting.

Utilizing EDG grants to optimize financial management alleviates these pressures. Example subsidized projects include:

Performance Diagnostics

Conducting thorough analyses of current financial processes, controls, capital structure, reporting, and metrics versus industry benchmarks.

  • P&L, balance sheet, and cash flow analyses
  • Control and risk framework reviews
  • Identifying performance gaps and bottlenecks

Financial Planning and Analysis

Building comprehensive financial forecasts and impact analysis models guiding smarter decisions.

  • Short and long-range forecasting
  • Budgeting, scenario planning, sensitivity analysis
  • Modelling ROI for investments
  • Ongoing performance tracking

Accounting and Reporting

Streamlining accounting workflows, controls, and financial consolidations while upgrading reporting.

  • Optimizing GL account setup
  • Tightening AR/AP processes
  • Training personnel on accounting software
  • Automating consolidations
  • Enhancing insights from reporting

Capital Optimization

Improving financing strategies, working capital management, investments, and cash productivity.

  • Negotiating lower-cost debt facilities
  • Developing capital investment frameworks
  • Optimizing payables/receivables cycles
  • Implementing cash flow forecasting
  • Creating treasury/liquidity reporting

With generous EDG subsidies, what was once only elite consulting becomes accessible to develop world-class financial capabilities. Ongoing managed services ensure models remain up to date.

Build Capabilities with EDG-Funded HR Projects

The greatest companies recognize that people are their most valuable asset. To compete for talent, firms must offer engaging cultures, create development opportunities, and provide attractive employee value propositions.

HR consulting helps shape capabilities-driven organizations. EDG grants now make such strategic projects attainable with subsidies up to 70% including:

Talent Management Consulting

Devising data-driven talent strategies from sourcing, recruiting, developing, engaging and retaining top talent.

  • Developing employee value propositions
  • Designing performance driven cultures
  • Improving sourcing and recruiting
  • Onboarding plans to engage new hires
  • Competency modeling and skills development

Change Management and Communication

Ensuring new initiatives, strategies, and transformations succeed through active change management.

  • Stakeholder analysis identifying influencers
  • Impact assessments analyzing risks
  • Communication planning and training
  • Reinforcing changes through leadership

Total Rewards Optimization

Conducting pay equity analyses and upgrading compensation, benefits, and perks to meet employee expectations.

  • Pay benchmarking and parity analyses
  • Optimizing incentive structures
  • Improving benefit packages’ cost efficiency
  • Incorporating creative perks

Organizational Design

Aligning company structure, headcount planning, and spans of control to growth strategies.

  • Realigning team structures to objectives
  • Rightsizing roles and headcount
  • Defining career frameworks and paths
  • Optimizing management spans of control

With the high cost of HR consulting now substantially reduced through EDG grants, companies can invest in elevating talent capabilities to the next level.

Transform the Customer Experience

Delivering exceptional customer experiences creates lifelong brand advocates who drive referrals and repurchases. But such transformations require deep consumer insights.

Customer experience consulting provides outside-in guidance but has traditionally demanded high price tags putting it out of reach. EDG grants now make experience optimization achievable via subsidized projects including:

Customer Journey Mapping

Developing visual maps of major customer journeys to identify pain points and improvement opportunities.

  • Marketing and sales experience mapping
  • Service and support experience mapping
  • Analyzing points of friction and emotion
  • Prioritizing key journeys for innovation

Service Design

Reimagining critical customer journeys through service design thinking and processes.

  • Journey visioning aligning to brand values
  • Brainstorming innovative concepts to remove pain points
  • Prototyping and testing new experiences
  • Crafting rollout plans and measures

Customer Research

Conducting qualitative and quantitative research to gain insights into evolving needs and desires.

  • Focus groups and interviews unveiling attitudes
  • Surveys and NPS assessments quantifying satisfaction
  • Developing customer personas and segmentation
  • Analytics analysis of behavior and drivers

Process Reengineering

Streamlining operations and workflows to optimize efficiency and quality of customer interactions.

  • Simplifying steps and removing redundancies
  • Improving cross-departmental handovers
  • Embedding metrics for monitoring
  • Modifying policies to empower employees

EDG-funded consulting provides the outside-in guidance and expertise required to take customer experience to the next level at any company. Compelling experiences become a competitive differentiator.

Elevate Branding and Marketing

For companies seeking to drive growth in competitive markets, strategic brand positioning and marketing are essential. But branding agencies and marketing consultants can be prohibitively expensive.

EDG grants now make access to expert marketing guidance affordable. Typical projects covered up to 70% include:

Brand Strategy Consulting

Redefining brand identities, personalities, messaging, and positioning to sharpen differentiation and relevance.

  • Brand visioning and promise development
  • Message hierarchy and framework creation
  • Visual identity design and guidelines
  • Brand launch planning and awareness building

Marketing Strategy Development

Designing integrated, omnichannel marketing strategies spanning digital, traditional, and emerging media.

  • Growth opportunity assessment
  • Demand modeling and forecasts
  • Budget planning and channel optimization
  • Campaign creative design and messaging

Content Planning

Producing strategic content marketing plans detailing themes, formats, channels, and resources required.

  • Buyer persona development
  • Content gap analysis
  • Content calendars and workflows
  • Metrics setting and reporting

Marketing Automation

Implementing marketing automation platforms and integrating with CRM, email, and other systems to create cohesive customer journeys.

  • Software selection and onboarding
  • List integration and data hygiene
  • Campaign buildout and testing
  • Performance reporting and optimization

Affordable access to expert marketing guidance through EDG grants enables companies to build brands and execute marketing strategies rivaling large enterprises.

Now those examples are mainly focusing main only Business or Commercial related objectives. However here are some further examples through specific use-cases by various verticals or Industries when onboarding the EDG projects.

Typically - the main aim here is to stay competitive in the modern economy demands continual innovation and productivity gains to prevent stagnation. But major initiatives to spur leapfrog improvements—like adopting smart automation, optimizing inefficient workflows, developing cutting-edge products, and implementing rigorous standards—often require substantial investments many companies cannot justify given the risks and upfront costs.

Fortunately, for Singapore companies who are looking into R&D improvements in deep tech - that could be possible too.

  • Automating manual, repetitive tasks with intelligent software, robots, and AI
  • Redesigning bloated workflows into streamlined, digitized processes
  • Creating differentiated new products and services
  • Adopting globally recognized standards and best practices

As mentioned with Devhaus and our dedicated umbrella of professional partners - such as Real Inbound Consulting, a reknowned grant specialist - we'll be assisting overseeing the end-to-end EDG application process, companies of any maturity can now implement impactful innovation and optimization initiatives previously only reachable for large corporations. This detailed article explores examples of potential transformations eligible for funding.

Automate Operational Tasks with EDG Grants

Manual, repetitive tasks create bottlenecks that hinder agility and sap productivity. But while enterprise-grade automation delivers major efficiency gains, high software licensing fees and consulting costs deter most companies from implementation.We've simplified the language to reduce as much technical jargons so this could be generalised to all SMEs and Businesses in Singapore, across any vertical.

Reminder Notes: EDG grants covering up to 70% of expenditures finally make automation accessible for organizations of all sizes. Example solutions eligible for subsidies include...

Robotic Process Automation

RPA software automates repetitive back-office tasks by deploying scripted bots that interface with multiple IT systems:

  • Bots can transfer data between platforms like ERP, CRM, and accounting systems eliminating duplicate data entry.
  • Robots can process high volume transactions, forms, and reports faster and more accurately than employees.
  • Bots can trigger approval workflows, send notifications, and take prescribed actions based on preprogrammed rules.
  • RPA relieves employees of mundane tasks so they can focus on higher judgement activities.

Intelligent Supply Chain Automation

Integrated supply chain platforms with predictive analytics optimize end-to-end logistics:

  • Automated inventory monitoring and warehouse management ensures optimal stock levels and order fulfillment lead times.
  • AI-powered demand forecasting and planning enhances procurement efficiency.
  • Digital tracking provides real-time shipment visibility and quickly resolves delivery errors.
  • Predictive supply chain automation minimizes waste, expedites customer orders, and reduces lost sales from stockouts.

Smart Manufacturing Systems

Applying Industry 4.0 innovations creates intelligent, self-optimizing production environments:

  • IoT sensors monitor equipment effectiveness and predict maintenance needs before breakdowns.
  • Centralized data enables automated production planning and scheduling optimization.
  • Collaborative robots and automated conveyors adapt to changing requirements with minimal downtime.
  • Connected machines enhance quality control and traceability while reducing waste.

AI-Powered Customer Service Chatbots

Natural language AI chatbots automate common customer inquiries:

  • Knowledge bases empower bots to address repetitive questions and simple issues independently.
  • Conversation flows with dialog tracking handle multistep queries effectively.
  • Seamless handover to human agents resolves more complex cases needing emotional intelligence.
  • 24/7 automated self-service boosts customer satisfaction and service team productivity.

Automation consulting and software costs once deemed prohibitive are now accessible to organizations of all scales with EDG subsidies.

Streamline Workflows through Process Redesign

Before automating processes, they must first be optimized for peak efficiency. EDG grants fund consulting engagements to redesign subpar workflows impeding productivity:

Current Process Evaluation

Thoroughly document all workflow steps and stakeholders to identify areas for improvement:

  • Map out entire processes end-to-end detailing every activity and input/output.
  • Time process cycles and quantify costs to perform cost-benefit analyses.
  • Interview employees for qualitative insights into inefficiencies and bottlenecks.
  • Prioritize the most critical processes needing redesign based on impact potential.

Future State Envisioning

Conduct workshops to reimagine optimized future state workflows:

  • Simplify activities and eliminate redundant steps that deliver no value.
  • Improve inter-departmental handovers and remove siloed data dependencies.
  • Incorporate best practices that speed cycle times and improve quality.
  • Maintain focus on maximizing value delivery to customers and the organization.

Implementation Planning

Develop comprehensive guides, resources, training programs, and measures to ensure successful operationalization:

  • Create new workflow diagrams, documentation guides, and visual job aids.
  • Schedule training sessions at all personnel levels to build competency on changes.
  • Define KPIs and dashboard reports to track progress on redesign objectives.
  • Address change resistance through leadership direction and employee inclusion.

Continuous Improvement Cycles

Sustain excellence through iterative enhancements responding to ongoing performance data and user feedback:

  • Monitor effectiveness and adoption via surveys, focus groups, and tracked KPIs.
  • Elicit employee suggestions to further optimize workflows.
  • Refine processes based on quantitative performance indicators and qualitative user input.
  • Provide updated training and celebrate wins to secure buy-in on enhancements.

With EDG lowering costs up to 70%, process greatness becomes possible for organizations of all statures and verticals.

Develop Cutting-Edge Products with EDG Funding

Launching advanced new products ahead of rivals provides a proven growth rocket fuel. But prohibitive R&D and commercialization costs often deter promising concepts before they can be explored.

EDG grants substantially defray undertaking new product initiatives by funding activities up to 70% including:

Market Validation

Quantify demand and refine concepts to meet target customer needs:

  • Conduct focus groups and interviews to identify customer pains and desired benefits.
  • Administer surveys to measure interest levels and determine optimal pricing.
  • Research industry trends and project future preferences based on adoption patterns.
  • Benchmark competitors to position new product advantages effectively.

Prototyping and Testing

Create prototypes and run rigorous lab or field testing to verify technical viability:

  • Design 3D models or digital mockups representing product functionality.
  • Fabricate physical prototypes for hands-on developmental testing.
  • Conduct meticulous lab testing following formal test plans and procedures.
  • Run controlled beta testing programs with cooperative customers in real-world settings.

Launch Strategy Development

Craft integrated commercialization plans spanning pricing, distribution, sales, and marketing:

  • Model consumer price sensitivity and explore creative pricing mechanisms.
  • Forge partnerships with sales channels and retailers critical for scaling reach.
  • Design sales processes ensuring customer-facing teams can aptly position unique value.
  • Develop synchronized communications and campaigns supporting the launch.

Production Planning

Forecast demand and plan optimal stocking levels to meet revenue targets while minimizing write-offs:

  • Create models predicting demand curves and sales velocities by market.
  • Define bill of materials, cost drivers, and final assembly requirements.
  • Calculate breakeven thresholds and required capital expenditure tradeoffs.
  • Specify safety stock buffers and replenishment planning procedures.

By lowering costs through subsidies, EDG grants empower bold product innovation once considered imprudent gambles.

Adopt Standards for Global Competitiveness

Attaining accreditation by globally trusted standards organizations signals a commitment to excellence that appeals to sophisticated B2B and overseas customers. But steep program implementation and certification costs often deter resource-constrained organizations.

Fortunately, EDG grants cover up to 70% of expenses for implementing rigorous standards frameworks including:

Quality Management Systems

Structured models like ISO 9001 institutionalize policies, procedures, metrics, and tools to ensure consistent quality:

  • Requirements define standards for managing quality across all operations.
  • An internal audit program validates ongoing conformance to guidelines.
  • Senior leaders demonstrate commitment to continuous improvement.
  • Certification enhances customer confidence in product/service dependability.

Sustainability Standards

Frameworks like ISO 14001 help organizations minimize environmental impact:

  • Standards establish procedures for setting and reviewing sustainability targets.
  • Monitoring, measurement, and metrics track progress on goals.
  • Environmental compliance is mandated throughout the value chain.
  • Certification signals commitment to corporate social responsibility.

Cybersecurity Frameworks

Models like ISO 27001 or NIST provide robust information security management:

  • Comprehensive risk assessments identify vulnerabilities and threats.
  • Safeguards are mandated spanning people, processes, and technology.
  • Incident response plans mitigate breaches rapidly and responsibly.
  • Attestations verify adequate precautions protect sensitive data.

Industry Best Practices

Niche standards specific to each industry indicate deep expertise:

  • Medical - ISO 13485 for quality devices and diagnostics
  • Food - ISO 22000 for food safety management
  • Energy - ISO 50001 for energy management

Global Market Standards

Local regulations gain growing importance with globalization:

  • EU GDPR imposes data privacy and protection directives
  • Saudi Arabian standards promote Halal integrity
  • China mandates cybersecurity reviews for companies listing domestically

International credibility becomes affordable through EDG funding, positioning organizations for global success.

Augment Funding with Investment Allowances

Certain automation projects meeting requirements may also qualify for supplementary Investment Allowances (IA) covering 100% of approved equipment and software costs up to $10 million per project.

Devhaus helps identify automation undertakings eligible for IA to fully eliminate associated capital expenditures. Combined with EDG grants defraying integration and consulting fees, companies can implement automation completely at zero cost.

Maintain Improvements via Managed Services

The performance lift from innovation and optimization must be maintained long after initial implementations conclude.

Devhaus provides ongoing managed services to preserve excellence including:

Monitoring and Management

Actively tracking utilization, effectiveness, and ROI of new solutions installed under EDG funding.

Maintenance and Upgrades

Regular vendor version updates, patches, and feature enhancements keep solutions running optimally.

Help Desk and Troubleshooting

Assisting both end users and technical administrators in rapidly resolving questions or issues.

Capability Expansions

Identifying adjacent automation and workflow opportunities to drive further productivity gains over time.

Managed services costing just a fraction of large implementations ensure improvements endure through continuous enhancements.

Ignite Breakthrough Improvements

Radical innovation and optimization require ambitious visions combined with bold follow-through execution. But despite the proven benefits, many companies reject transformation given the apparent risks and required spend.

Devhaus helps tip the scales by lowering costs dramatically through EDG grants, while our supplementary services ensure initiatives deliver maximum business impact.

The time is now to envisage processes unconstrained by current limitations and product offerings bounded only by imagination. Talk to Devhaus today about securing subsidies to finally undertake your most ambitious innovations. We'll ven walk you through the claims process!

EDG Claims process illustration

Here's the closer: Maintaining Improvements Via Managed Services

We'll be talking about post EDG project, can Devhaus still support with the maintenance of the behemoth we've probably built by then? Yes - sure we can. Here's our 5-cents worth.

The benefits of foundational consulting must endure over time after initial projects conclude. Devhaus ensures improvements last by providing ongoing managed services including:

Active Monitoring and Management

Monitoring relevant KPIs, usage, and performance of solutions implemented under consulting projects and addressing issues proactively.

Continual Enhancements

Making incremental improvements and upgrades over time to extend capabilities.

Technical and End User Support

Providing help desk and troubleshooting assistance to both internal teams and external end users.

Audits and System Checkups

Performing periodic platform reviews to identify necessary upgrades and next phase feature expansions.

Change Management

Working with internal teams to drive adoption and address evolving needs through new features and workflows.

With managed services costing just a fraction of large consulting projects, companies can maintain momentum on foundational transformations over the long term after initial EDG funding ends.

Strengthen Your Bedrock for Future Growth

Foundational capabilities in strategy, finance, HR, customer experience, and branding ultimately determine how high companies can reach their full potential. But large-scale consulting required for transformation is often prohibitive.

EDG grants change this status quo by subsidizing up to 70% of costs to make essential upgrades attainable. Devhaus ensures projects deliver maximum impact for approved funding.

Now is the time for a fresh strategic vision, optimized finances, exceptional customer experiences, and elevated marketing. But costs should no longer prevent progress. Talk to Devhaus today about securing EDG grants for affordable foundational transformations. Just book a strategy session here to get started.

Let us help assess your core capability gaps and secure subsidies to implement your foundational upgrades. With a stronger bedrock, the sky is the limit on future growth.

What this article is about, in a nutshell.

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