In an endeavour to improve the labour productivity, the Singapore government released Research, Innovation and Enterprise Plan 2020 (RIE 2020), as per which it would spend S$19 billion in the five-year plan. The government would focus on the technology domain to address the national issues like labour productivity.
In the line of support the initiative, major companies have been developing advanced manufacturing and robotic solutions. There are many areas where there is great need of highly skilled professional in order to reduce the margin errors. The development of the Internet of Things (IoT) solutions in diversified files could address the national issues like labour productivity in Singapore. Let’s focus on some of the areas where the IoT solutions could bring magnificent changes:
Inventory Management Solutions:
It is very hard to keep a tab on all the operations related to inventory management because of its manual process. Counting inventory has been a tedious task and required more attention of staff without which there could be lots of errors. The development of the IoT solution in inventory management could reduce the man-hours as well as the number of errors. Computing solutions in this sector would make the labour more productive.
Supply Chain Management:
The supply chain management is very tedious and expensive process. Most of the business houses do worry about the supply chain management issues. Companies can optimise their supply chain by adopting solutions those would help to streamline their process and moving to an automated process. This would reduce the cost and effective in time management of personnel.
Heavy Load Labour Market:
The tight labour market is becoming a major barrier to the business growth of high-end manufacturing and logistics industries in Singapore. The companies have been trying to use the IoT solutions to make they are processed automated due to the shortage of reliable manpower and an ageing population. The companies could rely on automated guided vehicles, these would perform the tasks with the low margin for error. The development of IoT solutions would be a great bliss for the logistic hub in Singapore.
Besides these areas, the IoT solutions could be useful in the customer management, where a large number of supervisors are required to handle the job. The automated process could help to meet the shortage of skilled manpower. Similarly, for in the retail sector – mall owners, those wanting to track the movement of customers, they need a huge number of skilled personnel to perform the task. In such scenario, the implementation of automated sensors could ease the task reducing dependency on the huge labour force. These automated sensors could track the movements of the customers and gather the information for further marketing decisions.
The country has been facing acute shortage of labour and productivity, thus depending on the IoT solutions could be the ultimate solution for many companies and enterprises to keep up the growth momentum.