Objective Of Digital Resilience Bonus
The Digital Resilience Bonus is a bonus payout grant of up to $10,000 for food services and retail businesses as the 2 mentioned sectors are more affected by the safe distancing measures during the opening of the phases of the economy.
The aim of the Digital Resilience Bonus is to help companies in the above 2 sectors to embark on their next steps of digitalisation to improve their competitiveness, resilience and productivity. To qualify for the digital resilience bonus enterprise have to meet the requirements in any or all of the below 3 categories to qualify for the payout allocated to each category.
Categories Of Digital Solutions
There are 3 categories in the digital resilience bonus being business process solution, digital presence and data mining and analytics and a total of $10,000 payout if enterprises qualify for all 3 categories.
Business Process Solutions
To qualify for $2,500 payout as a retail business, the enterprise must be using an accounting, payroll and Inventory Digital Solution at least once a month. For the Food Services Business, the enterprise must be using an accounting, payroll and digital ordering solution at least once a month. For example the solution’s mentioned above such as the accounting solution must be digitally ready with E-invoicing and E-payment capabilities. An example of an accounting solution that qualifies would be ABSS Accounting software.
Digital Presence
To qualify for the $2,500 payout as a retail or food services business, your shop front has to be utilising a qualified solution to enable and generate sales such as an online shop front or online food delivery. The solutions would be able the enterprise to generate sales online allowing for contact less delivery. An example of an online food delivery platform would be grabfood.
Data Mining & Analytics
To qualify for the $5,000 payout as a retail or food services business your enterprise must be using a qualified solution for Data Mining and Analytics that is able to analyse data and to be able to obtain insights to be able to formulate strategies on how to improve operations which will lead to an increase in sales or profitability and cost savings at least once a month. More information on the qualifying solutions will be provided by IMDA at a later date.
