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Managing Technology and Innovation Strategy 

Table of Contents

Analysis and Discussion.

Recommendations.

References.

Analysis and Discussion on Open Innovation Trends in Singapore

Open innovation is when a company does not depend mainly on its internal assets to refine its goods, procedures, or services (Lee, Hwang and Choi 2012). In its place, teamwork with exterior sources like corporate partners, clients, and researchers is utilized to drive innovation. It can be analyzed that Singapore is generating capabilities in noteworthy technical pillars that can be filtered down to the local ecosystem and assist reinforce workforce competencies. One of the studies suggested that the authorities have employed robust innovative programs in artificial intelligence, internet of things, cybersecurity, and immersive media (Wang 2018).

In Singapore, there is a firm named Ship Supplies Direct (SSD) that is empathized with utilizing technology to refine marine logistics and supply chain. It mainly aims to solve the smart port challenge of pier 71 in 2018 for which SSD is making constant efforts by concentrating on superiority and providing tangible value to clients. Furthermore, pier 71 enhances the innovation in the maritime and linked sectors by appealing people, developing prospects for sharing knowledge and notions, appealing speculations into startups, and enhancing ventures. There is a firm named Tagvance that is based upon IoT innovation and it is specialized in making realistic and authentic location tracking and monitoring solutions to enhance operational effectiveness and safety of movable resources (Mayes 2020)

One of the studies stated that the most essential public service innovation approach is TEC (The enterprise challenge) that funds groundbreaking suggestions having the strength to develop public values. Singapore is that Asian country which is the leading one in the usage of foreign ideas in the invention of its exports, with a regressive contribution ratio of nearly 60%. It is having approximately 270 FinTech firms entailing blockchain startups (Jing, Lim and Lo 2019).

Furthermore, certain factors are responsible for open innovation in Singapore companies. These factors entail a willingness to exchange ideas; belief that innovation is vital; will to take risks; the existence of corporate resources; and decentralized structure at firms. The major key drivers in Singapore becoming a major player in open innovation within the logistics sector are numerous. As per the above researches by scholars in the literature review, it can be seen that a hospitable environment, government support, and aider use of soft power to address hidden barriers, are the contributors to the entrepreneurship or innovation in Singapore (Wan, Ong and Lee 2005). Additionally, building connectivity, encouragement of private sector participation, and innovative infrastructure and processes are the major drivers of the open innovation in the logistics sector of Singapore. One trend has been related to developing partnerships with the businesses and research institutes for enhancing the revenue from research and development dollars. Cross-sector associations between organizations indeed afford excellent prospects for collaborative innovation. The cross-sector collaboration between the businesses and researchers is the sole means for the companies seeking to generate pioneering innovations (Forbes Custom Special Advertising Sections 2018)

There has been a trend of shipping smarter IoT prospects in transport and logistics in numerous nations. Likewise, in Singapore, smart logistics is part of its smart nation strategy. This strategy usually aims for the development of groundbreaking technologies to enable third-party logistics and cargo owners’ service providers to attain higher visibility into their supply chains and shared assets to develop more effective logistics channels (Lacey et al. 2015).

DHL Group is the innovation leader in the logistics sector and it emphasizes output-linked innovation management. It has accomplished marvellous work in the emergence of logistics with creative tools such as DHL Resilience 360 which is a tool leveraging artificial intelligence and robotics to streamline the operations and activities. It aims to offer a platform to transform notions into customer-centric solutions. Despite numerous challenges facing Singapore in the form of prompt technical changes, the threat of global trade war, Singapore country has reinvented itself to overcome the novel challenges. It has been because the nation was committed to transforming it to adjust to altering situations (Coles 2020)

As far as innovation in the logistics sector of Australia is concerned, there are numerous start-ups in nations. The IoT (Internet of things) plays an essential role in the logistics sector of Australia from developing automatic stores to tracking couriers and packages. Furthermore, AI (Artificial intelligence) enabled channels and solutions to constantly acquire numerous monotonous logistics procedures to initiate systematizing usually manual tasks. The major trends in respect of open innovation in the logistics sector of Australia are artificial intelligence, the Internet of things, warehouse automation, blockchain, cloud computing, data analytics, elastic logistics, last-mile delivery, autonomous vehicle, and so on (Yang et al. 2018).

Recommendations on Open Innovation Trends in Singapore

The recommendations that open innovation can help with the above-identified trends are as follows:

  • Open innovation can be able to assist companies to find novel ways of solving pressing issues along with building positive brand equity.
  • Open innovation approach by logistics sector companies must consider aspects like right partner selection; effective leadership; constant activity, introducing novel notions; compliance with the rules; openness in communication; and size of companies for better collaboration.
  • This approach must be a powerful tool for the sustainable development of organizations and sustainable competitiveness via collaborative innovations.
  • To support the identified technological trends in the logistics sector, the companies must use the open innovation concept to create the world of knowledge by leveraging the risk on both adopters and scientists while founding polite associations in an integrative society.
  • Moreover, it must focus on utilizing a decentralized strategy of developments to develop novel prospects for interior research and development actions to establish goods or services for a company that can be conducted by a third party.
  • Further, the open innovation must be concentrated on the customer and searching for novel means of getting the results or outcomes.
  • Besides, it must be able to develop novel offerings in differentiated markets based on expansion in other sectors along with profiting from current interior infrastructure.
  • Open innovation should be encouraged beyond the umbrella of the nation’s projects and collaboration with universities, companies, startups, suppliers, and more. Further, innovation should be utilized by companies in the sector to suitably position their diverse brands beyond the boundaries.

References for Open Innovation Trends in Singapore

Coles, B. 2020. DHL appoints new head of APAC Innovation Centre. [Online]. Available at http://mhdsupplychain.com.au/2020/06/24/dhl-appoints-new-head-of-apac-innovation-centre/ [Accessed on 18 September 2020]

Forbes Custom Special Advertising Sections. 2018. Singapore: A global hub for innovation. [Online]. Available at https://www.forbes.com/custom/2018/08/13/singapore-a-global-hub-for-innovation/ [Accessed on 18 September 2020]

Jing, R. Y., Lim, C. & Lo S. 2019. A Review of fast-growing Blockchain Hubs in Asia. The Jabba, 2, pp. 1 -16.

Lacey, M., Lisachuk, H., Giannopoulos, A. and Ogura, A. 2015. Shipping smarter: IoT opportunities in transport and logistics. The Internet of Things in Shipping.

Lee, S. M., Hwang, T. and Choi, D. 2012. Open innovation in the public sector of leading countries. Management decision, 50(1), pp. 147-162.

Mayes K. 2020. Smart Port Challenge 2020: Address innovation opportunities from maritime corporates in Singapore. [Online]. Available at https://www.alphagamma.eu/opportunities/smart-port-challenge-2020/ [Accessed on 18 September 2020]

Wan, D., Ong, C.H. and Lee, F. 2005. Determinants of firm innovation in Singapore. Technovation25(3), pp.261-268.

Wang J. 2018. Innovation and government intervention: A comparison of Singapore and Hong Kong. Research Policy, 47, pp. 399-412.

Yang, Y., Zhong, M., Yao, H., Yu, F., Fu, X. and Postolache, O. 2018. Internet of things for smart ports: Technologies and challenges. IEEE Instrumentation & Measurement Magazine21(1), pp.34-43.

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