By Kelly R
The Digital Resilience Bonus (DRB) is an initiative to promote adoption of digital tools announced by Deputy Prime Minister and Finance Minister Heng Swee Keat in Parliament on Tue, 26 May 2020. As part of the Fortitude Budget, it aims to benefit the F&B and Retail sectors which are greatly impacted by the recent circuit breaker as well as social distancing requirements.
We have broken down how F&B and retail businesses can be resilient with the DRB below!
Companies in the F&B and Retail sectors that meet all the eligibility criteria can receive bonus payouts of up to $10,000. Companies that are eligible for Category 1 and 2 will receive $2500 for each category, while companies that meet the criteria for Category 3 will get $5000.
You also wouldn’t need to submit any application forms to apply for DRB. Instead, your qualified solution provider will submit your UEN to IMDA, if you are using the solutions between 1 June 2020 and 30 June 2021. The bonus will be credited to your PayNow Corporate account if you meet the eligibility criteria.
If you answered “yes” to all the four questions above, then you have met the mandatory baseline. Proceed to check your eligibility for Category 1, 2 and 3.
To be eligible for a $2500 payout (Business Process Solutions)
Your business is using all three qualified solutions for at least once a month. Remind your Solution Provider to submit your UEN to IMDA when there is evidence of your usage.
3. Digital Ordering (Dine-in/Takeaway)
3. Inventory Management
To be eligible for a $2500 payout (Digital Presence)
Your business is using either one of the qualified solutions for at least once a month. Remind your Solution Provider to submit your UEN to IMDA when there is evidence of your usage.
1. Online food delivery (via food delivery platforms or own online shopfront)
To be eligible for a $5000 payout (Data Mining and Analytics)
F&B business is using a qualified solution for Data Mining and Analytics to enhance its productivity. Do remind your Solution Provider to submit your UEN to IMDA when there is evidence of your usage.
SGeBIZ is proud to be a pre-qualified Solution Provider for Category 2.
EzyProcure is an e-procurement tool that is able to simplify your procurement process. By automating your workflows, manual labour is minimised. EzyProcure’s advanced technology ensures seamless integration to backend systems. In turn, this guarantees that none of your existing records of transactions will be affected.
In addition, EzyProcure provides detailed analytics of procurement data for smarter decision-making, and has AI-driven Optical Character Recognition to read invoices and identify data discrepancies which minimises errors from manual management. All in one app, you are able to manage your business inventory and budget as well.
As it falls under category 2, businesses that adopt EzyProcure will be eligible for $2500 payouts.
Other funding schemes encouraging the adoption of digital solutions include the Productivity Solutions Grant (PSG). It is a grant supporting companies that wish to automate their existing processes using digital solutions and equipment.
In the Supplementary Budget 2020, it was announced that the maximum funding level of PSG will increase to 80%, up from the previous 70%.
This increased support provided by PSG is available on top of the assistance provided through the DRB, and is applicable until 31 December 2020. Businesses can receive DRB if the solutions are pre-approved by IMDA. Businesses that have already adopted a solution using PSG can still receive DRB if the solution is under the DRB list.
The timely introduction of the Digital Resilience Bonus will benefit the F&B and retail sectors that are the most heavily impacted by the COVID-19 pandemic. Digital transformation might not be an easy feat but it is a way forward in managing the impacts of COVID-19. SGeBIZ will work together with F&B and retail business owners to help them make the shift towards full-digitalisation and stay ahead of this economic challenge.
Click here to get a demo for EzyProcure.