Introduction
The global pandemic, a black swan event that took hold in 2020 defined a new normal that changed many things. Just as businesses started to return to some semblance of pre-pandemic times, they have to once again navigate a difficult future that is driven by high inflation and supply chain issues, just to name a few. The events affected many businesses, but it also made, even forced, businesses to pivot and relook their critical success factors like how we operated in a hybrid work situation, including digital engagement and sales solutions (e.g., e-stores and platforms, etc.).
This programme is designed for personnel dealing with business strategy and forecasting to deepen their knowledge and skills on how to develop and implement “sensing” initiatives in the organization. Participants will explore innovative approaches and tools to keep tabs on the market, e.g., the use of Robotics Process Automation (RPA), WebApps, Dashboards, etc.
In today’s context, external (market) sensing is probably more important than ever before. Whilst internal (operational) sensing helps us to better understand and identify risks (e.g. fraud detection, data breaches) at the operational level, external sensing focuses more on the impact of what is happening in the market that we find ourselves in. These “Non-Technical Risks” (NTRs) includes Market events, trends and other factors, and are things that we might not be able to control but nonetheless will impact us and as such requires monitoring on a consistent basis.
NTRs broadly refers to the risks and opportunities that arise from the interactions of a business with its wide range of external stakeholders. NTRs typically relate to political, regulatory, health, safety, security, environmental, and social issues, and they have become a major source of business delays and budget overruns in many industries.
Mitigation of these external business risks requires companies improve their sensing capabilities and stakeholder engagement skills, e.g., having functional teams share information and insights, being open to inputs from stakeholders and developing relationships with customers and suppliers.
Managing NTRs is ever more important today as businesses and the markets we find outselves in is more complex and dynamic. Monitoring our market environment is something that needs to be done frequently and to have action plan for the different scenarios on hand. Market sensing might not allow us to predict black swan events like the pandemic, but it will be able to highlight the outliers and trends that could have potential adverse or beneficial impact to our business.
In this programme, participants will explore the approaches and technologies through team work and hands-on use of applications. Just like how Alphabet/Google has developed “lenes” to gain insights into the consumer, participants with work on a simple project to develop “lenses” for a business case.
The programme is curated from combining existing SkillsFuture Series approved courses:
- Market Sensing Tools and Approaches - Practical Application (TGS-2021004050);
- Transformative Technologies and Processes TGS-2020509439); and
- Intelligent Automation (TGS-2020509522)
Participants who sign up for this programme must complete the 3 CET courses mentioned above before they are awarded the Certificates of Completion
Through a mix of lecture, case studies and interactive workout sessions, participants will have a better understanding and appreciation of the application of the approaches and tools in market sensing in the services sector.
Objectives
Participants will have a better understanding and learn:
Market Sensing Tools and Approaches - Practical Application
- What is market sensing, the sensing organization and the need to be sensing in order to develop business advantages.
- Develop “lenses” to better understand your customer, competitors and market environment.
- About the various digital and non-digital options – technologies, tools and methods – available to push and collect data and information about customers, competitors and market.
- About concepts like “Customer Journey” and “Voice of the Customer”.
- How to roll out a sensing project or initiative.
- Design, Develop and Demonstrate – in class – a WebApp that can collect customer behaviour data.
Transformative Technology and Processes
Bringing together real-world experiences and solutions so that participants can see how Industry 4.0 technologies and processes can be used in their own businesses.
Intelligent Automation
A high-level practical overview of Industry 4.0 and Intelligent Automation (IA) technologies. The course will also address how IA technology (from Robotic Process Auomation (RPA) and Cognitive agents to Machine Learning (ML) and Deep Learning (DL)) can be used for the different functional areas within a business or organization, both at the individual technology and systems level, e.g. how to evaluate what would be a useful technology or solution for a digital market strategy
Outline
1. Market Sensing Tools and Approaches (2-Day)
Whether individual or business, we are constantly inundated with data and information through various digital and non-digital channels. Highly sensing companies are able to read these signals and leverage on them for business advantages. With the availability of tools and techniques, many of which have already reached maturity, sensing and leveraging on the data and information around us, has never been easier.
It is a common misconception that market sensing is highly digital in nature. Whilst digital tools and methods for gathering data and information about our customers, competitors and markets are used extensively, non-digital techniques, approaches and channels are also there for us to leverage on.
This course is designed to look deeper into the use of digital and non-digital market sensing tools and techniques. Participants will have a deeper understanding of what and when to use these tools and even “design” a WebApp solution to collect consumer behaviour data.
2. Transformative Technologies and Processes (2-Days)
Industry 4.0 is upon us and whether as individuals or businesses, we need to know not just about what is transforming our business and workplace, but HOW to apply and get most of these transformative technologies and processes.
This course complements the “Data Analytics and Market Sensing” course, at the next level. Where “Data Analytics and Market Sensing” focuses on the “WHAT” and “WHY”, this course focuses on the “HOW” and “WHEN” aspects of data analytics and market sensing technologies and processes.
In this course, we dive deeper into the Industry 4.0 elements that is defining Business 4.0 and beyond. We will look at the technologies and processes that will shape the way a business conducts data analysis, organizes itself and impact customers. For example, business models have changed rapidly over the past 5 years.
“…Business models are less durable than they used to be. The basic rules of the game for creating and capturing economic value were once fixed in place for years, even decades, as companies tried to execute the same business models better than their competitors did. But now, business models are subject to rapid displacement, disruption, and, in extreme cases, outright destruction.”
- McKinsey
Today, most businesses have more than one business models operating in tandem and in an environment described as “Ecosystems”. Business has moved on from looking at their supply-chain to value-chain to value-networks. These changes did not occur by accident or simple need, but rather deliberate and planned. Learn how these value-networks are developed within ecosystems that see even competitors participating together to ensure mutual sustainability.
3. Intelligent Automation (1-Day)
As Industry 4.0 technologies and process take hold, businesses and organizations seeking to remain relevant for the future have already started the transformation process. McKinsey have identified three types of business and organizational transformation that will take place; (1) Enterprise-wide Performance Lift – focusing on execution, capabilities and growth, (2) Technology-enabled Performance Transformation – focusing on the application of new technologies and processes that would impact business growth, productivity and efficiency, and (3) Strategic Transformation – focusing on identifying big moves, positioning and sustaining shareholder value and creation. The approach and pace of implementing such change, will depend on each business or organization, but will almost certainly involve Industry 4.0 technologies and processes.
Intelligent Automation (IA) is central to the transformation from I3.0 to I4.0 and it is already a reality as the component technologies and processes are already matured or will be maturing within the next two to five years. The critical success factors like pervasive digitization and digitalization, maturing underlying technologies like RPA, and advanced analytics, are already in place:
IA is the final connection between the physical and digital worlds. Intelligent Automation can be viewed from two perspectives; (1) Business Automation (or Digital Transformation) and (2) Intelligent Process Automation (IPA). In the area of business automation or digital transformation, the focus is on the enabling of complex business processes using technology and automation. The focus is on productivity and efficiency gains where technology and business process redesign comes in. In the area of Intelligent Process Automation (IPA), the focus goes beyond productivity and efficiency gains, and looks at process change to ensure sustainability and returns.
Who should attend
This course is open to anyone in sales and marketing in F&B and Hospitality sectors interested in data analytics and visualization, and its use in the organization to make strategy decisions.
Fees and Funding
Standard Course Fee: S$3,780.00
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SSG Funding Support |
Course fee |
Course fee payable after SSG funding, if eligible under various schemes |
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BEFORE funding & GST |
AFTER funding & 8% GST |
AFTER funding & 9% GST |
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Singapore Citizens (SCs) and Permanent Residents (PRs) (Up to 70% funding) |
S$3,500.00 |
S$1,134.00 |
S$1,144.50 |
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Enhanced Training Support for SMEs (ETSS) |
S$434.00 |
S$444.50 |
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SCs aged ≥ 40 years old |
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• NTU/NIE alumni may utilise their $1,600 Alumni Course Credits. Click here for more information.
Note: Course fee payment made before 1 Jan 2024 will be subject to GST at 8%, and payment made on or after 1 Jan 2024 will be subject to GST at 9%.
Trainers
Francis Tay
Lecturer, NTU WKWSCI
Founder & CEO, NextGen Ventures Pte Ltd
Director, Singapura Management Pte Ltd
Francis is currently a lecturer at Nanyang Technological University (NTU) Wee Kim Wee School for Communications and Information (WKWSCI), teaching Business Intelligence and Information Entrepreneurship in the Master of Knowledge Management course. His courses are also taken up by students reading for their Master of Information Systems, Master of Information Studies and Master of Mass Communications. He has also taught Organizational Leadership and Information Sources and Services in the Master of Information Studies course. He has been teaching at NTU for more than 10 years.
Francis has authored three books “Latent Factors”, “Turning Good Ideas into Great Businesses” and “Picking Winners”. The first two books focus on business advantages and financial models and the third book is on market intelligence and building up market and sector models for benchmarking analysis. His market intelligence and benchmarking portal – www.profitstrail.com - was developed as a real-time update for “Picking Winners”.
He is concurrently a Director at Singapura Management Pte Ltd, a corporate services company providing bookkeeping, tax and other services to local and foreign SMEs. He founded NextGen Ventures Pte Ltd, an equity investment company that focuses on technology and Internet-related businesses. He has held senior positions in government and government-linked organizations.
Francis obtained his Honours degree from NUS, majoring in Economics and Computer Science & Applications, and his Master of Science in Management (Sloan Fellowship) from the London Business School in the UK. Francis served 5 years on the National Youth Council’s Singapore Youth Awards (SYA) Entrepreneurship committee and has provided mentorship to companies and others under various business programmes at universities and start-up accelerators.
