MKT498: TMA (Tutor-Marked Assignment) – Selected Topics on Digital Transformation, SUSS

Instructions to students

Format should be in Times New Roman or Calibri 12, 1.5 line spacing and 2.5 cm margin throughout. Page limit is 3 pages in total (inclusive of in-text citations but exclude cover page, references list and appendices).

Students are expected to research and read widely. The quality of your ideas, critical thinking in the writing process, good variety of readings and research, proper APA referencing and formatting contributes to the TMA grading

ARTICLE 1

Tech’s impact: How it will transform our lives and influence social trends | Genevieve Chan, Content Studio | December 10, 2023 | Straits Times

Mr Christian Tan, 21, can’t imagine life without technology. Most of his daily tasks are enabled by tech – from catching up with friends via video calls to conducting research for school assignments.

While the final-year polytechnic student is savvy, he’s also wary: “We need to be more vigilant to avoid scams and other online risks. But I’m hopeful. I think tech advancements will change the way we live for the better.”

This mix of caution and optimism extends to businesses today. While many may have adopted a wait-and-see approach in the past, there is a growing willingness to try out innovative technologies to enhance efficiency.

About 86 per cent of global businesses expect increased adoption of new technologies to drive transformation within their organisations, revealed the World Economic Forum’s 2023 Future of Jobs report.

Take the use of generative artificial intelligence (AI) to boost workplace productivity. Research by consulting firm McKinsey & Co this year found that automating tasks using generative AI and other technologies can save up to 70 per cent of employees’ time.

“The rise of generative AI presents immense opportunities for greater business value to be created and that will enable a more resilient and future-ready business landscape,” observes Mr Chia Song Hwee, Temasek’s deputy chief executive officer.

“However, it will also create new risks, such as issues around safety, accountability and robustness,” says Mr Chia, who is a member of Singapore’s Advisory Council on the Ethical Use of AI and Data. “It is imperative that we promote ethical and responsible use of AI for the betterment of society.”

Temasek, a global investment company in Singapore, sees these four social trends shaping

society over the long term: digitization, sustainable living, future of consumption & lifestyle

Temasek, a global investment company in Singapore, sees these four social trends shaping society over the long term: digitization, sustainable living, future of consumption & lifestyle and longer lifespans

Digitisation and sustainable living are two megatrends with pervasive impact across all sectors and business models of incumbent and emerging businesses. At the same time, future of consumption and lifestyle reflect the growing needs and structural shifts in consumption patterns, arising from population growth and increased longevity

Recognising the transformative role of technology in society, Temasek is also keeping a keen eye on advancements across ABCD (AI, blockchain, cyber security, and data and digital). It believes that technological transformations will impact how the four trends evolve.

From more immersive and predictive online experiences to improved medical solutions, tech developments can reshape industries and lives

Source: https://www.straitstimes.com/business/techs-impact-how-it-will-transform-our-lives-and-influence-social-trends <<retrieved on 25 May 2024>>

ARTICLE 2

Easy e-wallet and cross-border transactions: How innovation is helping merchants grow and connect with global consumers due to evolving lifestyles | 17 April 2024 | Business Times

We are entering a new age where any individual with an Internet connection, from a street vendor selling handcrafted jewellery to a young entrepreneur working from his bedroom, can reach millions of customers worldwide.

Across the world, digital payments and financial services are liberating small business owners from geographical and financial constraints, embodying the essence of true financial inclusion and growth in the digital age.

According to Statista in 2018, digitally transformed firms represented US$13.5 billion (S$18.2 billion) of global gross domestic product and this number was then forecasted to grow by four times by the end of 2023.

A big driver of this digital transformation is increasing digital payments due to evolving consumer purchases and lifestyle. According to a 2024 report by Research and Markets, the Asia-Pacific region is projected to see over 1.2 trillion non-cash transactions by 2027.

Livestreaming retail and social commerce sales are also forecasted to grow in tandem, and omnichannel commerce trends point to a rising preference for in-store pick-up and increased online sales of physical goods.

Individual sellers and small business owners are moving fast to capture this massive opportunity, as demonstrated by the daily launches of new channels selling goods on live streaming platforms like TikTok and YouTube.

https://www.businesstimes.com.sg/international/e-wallet-cross-border-transactions-how-innovation-helping-merchants-grow-and-connect-global-consumers-ant-international

Question 1

Based on Articles 1 and 2 above, identify and examine the most applicable social trend mentioned in Article 1 that has resulted in the greatest influence and impact on the rise of mobile e-wallets and digital payments in recent years. Support your answer with evidence and examples.

Question 2

Evaluate two (2) possible factors that have contributed to the rise in the social trend identified in Q1, resulting in increasing usage of mobile e-wallets and digital payments. Cite evidence and examples to support.

Question 3

Based on your research and readings on live streaming platforms ecosystems (such as Facebook, Instagram or TikTok Live), spotlight four (4) insights to discuss how these social platforms can function as a service platform to create enhanced customer experiences as well as collaborate with small business enterprises (SMEs) to generate additional revenue streams.

Research and read widely for critical writing and analysis, and cite examples and evidence to support.

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