Singapore was able to top the charts of the KPMG 2015 Change Readiness Index. The Change Readiness Index (CRI) assesses the ability to manage change and cultivate the resulting opportunity. 127 countries were ranked from around the world. Switzerland, Hong Kong, Norway and the United Arab Emirates follow Singapore to create the top 5 in the CRI.
The CRI was developed in 2012 and is the only global study of change impact of its kind. The CRI was produced in collaboration with Oxford Economics. It is commonly used as a tool to provide reliable information. CRI supports the work of governments, civil society institutions, businesses, and the international development community.
CRI analyzes select factors that influence a country’s capability to manage change. These factors are separated into three pillars: Enterprise Capability, Government Capability, and People & Civil Society Capability. Sub Indicators within these pillars are scored and ranked accordingly. The study also provides strengths and opportunities evaluations for each country in the study. This framework is effective in clarifying what areas the country strives in and what it needs to improve upon.
"The CRI is designed so that users can drill down in each of the pillars for an in-depth picture of a country's performance for each capability, gaining an understanding of why some nations perform better than others, and what could be done to close the gap," said Adrian Cooper, CEO of Oxford Economics. "Change readiness is complex, and the CRI enables governments, NGOs and private investors to go beyond headlines, unravel this complexity and ultimately make more informed decisions."
KPMG provides examples of situations in which a government would have to mitigate potential negative impacts. These include shocks such as financial and social instability and natural disasters; political and economic opportunities and risks such as technology, competition and changes in government.
Although Northern and Western European countries dominated the top 20 of the CRI, Singapore presents an interesting model. Singapore demonstrates the benefits of effective policy and investment in compensating for lower levels of wealth. In a quest for a Smart Nation, Singapore’s first priority is to take care of the citizens. By doing so, they are preparing them for change and rapid development.
KPMG describes Singapore’s strengths in economic openness, health, and government strategic planning and horizon scanning. These concepts can be attributed to the Smart Nation vision. Singapore government is working with a long term vision. With this great vision, it must collaborate with others around the world to bring it to life. The ability to manage change, and avert shock, displays Singapore’s strength.