According to a survey by CPA Australia, Singaporean businesses were more likely to adopt technologies and develop a long-term technology strategy than their Asian region counterparts in the past 12 months.
The survey findings, documented in CPA Australia’s 2021 Business Technology Report, revealed that over the next year, around 70% of high-growth businesses in Singapore plan to invest in data analytics and visualisation software, while just over half will put money in business intelligence software. Singapore’s businesses are also the most likely to invest in robotic process automation (RPA).
CPA Australia surveyed 725 professionals across industries in Australia, China, Hong Kong, Macau, Malaysia and Singapore. Respondents were asked about the past and expected technology use of their business, as well as its past and expected financial performance.
“Technologies such as data analytics and RPA allow employees to deliver greater value to the organisation and their customers. This enables them to stand out in a competitive and uncertain business environment,” says Max Loh, Singapore divisional president at CPA Australia.
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Singaporean businesses that didn’t grow in the past 12 months were less likely to have undertaken a technology project and had more limited resources to invest in technology, the survey showed. The key drivers for adopting technologies are improving operational efficiency (83.3%), enhancing the customer experience (47.5%), and fostering collaboration among employees (32.5%).
“In the current digital economy, it is essential for employees to be able to focus on more value-adding work. A relatively simple and cost-effective way for small businesses to digitalise is implementing RPA, which automates repetitive and mundane tasks,” says Loh.
Businesses that had high growth cited complex legacy systems and a shortage of technology talent as the top two challenges they faced in technology adoption. Businesses that did not expand cited employee pushback, lack of technology understanding within management, legacy systems and financial constraints as the main challenges to technology adoption.
“While financial constraints are a key challenge, particularly for smaller businesses, several incentives are available for businesses to tap. The Singapore Government introduced an Investment Allowance scheme, available till March 2023, to help businesses manage the cost of implementing automation solutions. In the accounting sector, the RPA Adoption Support Scheme provides funding for the use of baseline RPA technologies,” says Loh.
“Singapore has been facing a technology talent crunch, and technology jobs will continue to be in strong demand over the next few years. Training and upskilling of local digital talent is critical, particularly in skills such as programming, cyber security, and data analytics,” he adds.
Photo: Bloomberg
