A recent study by the Singaporean Business Federation has showcased the digital transformation is still a critical challenge for the hub of South-East Asia and a global leader in digital transformation. The need to hire the right people, and the number of organisation who are yet to embark on a transformation were two challenges brought to life by the survey.
The research uncovered that one in four companies have yet to implement a transformation plan. Of this 25%, only one in five has invested in technology over the last twelve months, with 60% of these organisations reporting lower profitability than the previous year.
The results are contrasting to a recent 2017 report by the IMD World Competitiveness Center that ranked Singapore as number one globally in its world digital competiveness ranking. With an overall first place, the report ranked Singapore 1st in knowledge, 1st in technology, and 6th in future readiness.
This aligns with some of the positive elements of the report, which discovered that 60% of Singaporean companies are currently using or offering digital services or solutions. In terms of where the country as a whole should be heading, 60% of organisations felt that the Government should invest heavily in supporting digital transformation.
The results of both surveys indicate a progressive market place that is fixed on driving a transformation agenda. From a people perspective, 72% of Singaporean businesses identified hiring people as being a critical challenge. Transforming the workforce will become a critical endeavour when looking to continue the growth in digital services, or for the segment who have not yet begun their digital journey, act as a stepping stone to building a digital strategy.
Speaking on the skills shortage in Singapore, Ho Meng Kit, CEO of the Singaporean Business Federation said that there is a scope for the Government to look into how they can assist in attracting the right talent stating that the Government should “be more flexible in manpower policies for the areas where there is a shortage of the relevant skills especially when it comes to helping companies understand and adopt disruptive technologies and overseas expansion.”