2 Business Transformation An overwhelming majority of Singapore businesses believe transformation is critical to stay relevant in today’s environment. 6%
IMPORTANCE OF BUSINESS TRANSFORMATION
NOT AT ALL
94%
29%
of businesses recognise the importance of business transformation to stay competitive and relevant, given changing market dynamics, while 50% realise that transformation is essential to improve customer experience.
SOMEWHAT IMPORTANT
65%
VERY IMPORTANT
n=1018
REASONS FOR BUSINESS TRANSFORMATION
78%
66%
To remain relevant and/or competitive
65%
To improve business efficiency
50%
To cope with changing market conditions
To improve customer experience or satisfaction
n=961
IMPACT OF TECHNOLOGY ON BUSINESS TRANSFORMATION
BARRIERS TO ADOPTING TECHNOLOGY
66%
2 in 3 businesses feel that technology adoption is fundamental in transforming their businesses.
Cost of technology adoption remains the biggest challenge, followed by internal challenges such as upskilling staff to keep up with new technologies and cyber security risks. VERY IMPORTANT (Selected 7-10, out of a scale of 0-10, with 0 being "Not important at all" and 10 being "Very important")
Cost of technology adoption
69%
Upskilling of staff to keep up with new technologies SOMEWHAT IMPORTANT (SELECTED 4-6)
49%
28%
Cyber security risks (i.e. to prevent data breaches)
6%
40%
NOT IMPORTANT AT ALL (SELECTED 0-3)
n=1018
n=1018