Singapore leads the region in adoption of business technologies
- Singaporean companies are the most likely to adopt the technology.
- The survey links technology adoption with better business performance.
- Growing companies focus on technology strategy and recruiting.
SINGAPORE, September 8, 2021 / PRNewswire / – Singaporean companies were more likely to adopt technology and develop a long-term technology strategy than their counterparts in the Asian region in the past 12 months, according to a survey by one of the largest professional accounting bodies in the world, CPA Australia.
CPA Australia surveyed 725 professionals from all sectors in Australia, Continent China, Hong Kong, Macau, Malaysia and Singapore. Respondents were asked about their company’s past and planned use of technology, as well as its past and expected financial performance.
The survey results revealed that over the next year, around 70 percent of high-growth firms in Singapore plan to invest in data visualization and analysis software, while just over half will invest in business intelligence software. that of Singapore companies are also the most likely to invest in robotic process automation (RPA).
“Technologies like data analytics and RPA enable employees to deliver greater value to the organization and their customers. This allows them to stand out in a competitive and uncertain business environment, ”said Max Loh, Singapore Division President at CPA Australia.
Singaporean companies that have not seen growth in the past 12 months were less likely to have undertaken a technology project and had more limited resources to invest in the technology, according to the survey. The main drivers of technology adoption are improving operational efficiency (83.3%), improving the customer experience (47.5%) and promoting collaboration among employees (32 , 5%).
“In today’s digital economy, it is essential that employees can focus on higher value-added work. A relatively simple and cost effective way for small businesses to digitize is through the implementation of RPA, which automates repetitive and mundane tasks, ”Mr. Loh said.
High-growth companies have identified complex legacy systems and the shortage of technological talent as the two main challenges they have faced in adopting the technology. Firms that did not grow cited decline in employees, lack of understanding of technology within management, legacy systems, and financial constraints as the main challenges to technology adoption.
“While financial constraints are a major challenge, especially for small businesses, several incentives are available for businesses to operate. The Singapore government has introduced an investment allocation program, available until March 2023, to help businesses manage the cost of implementing automation solutions. In the accounting industry, the RPA Adoption Support Scheme provides funding for the use of core RPA technologies, ”Loh said.
“Singapore faces a shortage of tech talent, and tech jobs will continue to be in high demand over the next few years. Training and development of local digital talent is essential, especially in skills such as programming, cybersecurity and data analytics. ”
CPA Australia recommendations
Commercial strategy level
- Implement a digital transformation strategy that aligns technology adoption with your organization’s culture, people, risk, and business goals.
- Identify and implement appropriate technological tools that increase productivity and improve your understanding of your customers’ current and future needs.
- Simplify or eliminate legacy systems that limit your ability to keep pace with changes in consumer preferences and needs.
Company operational level
- Develop a pool of technological talents, by offering technological training programs to employees and by adopting innovative approaches to secure the best technological talents.
- Find tech companies that actively engage with customers and solicit feedback on how to use their products to improve your business.
Risk management level
- Engage appropriate spending levels to maintain and improve your cybersecurity.
- Identify and locate your organization’s sensitive data and make sure the right tools and solutions are in place to help protect that data.
Read the full report
Business Technology Report
About CPA Australia
CPA Australia is one of the largest professional accounting bodies in the world, with over 168,000 members in over 100 countries and regions, including over 8,500 members in Singapore. CPA Australia worked in Singapore since 1954 and opened our Singapore in 1989. Our core services include education, training, technical support and advocacy. CPA Australia provides thought leadership on local, national and international issues affecting the accounting profession and the public interest. We work with governments, regulators and industries to advocate for policies that drive sustainable economic growth and have positive business and public outcomes. Learn more at cpaaustralia.com.au
SOURCE CPA Australia