- One in three companies will be digitally transformed in the next 12 months.
- Businesses reporting growth say technology is vital to their success.
SINGAPORE, August 29, 2022 /PRNewswire/ — Companies in Singapore are most likely in Asia Pacific to use analytics and data visualization, cyber security and robotic process automation (RPA) in the next 12 months, according to a survey by global professional accountancy body CPA Australia.
Singapore Highlights from the 2022 Business Technology Survey by CPA Australia
SingaporeHomegrown businesses are already the top users of RPA in the region, with 57 percent of local respondents saying their company used RPA as a business tool.
The 2022 Business Technology Report surveyed 820 professionals across various industries in the Singapore, Australia, New Zeland, continent China, Hong Kong, Malaysia AND Vietnam. Respondents were asked about the adoption of technology in their workplaces and the impact it had on business performance.
President of the Singapore Division of CPA Australia Max Loh said taking technology from businesses to Singapore it would pay dividends.
“New technologies increase organizational efficiency by automating many mundane, high-volume tasks. This allows employees to focus on work that needs strategic thinking, such as customer engagement or creating more value for organizations and stakeholders ,” Loh said.
More than 80 percent of respondents in Singapore said their company has a digital transformation strategy, higher than the survey average at 77 percent. About a third of respondents said their organization will begin or continue implementing a digital or technology transformation strategy in the next 12 months.
According to Loh, “Technology will play a key role in the evolving workplace of the future. It is critical for companies to invest in and fully embrace advanced technologies to maintain their edge in a globally competitive marketplace.”
However, the survey reveals that many companies need external support to overcome barriers to digital transformation. High financial costs and a low return on investment were a challenge for 37 percent of respondents, while 35 percent highlighted the lack of tech talent.
About two-thirds of Singapore respondents said their business has worked with technology companies or vendors in the past year to meet their technology needs.
To address talent shortages, respondents from larger-sized companies were more likely to report outsourcing their technology needs. Respondents from smaller companies have upgraded or retrained existing employees.
Chair of CPA Australia’s Digital Committee and Head of PwC Singapore’s Business and Risk Digital Services Greg Unsworth said tech talent would be in high demand as companies become more digital.
“Data scientists and engineers, cybersecurity specialists and developers of all kinds will be in high demand. Given the ongoing talent challenges, including the talent shortages many face, it is not only pragmatic, but it is also becoming increasingly vital for businesses to upgrade or reskill their current workforce and harness the capability to drive productivity, innovation and human- and technology-led growth,” said Unsworth.
Read the Business Technology Report 2022
About CPA Australia
CPA Australia is one of the world’s largest professional accountancy bodies, with more than 170,000 members in over 100 countries and regions, including more than 8,600 members in Singapore. CPA Australia has operated in Singapore since 1954 and our step Singapore office 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 engage with governments, regulators and industry to advocate for policies that stimulate sustainable economic growth and have positive business and public outcomes. Find out more at cpaaustralia.com.au