Singapore takes the wheel in data-driven technology

  • One in three companies will digitally transform in the next 12 months.
  • Companies reporting growth say technology is vital to their success.

SINGAPORE, August 29, 2022 /PRNewswire/ — Companies in Singapore are the most likely in Pacific Asia use data analytics and visualization, cybersecurity and robotic process automation (RPA) in the next 12 months, according to a survey by global professional accountancy body CPA Australia.

Singapore Highlights from CPA Australia's Business Technology Survey 2022
Singapore Highlights from CPA Australia’s Business Technology Survey 2022

SingaporeChina-based companies are already the top users of RPA in the region, with 57 percent of local respondents saying their company implemented RPA as a business tool.

The Business Technology Report 2022 surveyed 820 professionals from various industries in Singapore, Australia, New Zealand, continent Porcelain, Hong Kong, Malaysia Y Vietnam. Respondents were asked about the adoption of technology in their workplaces and the impact it had on business performance.

President of the CPA Australia Singapore division max loh said that the acceptance of the technology by companies in Singapore would pay dividends.

“New technologies improve organizational efficiency by automating many high-volume and mundane 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 those surveyed in Singapore said his company has a digital transformation strategy, higher than the survey average at 77 percent. About a third of respondents said their organization will start or continue to implement a digital transformation or technology strategy in the next 12 months.

According to Loh, “Technology will play a critical role in a future evolving workplace. It is critical that companies invest in and fully embrace advanced technologies to maintain their advantage in a globally competitive marketplace.”

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However, the survey reveals that many companies need external support to overcome the barriers to digital transformation. High financing costs and low return on investment were a challenge for 37 percent of respondents, while 35 percent noted a shortage of tech talent.

About two thirds of Singapore Respondents said their business worked with technology companies or providers in the past year to supplement their technology needs.

To address talent shortages, respondents from larger companies were more likely to report that they had outsourced their technology needs. Respondents from smaller companies upgraded or retrained existing employees.

Chairman of the Digital Committee of CPA Australia and leader of Digital Business and Risk Services at PwC Singapore Greg Unsworth He 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 highly sought after. Considering the ongoing talent challenges, including the talent shortages faced by many, it is not only pragmatic, but also It is becoming increasingly vital for companies to upskill or re-skill their current workforce and harness the ability to drive human-led, technology-enabled productivity, innovation and growth,” Unsworth said. .

Read the 2022 Enterprise Technology Report

About CPA Australia

CPA Australia is one of the world’s largest professional accountancy bodies, with more than 170,000 members in more than 100 countries and regions, including more than 8,600 members in Singapore. CPA Australia has been operating in Singapore since 1954 and opened our 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 industries to advocate for policies that stimulate sustainable economic growth and have positive business and public outcomes. Learn more at cpaaustralia.com.au

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