Only 34% of Singapore firms have digital strategies

But 3 in 4 see the need to digitalise to survive.

Singapore business leaders are seeing the need to digitalise, with around 3 in 4 believing that they need to transform in order to ensure future growth.

However, the recent Microsoft Asia Digital Transformation Study revealed that only 34 percent said that they have a full digital strategy in place today.

Microsoft Singapore Managing Director Kevin Wo said the study has shown that business leaders have started to act on the need for digital transformation to address the challenges and opportunities of the 4th Industrial Revolution in the region.

"Lessons from past industrial revolutions have taught us that organisations that do not evolve fast enough will be less competitive or even obsolete as they face disruptions in every industry. While it brings disruption, the 4th Industrial Revolution also presents opportunities for organisations of all sizes to digitally transform themselves with data and the cloud as key enablers," he said.

According to the business leaders surveyed, there are four barriers to digital transformation such as cyber threats and cyber security concerns, lack of digitally skilled workforce, lack of leadership shown by the board of directors, and lack of organizational leadership skills to plan and lead execution.

“People don’t use technology that they don’t trust. This is a golden rule that applies to organisations and individuals alike as we live in a mobile-first and cloud-first world. Ensuring security, privacy, and compliance are key to enabling businesses to carry out digital transformation with confidence. With the rise of mobile workers introducing new devices, apps, and data into organisations today, protecting sensitive company data requires a new and integrated approach, all of which we have invested in significantly,” Wo said.