9 in 10 businesses expect to increase technology use in the next 12 months

Singapore has the highest percentage of RPA users amongst seven markets surveyed.

More than nine in 10 businesses in Singapore expect to increase the use of technology in the next 12 months, according to the Business Technology Report 2022 by global professional accounting body CPA Australia.

CPA Australia conducted a survey from 28 May 2022 to 12 July, with 820 responses from accounting and finance professionals working in seven markets: Australia, Mainland China, Hong Kong, Malaysia, New Zealand, Vietnam, and Singapore.

Respondents came from a variety of different industries, with the banking, finance and insurance (14%), consulting (14%t), accounting (13%) and manufacturing (8%) industries comprising the largest share.

ALSO READ: What are the top 3 work benefits Singaporeans seek from employers?

Amongst the seven markets, Singapore 57% of Singapore firms have said their company uses robotic process automation (RPA).

Singapore also has most respondents expecting their employer to increase the use of cybersecurity software (36%), data analytics and visualisation software (53%), ERP software (34%) and RPA (42%).

Additionally, 64% of Singapore firms said their business had ‘worked with technology companies or vendors to improve the business. 62% said they had ‘increased investment or upgraded technology’ whilst 53% reviewed their business’ technology for improvements.

CPA Australia identified the key drivers of technology adoption were COVID-19, the desire to improve operational efficiency and enhance customer experience and lower cost of operations. 

Meanwhile, the key barriers the survey identified were financial costs of technology adoption and low return on investment, shortage of technology-savvy talent, and lack of technology understanding and knowledge of the board or senior management.