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Channel News Asia

Commentary: Why aren’t more Singapore businesses transforming? Mindsets aren’t the key obstacle

By now, most, if not all, companies in Singapore would agree digital transformation is no longer an option.

SBF’s annual National Business Survey shows that the importance of business transformation has gained considerable ground among companies.

In 2016, only 15 per cent of Singapore SMEs surveyed strongly agreed with the need to transform to counter slowing economic growth and technological change. Among large companies, the message resonated twice as strong but this was still a low number.

Today, nine in 10 recognise the importance of business transformation to remain relevant and competitive, as the world becomes increasingly digital.

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