Businesses in Singapore Remain Confident about Digital Transformation

Although businesses recognize the importance of digital transformation, organizations worldwide are struggling to balance the elements needed to deliver on digital.

Fujitsu's latest report, the Digital Transformation PACT, which surveyed 1,625 global business leaders found that one in three (33 percent) has canceled a project in the last two years at a cost of SGD689,659 (€423,000), while one in four (28 percent) has experienced a failed project costing SGD904,872(€555,000).

Next, 82 percent of businesses say that their customers expect them to be more digital, while 71 percent believe that they are behind their competitors. Ultimately, two in three (66 percent) believe that they will lose customers relative to their competitors as a result of digital transformation.

Business leaders in Singapore, among the respondents surveyed, proved to be highly confident when it comes to digital transformation. Fewer than half of Singapore businesses said that the fear of failure seriously hindered their organizations' digital transformation initiatives, while nearly 2 in 3 business leaders said that digital is creating entirely new business processes and functions that are entirely digital-led -- the highest among all countries surveyed.

Wong Heng Chew, Country president, Fujitsu Singapore, comments: "Technology is not the only influencing factor in achieving digital strategies, and companies in Singapore have caught on to this, with close to half (48 percent) of them saying that Action is the most important factor in achieving their digital strategy.

"Digital transformation is firmly integrated into Singapore's business culture, and the majority agree that this goes beyond creating new business models and revenue sources, to include the changing of business processes. Co-creation remains a strong influence on businesses as well. However, there is still much work to do, with the recognition of a distinct lack of digital skills within the organizations, and the concern that slow progress in digital technology will cause them to lose customers to their competitors."