Businesses in Singapore are continuin to lead in digitalisation efforts across the Asia-Pacific (APAC), with close to 45 per cent of them having a well-defined digital strategy. This is the highest proportion in APAC, overtaking Japan's pole position last year.
This was followed by Hong Kong (44 per cent) and Japan (41 per cent).
The DBS 2020 Digital Treasurer Survey published Tuesday, September 15, also revealed that also revealed that businesses in the Philippines (10 per cent) and Vietnam (8 per cent) were the least digitally-ready.
In addition, almost all businesses in the region (99 per cent) have indicated that they are facing external pressure to transform digitally. Key pressure points driving the need to change include changing consumption patterns from their customers and key markets, competitors and growing supply chain complexities.
While businesses surveyed understood the need for change, the same businesses are also facing obstacles in adopting new technology. The top three challenges cited as the speed of change (80 per cent), execution complexity (75 per cent) and lack of digital talent (64 per cent).
“The impact of technology on businesses has never been more apparent than now," said Tan Su Shan, Group Head of Institutional Banking, DBS Bank. "Amid the storm that the pandemic has caused, digital solutions have become a lifeline for most businesses globally, regardless of size or industry."
She highlighted the importance of having a clearly-defined strategy, as "the coming decade will be more disruptive than the last, and businesses have to be ready for a lifelong journey of metamorphosis to survive and thrive.”