A fifth of SMEs sees disruptive technology as top business challenge: poll

A FRESH survey from a prominent business chamber on Monday showed that challenges from disruptive technology was a top business challenge for over 20 per cent of respondents.

The study by the Singapore Chinese Chamber of Commerce & Industry (SCCCI) showed that rising business cost remained the top business challenge listed by respondents, at 68 per cent.

The SCCCI has proposed that the government extend and enhance schemes such as the Productivity and Innovation Credit Scheme (PIC) for another three years to continue the "productivity improvement momentum of businesses". The PIC scheme is due to expire after year of assessment 2018.

PIC allows businesses to enjoy 400 per cent in tax deductions - up to S$400,000 - or 60 per cent in cash pay-outs up to S$100,000, for investments in innovation and productivity improvements.

The business chamber also wants the government to tackle the concerns of cost and resource constraint to speed up SMEs' adoption of e-commerce in the digital economy, as well as leverage manpower statistics to help businesses improve their recruitment process to get workers with the right skills.

It added that trade associations should be proactive to engage the government in the implementation of industry transformation maps.