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Business transformation in a volatile economy

Dennis Khoo
Published Thu, Nov 10, 2022 · 05:50 AM

THE Covid-19 pandemic accelerated digitalisation across most industries. Small and medium-sized enterprises (SMEs) were pushed to embrace business transformation faster than anticipated, to keep ahead of the competition.

Yet while 65 per cent of Singapore’s SMEs agree on the importance of digital transformation, adoption remains slow as they face various challenges, according to the Singapore Business Federation’s (SBF) latest National Business Survey.

Another study – by Microsoft Singapore and the Association of SMEs – found that over 80 per cent of SMEs have digital transformation strategies, yet only two in five consider their transformation successful. Why might this be so?

Top challenges

Responding to an SAP survey at the turn of the year, SMEs said digital transformation would be critical for their survival in the next 12 months. Yet many are struggling to keep pace amid changing customer wants and needs. They face competition from larger organisations, and need to adapt to a rapidly changing marketplace fraught with econom…

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