CFA Society Singapore
SINGAPORE (Sept 22): A global report released by Telstra on Thursday highlighted the major hurdles of legacy IT and rigid infrastructure to companies’ digital transformation.
The survey was conducted in eight countries, Singapore, Hong Kong, Japan, Australia, Philippines, India, US and UK with over 1,000 respondents. There were 100 respondents from Singapore alone.
The study found that globally while 73% of companies are exposed to digital disruption, only 61% are trying to disrupt new or current markets. Decision makers are frustrated by the length of time taken for IT projects and reliance on intermediaries.
In Singapore, IT has yet to be viewed as strategic among key decision makers, with 54% of those surveyed viewing IT’s role as just keeping the lights running, with only 34% believing that IT supports business goals but is unable to move quickly enough, according to the study.
Large companies in Singapore appear to be taking the threat of digital disruption less seriously, with only 69% surveyed say their companies are exposed to disruption, compared to the global average of 73%, with only 49% of respondents consider their company actively trying to disrupt the market compared to global average of 61%.
Despite IT not being viewed as a strategic part of the business, Singapore companies have high expectations on IT in keeping competitive. 71% of respondents believe that their companies’ IT strategy allows them to keep up with the market higher than the 54% average. Only 17% felt that the IT strategy has kept it ahead, lower than the 33% average.
On a positive note, 97% of respondents in Singapore say their organisation has a clear articulated digital transformation strategy compared to 93% of global respondents. The chief innovation officer too has been pinned with the goal of formulating and articulating this strategy according to 53% of Singapore respondents compared to 32% of global respondents.