Only two in five companies have a digital transformation plan in place: DBS survey

CFOs cite the breakneck pace of change as the top factor hindering digital adoption.

Only 41% of companies in Singapore have a digital transformation plan in place, according to a survey by DBS, suggesting a considerable gap between the readiness of companies to stay ahead of digital disruptions and rapidly evolving technologies that risk leaving them behind.

Singapore companies, however, still fare better than Australian businesses which appear to be the least mature of developed markets with only under 10% having a clearly defined digital strategy.

CFOs and corporate treasurers identified the speed of change and complexity of technologies as amongst the top three risks to digital adoption followed by execution challenges and delivery of outcomes and the availability of talent.

Also read: Banks are at the forefront of Singaore's upskilling charge

The survey revealed that CFOs and corporate treasurers (29.5%) see themselves as increasingly responsible for pushing the agenda of their companies’ digital strategy. Surprisingly, only 11.3% of APAC respondents said that driving digital transformation was the responsibility of their CEOs.

“More and more, companies have come to understand that digital transformation involves a complete transformation across their organisation – from front-end sales engagement to back-end operations,” John Laurens, Group Head of Global Transaction Services at DBS said in a statement.

In terms of specific strategy, CFOs cited increasing adoption of APIs for integration with banks and third parties as companies try to realise the advantages of digital transformation including reducing costs and improving efficiencies, improving customer experience and lower market engagement barriers.

The survey interviewed 1,304 chief financial officers (CFO) and corporate treasurers from an even mix of middle market companies and corporations in Australia, China, India, Indonesia, Japan, Hong Kong, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam.

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