News
HR & EDUCATION | Staff Reporter, Singapore
view(s)

Technology hastens business recovery: study

However, 45% of respondents are afraid of the rapid pace of technological evolution.

More companies may soon invest in new technology as 50% of Singaporeans say the adoption of new technologies has helped reduce financial losses from the impacts of COVID-19, according to cloud enterprise technology firm Workday's Finance Disrupted: Industry Preparedness Index.

Additionally, a similar number said the adoption of new technologies have also helped their companies better manage operations throughout COVID-19, with the most impact seen in cash flow (58%) and supply chain (56%).

However, some companies are not keen to lean on technology to support their business as 45% said they are afraid that the rapid pace of technological evolution runs the risk of investments being outdated. The 43% said that company stakeholders generally do not see the value of technological investments.

The study also found that 66% are not confident that they would recover in the first quarter of 2021. However, 76% believe they would recover within 12 months.

The Finance Disrupted: Industry Prepared Index is the first instalment of Workday's survey of finance and IT professionals across the Asia-Pacific region. A total of 675 interviews were conducted through online/telephone interviews in November 2020 in Singapore, Hong Kong, Australia, and New Zealand. Only senior finance (70%) and IT (30%) professionals were selected for this survey. All respondents were from companies that comprise over 1,000 employees.
 

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.