INFORMATION TECHNOLOGY | Staff Reporter, Singapore

1 in 4 firms lost almost $800,000 from failed digital projects

Skills shortage and silos plague digital strategies.

One in four Singaporean firms lost an average cost of $788,354 from failed digital transformation projects in the last two years, a report by Fujitsu revealed.

More than half of the polled business leaders (55%) said the cost of failed projects has discouraged their organisations from pursuing them in the future.

Skills shortage and shadow IT were found to plague the firms’ digital transformation strategies.

More than two-thirds of respondents (68%) admitted that they lack digital skills in their organisations. Whilst 92% are taking steps to increase their access to digital expertise, it is not the priority for two in three organisations during a digital transformation project but technological change.

Business leaders (72%) also blamed silos within their organisations from keeping them achieve their digital strategies. Another 76% reported shadow digital projects undertaken in their organisation that are not linked to the overarching digital strategy.

The Digital Transformation PACT report was participated by 1,625 business decision makers worldwide, including 50 from Singapore.

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