Businesses seek financial support, central resources for digital push

Seven in 10 businesses grapple with costs in their digitalisation journey.

Seven in 10 businesses undergoing their digitalisation journey, whether small or large, are in need of financial support for digital advisory and project implementation services, a survey from the Singapore Business Federation revealed.

The survey also found that 57% of businesses are seeking a central resource for current information, solutions, and tools.

Apart from these initiatives, 52% of businesses see value in seminars and workshops that raise awareness of new technologies and best practices, while 60% of large companies find platforms for sharing best practices and innovative solutions particularly helpful in overcoming digitalisation challenges.

According to SBF, more businesses are grappling with cost issues (rising from 64% to 73%), expensive IP licensing payments (increasing from 31% to 47%), and the need to upskill staff to keep pace with new technologies (up from 29% to 47%).

These challenges are most pronounced in the Retail, Real Estate, Hotels, Restaurants & Accommodations, and Logistics & Transportation sectors.

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