Nearly half (49 percent) of the respondents in Singapore and 62 percent globally say their organisation is in denial about the need to transform digitally.
However, all of the organisations view digital transformation as important or critical, according to a newly released survey conducted by Loudhouse, the specialist research division of Octopus Group, on behalf of Progress.
Most businesses in Singapore have to face several challenges including lack of internal alignment, lack of adequate skills and cultural resistance.
These businesses also face technology constraints and an overall inability to execute, which leads to a growing state of anxiety about embarking on digital transformation.
"Digital disruption is now part of our daily existence as it has changed how we live, communicate and work. Yet, many organisations in Singapore continue to deny that digital technologies have already radically transformed the business landscape and struggle to embark on the transformation journey, consequently risking their survival," said Benjamin Wong, Managing Director, Asia, Progress.
Clock is ticking
Ninety-two percent of the respondents in Singapore say they have two years to make inroads before suffering financial or competitive consequences. While 49 percent say a year or less, 43 percent are worried they may already be too late.
Sixty-nine percent said that the main driver for digital transformation is optimising customer experiences and engagement.
Seventy-one percent of the respondents in Singapore say customer engagement is their top priority for the next 12 months and 57 percent plan to invest in building applications in the next year.
More than two thirds (69 percent) said IT is more likely to be the final decision maker/budget holder for digital initiatives.
"This survey brings to light the reality of today's digital transformation challenges. By providing business leaders with tangible data points, we hope they will better understand the key aspects to focus on in order to succeed in the changing business landscape," added Wong.
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