CIO Summit Singapore 2016 held on 29 September at the Sands Expo and Convention Centre.
Organisations in Singapore are getting serious about digital transformation.
Most delegates at the recent CIO Summit Singapore 2016 (85 percent) claimed that their organisations are currently embarking on a transformative project.
The top two motivators for such projects are creating a learning organisation around service, collaboration or end user experience (44 percent); and creating new revenue models through data enabled insights (30 percent).
In line with that, delegates said that they are mostly using new technologies to increase efficiency (42 percent), keep up with or be ahead of their competitors (26 percent), or reduce operational costs (13 percent).
When asked about their main investment priorities, delegates stated that they were most interested in business intelligence/analytics (21 percent), legacy modernisation (19 percent) and security (16 percent).
It is important that CIOs are continually investing in security as "digital transformation and security has to be done hand in hand; else you're putting the organisation at risk," said Chris Levanes, Director of Cloud and Managed Hosting, Asia Pacific, CenturyLink.
Forseeing a connected future and that data is the new currency, delegates cited internet of things (31 percent), big data and analytics (27 percent), and artificial intelligence/cognitive computing (12 percent) as technologies that will greatly impact their business in the next five years.
As Keith Carter, Keith Carter, Actionable Intelligence Expert, Author and Visiting Senior Fellow, National University of Singapore (NUS), puts it: "Being able to explain what is happening across our data [will become increasingly important]. We need to monetise data, and to do that, we need to go back to our data and ask, what is the value of the answers that we have."
With regards to IT headcount, more than half of the delegates (54 percent) claimed they do not intend to hire over the next 12 months. CIOs in Singapore also stated that there is a lack of talents knowledgeable in cybersecurity (23 percent), analytics (21 percent) and enterprise architecture (19 percent) in the market.
This might spell trouble for organisations as having employees with the relevant skills is important to thrive in the digital age, said Chan Meng Khoong, Director and CEO, Institute of Systems Science, NUS.
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