98 per cent of Singapore companies are investing in digitisation of their finance functions, according to a new survey by recruitment firm Robert Half.
The survey of 2,425 CFOs and Finance Directors from 16 countries, including 150 from Singapore indicates that the main focuses of this digitisation effort are to detect and prevent fraud (63 per cent) and to improve data analytics (60 per cent).
This high investment percentage makes Singapore CFOs the most fraud-conscious in the world. China is at the second place that emphasis on fraud with 56 per cent of CFOs using digitisation to improve their ability to detect fraudulent acts.
"Singapore has a global reputation for integrity and honest conduct within its business community," said Stella Tang, director of Robert Half. "This survey shows Singapore CFOs are extremely vigilant when it comes to detecting fraud. That's why the level of fraud in Singapore is low compared to other countries. Preventing fraud is simply a higher priority for Singapore CFOs than for finance leaders elsewhere."
Confidence in digital strategies
74 per cent of Singapore CFOs said they were very or somewhat confident when asked how confident they were that their digital strategies would be a success in five years.
45 per cent of CFOs said the most common obstacles to their digitisation efforts are the organisational or the operating model of their company. These types of obstacles are prevalent amongst medium sized firms with between 250 and 500 employees.
"It is internal barriers such as the way companies are organised that is causing the most problems for CFOs who want to digitise their finance activities," added Tang. "To break through these barriers, there is a huge opportunity for CFOs to be a champion for advancing the digital agenda and get the rest of their management team on board, especially the CEO."
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