Survey reveals key obstacles in digital transformation, particularly among SMEs across sectors like retail, hospitality, and logistics.
Singapore, 28 September 2024 – The Singapore Business Federation (SBF) has unveiled the findings of its National Business Survey 2024 – Smart-Enabled Businesses Edition. Conducted by Acorn Marketing & Research Consultants Pte Ltd, the survey was administered between 23rd May and 5th July 2024. The study, which gathered responses from 529 companies across various industries, sought to address the challenges businesses face in adopting digital and smart technologies.
One of the key findings was that small and medium enterprises (SMEs) are facing substantial hurdles in their digital transformation journeys. Rising costs, complex licensing fees, and the need for continuous upskilling were cited as significant barriers, particularly in sectors like retail, hospitality, and logistics. Larger firms appeared to be better equipped to handle these challenges, demonstrating a smoother transition into the digital space.
Cybersecurity and artificial intelligence (AI) were identified as priority technologies for companies. The survey highlighted that SMEs plan to allocate approximately 11% of their budgets to digitalisation efforts in 2024, reflecting a focus on strengthening their technological capabilities despite the hurdles.
The National Business Survey is part of SBF’s efforts to gather insights on the evolving needs of businesses as they navigate the digital landscape. With rising pressure to adopt smart technologies, companies are seeking more support in overcoming financial and operational challenges.
Click here to read the survey report
