The pandemic demolished any lingering doubts about the benefits of digital transformation, and we have covered how important it is to embrace digital technology while accepting the notion of continuous change within a business to facilitate boosting results.
Digitization can help businesses strengthen their competencies, optimize internal processes, become more customer-centric, leverage on market trends to improve decision making, and deliver durable competitive advantage.
Yet, what is worrying is the fact that small family businesses are lagging behind in digital transformation despite the plethora of benefits it brings.
Where does Singapore stand when it comes to digital transformation?
In a survey by PricewaterhouseCoopers (PwC), it was reported that Singapore family businesses are not prioritizing upgrading their digital capabilities and instead, more focused on diversification into new markets or segments and rethinking or adapting the business model.
And for those who have adopted digitalization, only 29% were sure that their digital capabilities are strong, while progress in digitalization, innovation and technology have generally been slow. Only 19% say that their digital journey is complete, and 62% believe they have a long way to go.
What are some reasons for the lag in digital transformation in Singapore?
Ng Siew Quan, Asia-Pacific leader, Entrepreneurial and Private Business, PwC Singapore, explained that it was likely due to “high costs of implementation, inadequate internal digital infrastructure and a skill shortage” among family businesses in Singapore.
In another separate survey by UOB, 72% of the companies polled have not yet digitised. Their top reasons included “high costs, fear of cyber-security issues and a lack of necessary digital skills among employees”. Some are also concerned about the compatibility that the new systems would bring with their old, existing ones.
Apart from the aforementioned concerns, a separate PwC survey also discovered that 83% of small and medium-sized enterprises (SMEs) in Singapore have digital transformation strategies in place, but less than half are able to implement them successfully due to to untimely COVID-19 pandemic which impacted investment priorities, which essentially goes back to cost.
What can PointStar do to help your digital transformation journey?
We understand the many legitimate concerns a business has regarding digital transformation but instead of pushing you into the deep, uncharted waters of digital transformation, we would like to offer you our lifeboat to navigate these waters together.
PointStar has a team consisting of certified cloud experts that have heaps of experience and have implemented multiple large scale projects across the region. Our experienced teams guarantee passionate support throughout the entire digital transformation journey, so you can be rest assured that your investment is well supported.
While high costs is mostly a determining factor to halt the digitization process, PointStar provides adequate research and consultation to ensure that your needs, budget and expectations are met without undermining your concerns.
We also work with the best, industry-leading companies and solutions that are proven to hit the mark and deliver superior performance for your business, such as Google.
For a start, consider migrating to Google Workspace where you can increase productivity and collaboration severalfold. From tools like Gmail to Docs and Meet or Chat, Google Workspace allows family businesses to stay agile, especially when it comes to transitioning employees to a remote working environment.
Moving faster along a digital journey also requires an understanding of the value of data and analytics tools, which Google Cloud provides abundantly – a fully managed, multicloud analytics platform that empowers everyone to get insights while eliminating constraints of scale, performance and cost.
We want to be there for you when you pursue your continuous digital transformation journey. It’s a lifelong investment, and for that, PointStar will ensure you are able to deploy your digital technologies optimally for your business.