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New research from Microsoft Singapore and the Association of Small & Medium Enterprises ( ASME ) has shown that the perceived success of digitalisation remains moderately low despite higher awareness and adoption among small and medium-sized enterprises ( SMEs ).
HILE 83 % OF small and
W medium enterprises ( SMEs ) in Singapore now have Digital Transformation strategies in place , more than half ( 54 %) reported delays in their digitalisation plans due to COVID-19 . Also , despite higher adoption of Digital Transformation , only two in five SMEs perceive their efforts to be successful .
The economic uncertainties brought about by the global pandemic have exacerbated some of the challenges that SMEs face when it comes to Digital Transformation . Cost remains a top barrier , with just over half ( 56 %) of Singapore SMEs saying that they found it too expensive to digitalise due to high implementation costs – in addition to other factors such as a digital skills gap and low awareness of government initiatives to support firms in their Digital Transformation journeys .
These findings were revealed in the 2020 SME Digital Transformation Study produced jointly by Microsoft Singapore and the Association of Small & Medium Enterprises ( ASME ), which surveyed 400 business owners and key IT decision makers of Singapore SMEs from across 15 industries from March to June this year .
First launched in 2018 , the study seeks to unveil the state of local SMEs ’ Digital Transformation and shed light on some of the gaps towards digitalisation , against the backdrop of economic disruption and volatility caused by the global pandemic . �
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THE STUDY SEEKS TO UNVEIL THE STATE OF LOCAL SMES ’ DIGITAL TRANSFORMATION AND SHED LIGHT ON SOME OF THE GAPS TOWARDS DIGITALISATION .
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