According to a recent study, only 38% of organizations in Asia-Pacific were at advanced stages of digital agility.
In a recent study commissioned by Workday, it was observed that four out of 10 organizations in Singapore (37%) still lag behind in digital agility, even despite opportunities to accelerate digital transformation and increase productivity. adoption of technology during the pandemic.
The IDC-Workday Asia/Pacific Digital Agility Index 2022 further noted that the key challenges cited by organizations in Singapore in pursuing digital transformation were:
- fear of failure
- interdepartmental collaboration
Overall, the study highlighted the extent to which organizations in Asia-Pacific (APAC) have made progress in digital agility since the COVID-19 pandemic, ranking organizations on the index digital agility (DAI). Based on their scores, organizations are identified as either “Agility Leaders” if they are in the Agile/Integrated stages of digital agility maturity, or “Agility Followers” if is determined that they are in the slow/tactical stages.
Excerpts from the study results can be found below:
Singapore falls to second position in APAC
Across the nine APAC markets studied, progress in digital agility is uneven.
Looking at each specific market, service organizations Australia made the greatest strides in digital transformation efforts and ranked first this year. With Australia rising in rank, Singapore fell to the second position since its first place in 2020.
This was followed by New Zealand, Koreaand hong kong taking third, fourth and fifth place respectively. Taiwana new addition to the study, came in sixth, followed by Malaysia, Indonesiaand Thailand.
From a regional perspective, only 38% of APAC organizations were in advanced stages of digital agility. Nevertheless, progress is being made overall, as this figure reflects an increase of 18 percentage points compared to 2020.
For the 62% of organizations in APAC that lag behind in digital agility (i.e. agile adopters), technology adoption is often driven by functional requirements and business needs such as e-commerce, security measures and remote working during the pandemic.
Organizations in Singapore lack data-driven insights
Focusing on findings specific to Singapore, the report looked at the technology and data organizations have to drive the business.
In Singapore, only 36% of organizations surveyed were found to be supported by an integrated HR and finance platform with predictive analytics, suggesting that more organizations could leverage technology to gain insights based on data. data, which would contribute to greater digital agility.
Of the IT leaders involved in the survey, nearly six in 10 (57%) said they struggled to choose the right technology solutions that could drive business growth. Additionally, among finance leaders, only 37% said their organizations ensure resilience by using automated detection of financial disruptions based on predictive capabilities.
Next, the report also noted that there are also opportunities for organizations in Singapore to continue their digital transformation.
more holistically to achieve better results, including attracting and retaining talent.
According to the results, almost eight in 10 HR managers (77%) in the country admitted that they face challenges in delivering high HR service standards in times of rapid change. Additionally, 83% lack a holistic talent strategy supported by data analytics to identify training needs, areas for growth, and drive employee engagement. In fact, only a third of organizations (32%) surveyed in Singapore have enterprise talent management systems and policies in place to maximize talent attraction and retention.
As the study pointed out, this is a critical area that needs attention as it enables organizations to “succeed in executing digital initiatives and become more agile in seizing new opportunities.”
It’s time for CFOs, HR directors and CIOs to forge closer collaborations
From a broader perspective, greater collaboration is needed between Chief Human Resources Officers (CHROs), Chief Financial Officers (CFOs) and Chief Information Officers (CIOs), to drive business agility in the post-pandemic era, the study asserted. In the new normal led by a digitally driven economy, leveraging digital agility can deliver competitive advantages, he added.
However, this is only possible if organizations rethink their approach to closing digital agility gaps through technology and aligning functional business requirements across the C-suite.
Not only must organizations accelerate their digital transformation to close the agility gap for positive business outcomes, but teams must also have an integrated approach as a strategic imperative.
Hence the need for CHROs, CFOs and CIOs to partner in cross-functional digital transformation initiatives and integrate digital talent management, HR and finance processes.
Final, Sandeep Sharma, President for Asia, Workday commented: “While there is tremendous progress with more organizations making the leap to become leaders in agility, the fact that the majority of organizations in Asia Pacific are still lagging behind creates an opportunity for helping organizations digitally accelerate.
“With agility now a key source of competitive advantage in today’s digital economy, organizations supported by data-driven processes and infused with digital skills and work cultures are best positioned to thrive. in today’s changing world.”
This global study was commissioned by Workday and conducted by IDC between December 2021 and February 2022. Over 800 HR, IT, and Finance leaders from nine markets and 15 industries in Asia Pacific were surveyed.
Additionally, their organizations were assessed based on four dimensions of digital agility, namely organization and culture, people, process, and technology.
Image / Shutterstock
Follow us on Telegram and on Instagram @humanresourcesonline for all the latest HR and workforce news from across the region!