New Survey shows Businesses that Do Not Automate Risk Falling Behind the Curve
- Written by: Daily Bulletin
- Published in News from Asia
Industry report by SGTech and Workato reveals that 80 percent of Singapore companies deploy automation to solve productivity and manpower issues.
Widening competitive gap between companies that automate and those who do not.
Tapping on automation to drive business outcomes amid market uncertainty.
SINGAPORE - Media OutReach - 11 January 2023 - Automation will be critical in driving productivity and performance for most enterprises in Singapore, according to a new industry report commissioned by SGTech, the leading trade association for Singapore's technology industry, and Workato, the leading enterprise automation platform. The report, The State of Digital Automation 2023, explores how automation is creating an impact on enterprises in Singapore.
The survey unveiled that digital automation, the application of digital technology to automate business processes and reduce manual and repetitive tasks involving multiple teams, is being entrenched across enterprises, whether they are large enterprises (LEs) or small-medium enterprises (SMEs), with 83 percent of enterprises saying that they have deployed at least one automation solution. Business process management, robotic process automation and iPaaS emerge as the top automations deployed in businesses.
Widening competitive gap between companies that automate and those who do not
An overwhelming majority (98) percent of enterprises saw positive results, including reduced manual work, visibility and access to data, and improved employee experience. The survey revealed that better productivity, cost reduction through reducing manpower needs, and efficiency in product development were top motivations for enterprises to implement automation.
According to IDC, automation solutions can help improve operational efficiency and propel revenue and profit growth. Through improved productivity and financial performance, organizations that automate can be better poised to mitigate the effects of inflation, economic downturn and talent shortages. As organizations reap benefits from deploying automation, organizations who do not automate risk falling behind the curve.
"As economic uncertainty looms and companies deal with ongoing disruptions, it is unsurprising that organizations are turning to digital investments such as automation to drive efficiency and plug talent gaps." said Allan Teng, Founder and Managing Director of Workato, Asia Pacific and Japan. "Automation can help transform entire business processes and reinvent the way we work. We look forward to seeing how organizations can tap on the power of Workato's integration-led automation to drive business outcomes, as the demand for automation increases in Singapore."
"Supporting businesses' digital transition and strengthening companies' capabilities through digitalisation will continue to be a key commitment for SGTech," said Yean Cheong, Executive Director of SGTech. "We hope this report will provide valuable insights on the benefits of automation and reinforces enterprises' decision to embark and persist through their digital transformation journey."
The report further identified the following findings:
- 81 percent of respondents intend to automate just as much as last year, if not more, in 2023.
- 82 percent of respondents observed results within six months.
- IT / Engineering, sales and finance functions were observed to reap the most impactful outcomes from automation.
The full report can be viewed and downloaded here.
Key strategies to encourage future adoption and maximize automation to drive business outcomes
Of organizations that have yet to deploy automation, eight out of 10 organizations are intending to start in 2023. However, 36 percent of enterprises cited overly technical processes as a roadblock for business teams to automate independently.
Digital automations are still majority owned by IT departments, according to 54 percent of respondent enterprises. Enterprises also reported that the likelihood of achieving or outperforming their targets was higher, at 78 percent, when every department was involved.
To empower non-IT business functions to deliver automation projects, organizations can consider adopting easy-to-build automation platforms and low-code/no-code technologies. A change management program that involves all stakeholders will also be key to driving adoption and successful automation programs that meet departmental automation needs.
Methodology
The State of Digital Automation report is based on anonymized data collected from 133 enterprises in Singapore with annual revenues that range from under SGD$1 million to over SGD$500 million. The data was aggregated from a 20-question survey held from mid-July to early August 2022. This survey invited participation from all organizations with a business presence in Singapore.
Hashtag: #Workato #SGTech #Automation #Business #Technology #DigitalTransformation #SME
The issuer is solely responsible for the content of this announcement.
Workato
The leader in enterprise automation, Workato helps organizations work faster and smarter without compromising security and governance. Built for Business and IT users, Workato is trusted by over 11,000 of the world's top brands like Broadcom, Intuit, Box, Autodesk, and HubSpot. Headquartered in Mountain View, Calif., Workato is backed by Altimeter Capital, Battery Ventures, Insight Venture Partners, Tiger Global, and Redpoint Ventures. For more information, visit www.workato.com or connect with us on social media:
- Blog: https://www.workato.com/the-connector/
- Business Systems Community: https://systematic.workato.com/
- Twitter: http://www.twitter.com/workato
- LinkedIn: https://www.linkedin.com/company/workato
SGTech
SGTech is the leading trade association for Singapore's tech industry. Representing over 1,000 member companies ranging from top multinational corporations, large local enterprises, vibrant small and medium-sized enterprises, and innovative startups, it is the largest community in Singapore where companies converge to advocate for change and drive what enables tech innovation and accelerate tech adoption to spur greater sustainability in the sector.
SGTech's mission is to catalyse a thriving ecosystem that powers Singapore as a global tech powerhouse.
To learn more, visit www.sgtech.org.sg.
- LinkedIn: https://www.linkedin.com/company/sgtechsocial
- Facebook: https://www.facebook.com/sgtechsocial/
Daily Bulletin
