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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.