It ranked poorly, however, in recruiting talent with digital skills.
The Economist Intelligence Unit (EIU) released a global research project commissioned by Telstra showing which countries in Asia have the necessary building blocks in place to ensure business success in a connected world.
The EIU’s ‘Connecting Capabilities’ report shows Singapore is leading the way in Asian Digital Transformation Index. It notes that the city-state’s strong performance is primarily due to its well-developed digital infrastructure, as well as a highly supportive and coordinated set of government policies in support of infrastructure development, business use of technology and entrepreneurship.
The Asian Digital Transformation Index is a quantitative ranking of 11 Asian markets and three global comparators using 20 indicators across three key categories relevant to business performance: digital infrastructure, human capital and industry connectedness.
Paul Tyler, Telstra’s Group Managing Director, International, said the research was in recognition of the fact high quality digital infrastructure, an educated and technically literate workforce and a well-functioning technology ecosystem were the building blocks of success for companies and countries alike in the connected world.
“As part of their research, the EIU has surveyed more than 850 businesses and 94 per cent said a country’s infrastructure is important to their organisation’s digital transformation, reinforcing the fact that access to high quality telecommunications and technology services is vital for business success,” said Mr. Tyler.
Singapore ranks behind Japan in industry connectivity, which is broadly, the ability to draw on resources external to the organisation such as digital partnerships with other companies, networks or communities.
Recruiting the right talent is a challenge in Singapore, which ranked fourth on human capital. Building talent pools with advanced digital skills and expanding data sharing to enrich its firms’ digital partnerships are key areas for improvement.
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