11/8/2017 5:57:58 PM
|written By : Team India Se|
Singapore lags behind several Asian cities when it comes to how confident businesses are that the local environment supports digital transformation.
Singapore ranks 14th on the Digital Cities Barometer. Bangalore is first, San Francisco second, Mumbai third, New Delhi fourth, Beijing fifth, Manila sixth, Shanghai seventh, Jakarta eighth, London ninth, Madrid 10th. New York 11th, Barcelona 12th and Guangzhou 13th.
More than 2,600 business executives in 45 cities were interviewed in the survey commissioned by the Australian telco Telstra and carried out by the Economist Intelligence Unit (EIU).
Five key categories relevant to business performance were considered: innovation and entrepreneurship, the financial environment, people and skills, development of new technologies, and information and communication technology (ICT).
Singapore fared most poorly in innovation and entrepreneurship, where it ranked 21st, and in people and skills, where it ranked 18th.
Talent and skills shortages were cited by almost four in 10 (38%) Singapore executives as the toughest digital transformation challenge their businesses face. While a majority of respondents believed the educational system does a good job of training students with the needed digital skills, as many as one-third believe it is at best “partly effective” at it.
Bangalore scored highest in all five categories. But while executives gave high marks to the local education institutions’ ability to equip students with relevant digital skills, 40 per cent said a shortage of digital talent and skills was a serious inhibitor of their companies’ digital transformation efforts.
In San Francisco, confidence was particularly high in terms of new technology development and the quality of digital talent available in the city. Nearly three-quarters (73 per cent) of the respondents said its educational institutions were “generally” or “very” effective in preparing people with the right digital skills.