Multi-national companies (MNCs) in Singapore have adopted cloud based solutions and services at nearly three times the global average, according to a study published by ServiceNow and Workday.
The July 2016 commissioned study, conducted by Forrester Consulting, surveyed more than 30 senior executive IT decision makers from MNCs based in Singapore. About two-thirds (66%) of respondents in Singapore have adopted cloud technologies.
The key drivers behind these IT investments are improving internal, operational processes, with 72% of CIOs stated that their main business objectives for 2016 are improving employee productivity and improving operational efficiency, and 69% saying it was to increase revenues and improving customer experience.
Business expansion remains low on the priority list, with only 25% stating that entering new markets or segments was a key priority.
“It is clear that they are also utilizing this technology to help make their organizations more agile and free their employees to focus on more productive work,” Jimmy Fitzgerald, VP of ServiceNow Asia-Pacific and Japan.
In addition, with cyber security now a major concern worldwide, security is the number one priority for most MNCs, with 94% of respondents report that improved security is critical when considering any new IT investments.
This is further echoed when looking specifically at cloud related technology, with 78% reporting their concerns regarding data sovereignty, residency or security.
However, Singapore-based MNCs are confident in the cyber security measures that the Singapore government have taken to protect businesses from cyber terrorism, with only 59% of respondents concerned about hacking by foreign agencies.
There is very strong awareness of the need to abide by Singaporean regulations, with 81% concerned about maintaining regulatory compliance.
Looking to the future, it is also clear that cloud-based solutions will play a critical role for enterprises as 59% cited overcoming inflexible IT processes and managing complex technology environments as key obstacles facing them, with 56% also saying they are concerned about the rate of technology change.
Furthermore, when responding to these needs, 94% reported that improved security and speed of deployment were critical attributes.