Adding another feather to its cap, Singapore has topped the list of Asian Digital Transformation Index that measures the ability of Asian economies to transform themselves in the face of digital transformation.
This new index considers the overall environment for digital transformation in organisations based on three pillars: infocomm technology infrastructure, human capital and industry connectedness. This index has been developed by Economist Intelligence Unit(EIU) under commission from Australia’s largest telco Telstra.
In its report, EIU has mentioned that Singapore’s top position in the region is primarily due to its well-developed digital infrastructure, which is made easier by its being a small island country with a concentrated population. In addition to this, it has a highly supportive and coordinated set of government policies to boost infrastructure development, the business use of technology and entrepreneurship.
Singapore is second only to Japan in industry connectivity, which is the ability to draw on resources external to the organization, such as digital partnerships with other companies, networks or communities.
However, Singapore ranked below in human capital as it came on the fourth position. EIU has observed in its report that the country continues to face the challenge of building talent pools with advanced digital skills and expanding data sharing to enrich digital partnerships.
The Asian Digital Transformation Index was compiled based on a survey of 870 executives in 11 major Asian markets- across six industries: manufacturing, financial services, media, healthcare, professional services and logistics.