Though Singapore ranks highest in the Index in several infrastructure indicators like 4G mobile network coverage, ICT investment and ICT laws; in the human capital category, South Korea, Japan and Hong Kong take the lead. And even though the country earns a high score in STEM education, it lags behind a few of its counterparts in developing high quality IT engineers and developers. The report acknowledges the shortage of talent in Singapore compared to other countries in the region, for instance, regarding expertise in more advanced digital areas such as data analytics.
Only Japan ranks higher than Singapore in the strength of digital collaborations with other networks, companies, or communities. Forty-five percent of the respondents were involved in five or more such partnerships, and 23 percent were in more than 10 partnerships.
Digital partnerships have yielded several benefits including productivity improvements, faster speed to market, enhanced brand awareness, and most importantly, more innovative ideas for new products and services. Fifty-seven percent of those surveyed agree that their firms have benefitted largely from such collaborations. However, 75 percent of the respondents also believe that digital partnerships could yield more and that their firms would have to improve on leveraging these partnerships.
The chief benefits from digital transformation initiatives: