The majority of businesses adapt business models for uncertain economic situations

More than a third of businesses want to automate work to support employees.

More than three-quarters (77%) of Singaporean businesses are likely to change their business model to stay resilient during the economic climate (73% across all markets), an SS&C Blue Prism said in a study. 

Apart from this, 43% of businesses are looking to reduce their operating costs, whilst 49% of businesses seek to diversify their product offerings.

The study also found that more than three in 10 businesses also revealed they will use automation to support staff to perform tasks, as they adapt to challenging economic conditions. Fewer businesses in Singapore are turning to automation to support staff, compared to the average of 44% across all markets studied.

Singapore businesses, however, say they face cultural and skills barriers to shifting business models. More than half of decision-makers said culture or mindset is the biggest barrier to success whilst 40% said they lack skills and resources, and 20% believed there isn’t a strategic approach to transformation.

The study polled 94 decision-makers in Singapore, which is part of a larger study with a survey of other APAC markets.