As the global economy faces challenging times, Singapore’s CEOs are taking proactive measures to reinvent their businesses through change and transformation. With the expectation of a decline in global economic growth over the next year, it’s no surprise that many business leaders in Singapore are feeling concerned about the future.
According to PwC’s recent report, 89% of Singaporean leaders expect a decline in global economic growth over the next 12 months. 31% are worried about inflation, 31% are worried about macroeconomic volatility, 25% are worried about cyber risks, and 25% are worried about geopolitical conflict.
Singapore CEOs are less optimistic about the growth of the economy than CEOs in other countries. However, these business leaders are not sitting idly by, waiting for things to get worse. Instead, they put money into change and transformation to make sure their businesses are set up for success in the future.
Reducing operating costs and diversifying offerings
CEOs in Singapore are taking steps to cut operating costs (67% of them) to prepare for the current economic situation. To stay competitive in the market, they are also already offering a wider range of products and services (58%).
Future-proofing their businesses
However, many CEOs in the Lion City also believe that their companies will not be economically viable in the next decade if they continue on their current path. To make sure their businesses will be successful in the future, they are investing in automating processes and systems (89%), using the cloud, AI, and other advanced technologies (83%), and putting in place systems to help their employees get better at their jobs in key areas (78%).
Investing in Automation and Technology
Since technology is becoming more important in business today, it’s not surprising that many CEOs in Singapore are investing in automation and other cutting-edge technologies. These investments will help companies streamline their operations, reduce costs, and stay competitive in the market.
Investing in the upskilling of the workforce is another way that CEOs in Singapore are future-proofing their businesses. By putting systems in place to help their employees improve their skills in priority areas, they are making sure that their businesses stay relevant and competitive in a business world that is changing quickly.
Also read: Colorful Campaigns: How Brands Celebrated Holi 2023
Businesses all over the world are facing big problems because of the way the economy is right now, and Singapore is no different. However, with the right strategies and investments in place, Singaporean CEOs are well-positioned to transform their businesses and weather the storm. They are setting up their businesses for future success by lowering operating costs, expanding their product lines, investing in automation and new technology, and teaching their employees new skills.