By Kareyst Lin
Nov. 23, 2016
Singapore leads the way in Asia for the new Asian Digital Transformation Index, which was included in the Economist Intelligence Unit (EIU)'s 'Connecting Capabilities' report commissioned by Telstra.
The city state's strong performance is primary due to its well-developed digital infrastructure, as well as a supportive and coordinated set of government policies in support of infrastructure development, business use of technology and entrepreneurship.
The Index is a quantitative ranking of 11 Asian markets and three global comparators using 20 indicators across three key categories: digital infrastructure, human capital, and industry connectedness, Telstra said in a press statement on 22 November 2016.
Singapore ranks behind Japan in industry connectivity. It refers to the ability to draw on resources external to the organisation, such as digital partnerships with other companies, networks or communities.
Recruiting the right talent is a challenge in Singapore, which ranked fourth on human capital. Key areas for improvement are building talent pools with advanced digital skills and expanding data sharing to enrich the firms' digital partnerships.
High quality digital infrastructure, an educated and technically literate workforce and a well-functioning technology ecosystem were key to success for companies and countries alike in the connected world.
"As e-commerce and digital processes only grow in importance, countries that fall behind [in terms of these three factors] risk putting their economy at a disadvantage when it comes to competing on a global scale and attracting investment," said Paul Tyler, Telstra's Group Managing Director, International.