Six in 10 SMEs plan to increase digitisation investments by more than 25%: survey
The majority said funding is the biggest challenge to the digital shift.
More than nine in 10 (93%) of SMEs said digitisation is necessary for their growth but three challenges hinders them in doing so, a DBS study revealed.
In the study that polled 105 respondents, funding emerges as the top challenge in digitalisation (57%), followed by limited resources (46%), and relevant technical expertise / skillset (43%).
Despite the challenges, 65% plan to increase their investments in digitalisation by more than 25%, higher than in 2022.
Asked about their top business priorities in the next five years, businesses cited digital marketing (46%), establishing an online presence / e-Commerce / mobile applications (41%), and developing data analysis and management (37%).
The survey was conducted in Hong Kong between March and June 2023 to understand the community's attitudes and priorities towards digital transformation
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