Technology hastens business recovery: study

However, 45% of respondents are afraid of the rapid pace of technological evolution.

More companies may soon invest in new technology as 50% of Singaporeans say the adoption of new technologies has helped reduce financial losses from the impacts of COVID-19, according to cloud enterprise technology firm Workday's Finance Disrupted: Industry Preparedness Index.

Additionally, a similar number said the adoption of new technologies have also helped their companies better manage operations throughout COVID-19, with the most impact seen in cash flow (58%) and supply chain (56%).

However, some companies are not keen to lean on technology to support their business as 45% said they are afraid that the rapid pace of technological evolution runs the risk of investments being outdated. The 43% said that company stakeholders generally do not see the value of technological investments.

The study also found that 66% are not confident that they would recover in the first quarter of 2021. However, 76% believe they would recover within 12 months.

The Finance Disrupted: Industry Prepared Index is the first instalment of Workday's survey of finance and IT professionals across the Asia-Pacific region. A total of 675 interviews were conducted through online/telephone interviews in November 2020 in Singapore, Hong Kong, Australia, and New Zealand. Only senior finance (70%) and IT (30%) professionals were selected for this survey. All respondents were from companies that comprise over 1,000 employees.