What’s hampering business growth in Singapore?

Only 43% said their data and systems are well-integrated.

Many companies in Singapore are struggling to drive growth due to poor-quality data and disjointed technology systems amidst rising costs and intense competition, according to a survey by HubSpot. 

The survey, which polled 102 businesses, identified high costs (44%) as the top challenge, with 22% saying it is their biggest problem. This is in line with the data from the Singapore Business Federation, which highlighted increasing manpower and utilities costs as major contributors to business expenses.

Other obstacles include intense competition (39%), rising customer acquisition costs (35%), and channel saturation (34%). HubSpot said that these challenges could intensify pressures on businesses, particularly as Singapore was recently ranked the world’s most competitive economy.

Whilst technology is seen as essential for staying competitive, only 43% of respondents said their data and systems were well-integrated, resulting in difficulties consolidating customer information and providing suboptimal customer experience. 

Additionally, poor-quality data may be hindering the adoption of artificial intelligence (AI) tools, with 77% of businesses reporting insufficient or inaccurate data to effectively use AI.