The July 2016 commissioned study, Cloud Computing Is Helping CIOs Deliver The Agility Business Demands, was conducted by Forrester Consulting on behalf of ServiceNow and Workday.
Sixty-six per cent of respondents in Singapore have adopted cloud technologies. The study was commissioned to analyse the impact of cloud adoption on the Singaporean economy by surveying more than 30 senior executive IT decision makers from MNCs based in Singapore.
Business Needs Drive MNCs to Cloud
The key drivers behind these IT investments are improving internal, operational processes. Seventy-two per cent of CIOs stated that their main business objectives for 2016 are improving employee productivity and improving operational efficiency, with 69 per cent saying it was to increase revenues and improving customer experience. Business expansion remains low on the priority list, with only 25 per cent stating that entering new markets or segments was a key priority.
Cyber Security Concerns Mitigated by Singapore’s Regulations
In addition, with cyber security now a major concern worldwide, security is the number one priority for most MNCs. Ninety-four per cent of respondents report that improved security is critical when considering any new IT investments. This is further echoed when looking specifically at cloud related technology, with 78 per cent reporting their concerns regarding data sovereignty, residency or security.
However, Singapore based MNCs are confident in the cyber security measures that the Singapore government have taken to protect businesses from cyber terrorism, with only 59 per cent of respondents concerned about hacking by foreign agencies. There is very strong awareness of the need to abide by Singaporean regulations, with 81 per cent concerned about maintaining regulatory compliance.
Cloud is Key to the Agile Enterprise of the Future
Looking to the future, it is also clear that cloud-based solutions will play a critical role for enterprises. 59% of respondents cited overcoming inflexible IT processes and managing complex technology environments as key obstacles facing them, with 56 per cent also saying they are concerned about the rate of technology change. Furthermore, when responding to these needs, 94 per cent reported that improved security and speed of deployment were critical attributes.
According to the study, “successful CIOs are augmenting traditional IT systems and approaches with cloud-based solutions to deliver the speed, flexibility and employee productivity that business needs to thrive in the age of the customer.”
The results were launched at a media roundtable held on 20 Sep 2016 at the ServiceNow premises at Suntec City, hosted by Jimmy Fitzgerald of ServiceNow, and featuring guest, Michael Barnes, vice president and research director at Forrester. The two industry thought leaders analysed the concerns and potential barriers to adoption, the benefits of deploying cloud solutions, and the link between digital disruption and customer expectations.
The full research study is conducted by Forrester. Forrester is a leading research and advisory firm worldwide. Through proprietary research, data, custom consulting, exclusive executive peer groups, and events, Forrester works with business and technology leaders to develop customer-centric strategies to help them drive growth.
To know more about Cloud solutions? ServiceNow will also be hosting NowForum on 1 November 2016 at the Suntec Convention Centre. The event aims to bring leaders from every corner of the enterprise together for a day to share and discover how to unleash the power of future fueled by service.