It’s almost 20 years since that millennial turning point. A different kind of transformation has occurred – and along with it came a general air of excitement. In fact, across Southeast Asia, 52 per cent of people under the age of 35 believe technology will improve their job prospects, while 67 per cent believe it will help increase their income.
While Singaporean youths in the survey exhibited less optimism compared to some of their ASEAN counterparts, the country remains the region’s technological and innovation hub. It’s also an entrepreneurial place, with more than 50,000 businesses being launched in the city-state every year.
As technology-led business transformations continue to penetrate every aspect of our professional and private lives, here’s my take on what to expect for the year ahead.
Our research reveals that digitally proficient firms tend to achieve more revenue per employee compared to those that resist or delay digitisation. We’ve also found that SMEs in Singapore that use cloud-based accounting tools are able to shorten the period in between invoicing and getting paid by as much as thirteen days, enabling them to get paid faster. Improved cash flow is something that would benefit all businesses and will be a great driver of technological adoption amongst older or more traditional entrepreneurs.
As the immediate and long-term benefits of technology adoption stack up against the initial inconveniences, I foresee a majority of entrepreneurs over the age of 40 will adopt cloud technology by 2022. These tangible benefits, along with increased competition and government funding for SMEs that adopt digital processes, will help older entrepreneurs find success in the cloud.