Small and medium enterprises (SMEs) in Singapore are increasingly turning to generative AI (Gen AI), employee upskilling, and international expansion to maintain competitiveness amidst economic uncertainties, according to a recent DBS survey.
Conducted earlier this year, the SME Pulse Check Survey highlights that 73% of SMEs intend to invest in Gen AI solutions, whilst 72% are focused on upskilling their workforce to adapt to these technologies. Additionally, 32% have already begun using Gen AI for marketing and communications.
The survey underscores the importance of government grants, affordable digital solutions, and practical advice in facilitating this technological transition. Furthermore, SMEs are keen on expanding overseas, with 70% planning to allocate resources towards regionalisation, particularly targeting ASEAN and other high-growth markets. Essential resources identified for successful internationalisation include market insights, trade law guidance, and access to reliable suppliers and distributors.
As new climate regulations take effect, the survey also examined SMEs’ readiness for sustainability. Whilst 36% have made progress, many are still in the early stages, facing challenges such as limited resources and complex regulations. Koh Kar Siong, Group
