HubSpot’s new survey shows that many organisations in Singapore companies struggle with insufficient quality data and a disconnected tech stack even on top of rising costs and competition.
Business challenges
The survey finds that 44% of Singapore businesses cited high costs as their top challenge. Moreover, Singapore businesses also struggle with competition (39%), rising costs of reaching prospects and customers (35%), and channel saturation (34%).
Data and tech stack barriers
The study found that 43% of Singapore businesses consider their data and systems effectively interconnected. The average company in Singapore needs to switch between more than 50 applications to manage customer interactions, which leads to a struggle to gain a consolidated customer view, disconnected data, and subpar customer experience.
“Needing to switch between more than 50 applications to manage customer interactions is not only detrimental to efficiency but could also lead to inaccuracies as businesses try to align insights across disparate data sources. Having a single source of truth for customer data is essential to build and maintain meaningful customer relationships,” said Dan Bognar, vice president and managing director of JAPAC, HubSpot.
Bognar also recognised that the lack of quality data could have impacted the local adoption of AI-powered tools. HubSpot’s survey revealed that most (77%) Singapore businesses felt they did not have enough or the correct data for practical AI usage, and 34% have not ‘started talking about generative AI.
World’s most competitive economy
“Operating in the world’s most competitive economy is no easy feat, requiring a delicate balance between managing increasing costs while delivering an impactful customer experience,” Bognar said.
