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[Breaking News] Technology can help businesses cope with rising cost, labour shortage

Rogue Trader

Alfrescian (Inf)
Asset
Technology can help businesses cope with rising cost, labour shortage
Posted: 13 February 2013 1801 hrs


SINGAPORE: Analysts say Singapore businesses can cope with rising cost and labour shortage by investing in technology.

Logistics firm YCH is an example of a logistics firm which spends about three to five per cent of its revenue on technology improvements to enhance business processes.

Apart from relying on government initiatives, analysts say other industries like retail and food and beverage can also benefit from technology upgrades.

But the biggest challenge for companies is to overcome the mindset of expecting returns on investment shortly after the initial capital outlay.

Some Singapore branches of international banks may be looking to cut jobs as their head offices cope with the impact of tighter regulatory requirements on their bottomlines.

Human resource experts say some banks may also be taking the opportunity to restructure their functions within the region.

Channel NewsAsia understands that up to 40 jobs may be lost in the Singapore office of a global bank after the Lunar New Year.

- CNA/fa
 
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