A staggering 80% of business leaders in Asia believe they should transform their organizations into digital businesses to grow. However, only 29% of those have a full digital strategy in place.
In the Microsoft Asia Digital Transformation Study, researchers looked at the effect the Fourth Industrial Revolution has on people’s lives, and how it changes the way humanity interacts, works, lives and plays.
Only “29% of business leaders have a full digital transformation strategy and less than half (49%) are in progress.
The study looked at the impact technologies like artificial intelligence (AI), Internet of Things (IoT) and advanced data analytics have on business, and how they come together on digital platforms to transform the way we operate. The key objective of the paper was to demonstrate how business leaders can transform their digital operations for future growth.
“This revolution, together with rapid urbanization, emergence of the millennial workforce and a fragile global economic climate, is ushering societal and economic changes at an unprecedented pace,” Microsoft states.
Digital Business is the Key to the Future
The survey included feedback from 1,494 business leaders responsible for digital strategy in the Asia Pacific region within organizations employing a workforce of 250 or more. The countries surveyed included: Australia, China, Hong Kong, Indonesia, India, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan and Thailand.
The study found that although business leaders were aware that they need to become more digitally aware to transform their business, their strategies were still very much in its infancy.
The survey found that only “29% of business leaders have a full digital transformation strategy and less than half (49%) are in progress with specific digital transformation initiatives for selected parts of their business. 22% still have very limited or no strategy in place.”
Meanwhile, Ralph Haupter, President, Microsoft Asia, said “the study has shown that business leaders have started to act on the need for digital transformation to address the challenges and opportunities of the 4th Industrial Revolution in the region. Lessons from past industrial revolutions have taught us that organizations that do not evolve fast enough will be less competitive or even obsolete as they face disruptions in every industry.
“We urge organizations of all sizes to digitally transform themselves amidst changing demands externally and internally, to stay relevant,” a Microsoft representative said, “we believe this involves transformation in four key pillars – empowering employees, engaging customers, optimizing operations and transform with new products, services or business models, and data and the cloud are key enablers of these.”
Although the Asia Pacific region might include some of the more forward-thinking countries in the world, it would seem bold actions are needed to ensure businesses can embrace the digital revolution and secure their future in a highly competitive market place.