The balance of power has shifted from businesses to customers. A rising generation of consumers, whose insatiable appetite for faster, slicker, personalised services is creating a fertile environment for nimble, information-driven companies. Companies need to enhance their focus on meeting customer needs by making them a top driver behind their digital business strategies.
- Acknowledge that software enables a digital world
In the near future, almost every business will need to have software development expertise at its core. Companies, who have never written a line of code, will have to embark on a momentous digital journey in order to keep up with clients' demands. New digital products and services will drive the transformation of IT infrastructure as businesses need to manage thousands times more users and data.
- Build products and services that make mobile and social media capabilities accessible to employees and customers
Putting mobile at the center of the product and service development process has become essential. With ever increasing computing power, a mobile-centric strategy provides a blueprint to success. At the same time, social media has transformed how we interact with businesses and people. Whether it be established platforms such as Facebook or fast growing ones like Snapchat, businesses have to be prepared to provide social media capabilities with their products and services.
Time is running out for companies to compete in the digital era. Disruption is not only happening, but accelerating, while the technologies that enable change are becoming more powerful every year. Slightly over half of APJ businesses (52%) have already seen the writing on the wall, and fear they may become obsolete in the next three to five years due to competition from digital-born start-ups.
The good news is that emerging markets are clearly on the road to digitally transform, and any business can embark on the same journey. If businesses require inspiration, they don't need to look any further than the 120-year-old global conglomerate GE. Over its long existence, GE has been predominantly involved in selling hardware and industrial equipment. Anticipating the changes in the demands of customers, GE has created new business models and is delivering new experiences to their clients by harnessing enterprise cloud, hybrid cloud and data analytics. GE's successful transformation counters any argument that digital agility and revolutionary business models are only reserved for the digital natives.
Committing to transform people, processes, and the technology upon which the business is built, from the edge to the core to the cloud, is critical. The digital transformation journey does not have to be undertaken alone, with partners available with the breadth and expertise in digital transformation to help businesses accelerate digital transformation.
Where there is risk, there is also opportunity. There may still be a way to go for businesses in APJ, but there is definitely still time to get it right if they act now.
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