To overcome business challenges, 94 percent of organisations had plans already in place to deploy two or more disruptive technologies to accelerate digital transformation and boost competitiveness, according to a new survey 'The Digital Silk Road to Success' by NTT Communications.
Internet-of-Things (IoT) and big data analytics are the most widely adopted technologies among the organisations surveyed, the information communications technology (ICT) solutions company said in a press statement on 7 December 2016.
The study also found that nearly 80 percent of business and information technology (IT) decision makers at large corporations based in China, Hong Kong and Singapore are generally positive about the business outlook in the next 12 months. This is in spite of the challenges including talent shortages, rising wages, price pressure, increasing costs and competition.
They believe that new technologies hold the key to transforming their growth model despite an uncertain economic climate.
"The success of retail, manufacturing and wholesale industries relies heavily on an efficient supply chain ecosystem where companies' ability to trace and visualise the bilateral flow of goods, information and cash throughout the value chain at a given moment has become ever more critical," said Raymond Ng, Vice President, Vertical Solutions, NTT Com Asia.
"Asian companies have extensively applied IoT and big data to capture real-time business intelligence from all the touch points, and overcome business blind spots in the ecosystem. Though combining IoT and big data is far from new, it is the recent extensive application of these disruptive technologies that is proving to be a game changer for the supply chain," added Ng.
Proliferation of "connected things" creates security, compliance and compatibility issues
Although corporations appreciate the value that disruptive technologies potentially deliver to their business transformation model, various challenges are holding them back.
Half of the surveyed organisations listed the top three stumbling blocks as stringent data security and compliance regulations; legacy IT; and the complexity involved in sourcing suitable technologies nad supplier for the job.
"Strategically selecting a mix of disruptive technologies to overhaul the supply chain is only the first step of a successful digital transformation journey. It all comes down to three important determining factors - the readiness of infrastructure, connected technology, and people to make sense of data to derive actionable business intelligence," Ng concluded.
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