Digital Will Transform Business But Few Are Gearing-Up For The Change

Digital Will Transform Business But Few Are Gearing-Up For The Change
SHARE
THIS



By 2025, digital technologies are expected to deliver 30 per cent GDP growth in Southeast Asia alone, 20 per cent to 30 per cent GDP growth in India, and up to 22 per cent GDP growth in China as digital transformation takes hold.

That’s a key finding of a new study by Cognizant which said the transformation agenda has introduced unforeseen challenges, in the form of new investments, organizational structures, internal skills, change management, and roles and responsibilities for companies.

Called Asia Rising: Digital Driving, the report notes, “By 2020, emerging economies will account for approximately 60 per cent of the increase in global spending. The region’s digital story is all about growth — massive growth. At the heart of this, Asia-Pacific companies are counting on digitization as a key element in their near- and long-term future. Tech entrepreneurs are already leveraging digital platforms and quickly building billion-dollar fortunes, thereby challenging traditional business models and industries.”

cognizant

Already Four of the top 15 worldwide global public Internet companies (Alibaba, Tencent, Baidu and JD.com) are based in China, according to the study.

“Their total combined value is $542 billion. Venture capitalists and equity firms looking for the next Alibaba are pumping billions of dollars into e-commerce companies such as Flipkart in India, hoping to unearth the next new thing.”

Among the key findings of the study;

  • Digital first is the new norm. While 37 per cent of companies are already undergoing digital transformation, almost 60 per cent plan to embark on the transformation journey over the next 12 to 24 months.
  • “Digital” equates to growth. Improving new products and services (63%), increasing revenue (60%) and improving sales, new customers, marketing and customer relations (58%) are the top three goals for digital transformation.
  • Digital means money, period. Going digital could propel revenue growth more than 13% by 2017, up from 7.6% today for the companies surveyed.
  • Digital now! In some parts of the world, “digital” is still an initiative for next quarter — or the one thereafter. In Asia, however, rising customer expectations (65%), increased competition (57%) and demanding employees (55%) are compelling companies to start now. Any organization not acting — at full speed — on digital is on a fast track to market irrelevance.
  • Business-processes-as-usual is a strategy to lose. Companies are more likely to be disrupted by poor integration across processes than by competitors or customers. The sales/marketing/customer service process (62%) will be most impacted by digital transformation, closely followed by new product/service development (60%), as well as strategy setting and implementation (46%), and financial planning, tracking, analysis and reporting (45%).
  • Strong digital leadership will shape the growth agenda. The role of the chief digital officer will become more and more pivotal; 70 per cent of companies surveyed plan to have this role in place over the next two to three years.

The authors conclude, “A new era of business, technology and commerce is emerging. Our report shows that switched-on leaders already recognise the need to transform the very essence of business value generation, as well as their own vision surrounding technology, work and the global economy.”

This article originally appeared on B&T’s sister site www.which-50.com

Please login with linkedin to comment

Latest News

Western Australia Gets Its First Influencer Marketing Agency
  • Marketing

Western Australia Gets Its First Influencer Marketing Agency

Western Australia’s first dedicated social influencer marketing agency will launch next week to service the state’s new and rapidly growing digital industry. The Influencer Agency – TIA – brings strategy, accountability and measurement to influencer marketing for WA brands using WA influencers. TIA will also assist influencers wanting to grow their brand by developing new […]

One-on-one With Marie Claire Editor Nicky Briger
  • Media

One-on-one With Marie Claire Editor Nicky Briger

Following the launch of the revamped marieclaire.com.au, editor Nicky Briger spoke to Magazine Networks about all it can offer readers. In September, Pacific Magazines unveiled an all-new digital experience for Marie Claire. Led by design thinking, the new look marieclaire.com.au was crafted to provide a better reader experience across all devices. It’s a testament to […]

Women’s Health Unveils Its New Premium Digital Experience
  • Media

Women’s Health Unveils Its New Premium Digital Experience

Pac Mags’ Women’s Health has unveiled an all-new premium digital experience. With a faster, cleaner, more intuitive and visually consistent brand experience across all devices, the new look is designed to optimise the user’s journey with less clutter, discoverable content and seamless integration for commercial partners. Will Everitt, head of product and technology said: “The digital evolution of […]

Digital Agency Inlight Secures Two Key Client Wins
  • Marketing
  • Technology

Digital Agency Inlight Secures Two Key Client Wins

Independent agency Inlight has announced it has won the digital account for Benetas, a not-for-profit aged care provider in Victoria. Following a competitive pitch process, Inlight was chosen to handle Benetas’ new website design, build and ongoing optimisation. Richard Barker, marketing manager at Benetas, said: “We wanted an agency that could be our true digital […]

AMI Awards 2017 Winners Revealed!
  • Marketing

AMI Awards 2017 Winners Revealed!

With almost 30 awards handed out, B&T predicts plenty of numb bottoms at last night's AMI Awards in Melbourne.

Clems Sydney CEO Andy Pontin Quits
  • Advertising

Clems Sydney CEO Andy Pontin Quits

Sure, B&T flashed the news of Andy Pontin quitting this morning. White lies aside, he's actually still got six months.

by B&T Magazine

B&T Magazine
Adobe MAXes Most Creatives In A Room Record
  • Advertising
  • Media

Adobe MAXes Most Creatives In A Room Record

B&T's journo is reporting live from the annual Adobe Summit in Vegas. Although, "reporting" is somewhat of a stretch.

Opinion

by David Hovenden

David Hovenden
Digital Women’s Network & The Australian College Of Marketing Unveil Latest Short Courses
  • Marketing

Digital Women’s Network & The Australian College Of Marketing Unveil Latest Short Courses

The Australian College of Marketing is collaborating with the Digital Women’s Network to bring new short courses aimed to provide the latest skills across all aspects of the Digital landscape, kicking off in Melbourne and Sydney in 2018. Course content will focus around various topics related to the digital marketing landscape. All courses will run […]

Man working at office desk, looking at computer and scratching head
  • Technology

Where Are Digital & Tech Skills & Salaries Headed?

The rapid pace of technological change in the digital sector is seeing demand for those with the right skill sets outstrip availability, both locally and globally. The individuals who have kept their skills up to date are being well-rewarded financially. Now, Digital + Technology Collective’s expanded annual Skills and Salary Survey will put some numbers and context […]

Disney & ESPN Unify Sales & Partnerships Teams
  • Advertising
  • Marketing
  • Media

Disney & ESPN Unify Sales & Partnerships Teams

Disney and ESPN have formed an even closer bond, announcing a new alignment of the two properties through their media sales and partnerships teams. Instead of entering through three doors, Disney ESPN Media Sales & Partnerships will give media buyers and marketers a refined, singular point of entry for Disney, ESPN Digital and Maker. Nik […]

by B&T Magazine

B&T Magazine
Sydney Start-up Muzaara Partners With Commission Factory To Turbocharge Digital Ad Spends
  • Advertising
  • Marketing

Sydney Start-up Muzaara Partners With Commission Factory To Turbocharge Digital Ad Spends

Sydney-based adtech start-up Muzaara has announced a new strategic partnership with performance marketing platform Commission Factory. Together, Muzaara and Commision Factory are providing SMEs with a secret weapon to skyrocket their online brand visibility and effectively manage and maximise their online advertising campaigns. This partnership will allow both online marketing companies and their impressive roster […]

Kellogg’s Creates AR Halloween Trick Or Treat Experience Via Shazam & Orchard
  • Campaigns
  • Marketing
  • Technology

Kellogg’s Creates AR Halloween Trick Or Treat Experience Via Shazam & Orchard

Breakfast cereal manufacturer Kellogg’s has joined forces with Shazam and digital agency Orchard to deliver a first-of-its-kind augmented reality (AR) Halloween Trick or Treat experience for families. The campaign, which leverages Shazam’s visual recognition platform and recently-launched AR platform, sees Kellogg’s pilot the replacement of physical gifts in cereal packs with a digital experience that […]

Kraft Heinz Appoints Cummins&Partners As New Creative Agency
  • Advertising

Kraft Heinz Appoints Cummins&Partners As New Creative Agency

Kraft Heinz today confirmed the appointment of Cummins&Partners as its new Creative agency after an extensive pitch process. They will be responsible for brand strategy and integrated creative across the expanding Kraft Heinz portfolio including Kraft, Heinz and Golden Circle. A Kraft Heinz spokesperson said: “After an exhaustive search involving a competitive pitch, we have made […]

Patrick Delany (CEO, Fox Sports), Hugh Marks (CEO, Nine Entertainment Co), Miranda Devine (Columnist, News Corp), Michael Miller (Executive Chairman, News Corp Australasia), Grant Blackley (CEO & Managing Director, Southern Cross Austereo) at Radio Alive 2017
  • Media

Media Bosses Weigh In On Ten-CBS Deal

Do you enjoy articles featuring industry big-wigs? Well, it doesn't come much bigger and wiggier than this, we say.

by B&T Magazine

B&T Magazine
Kantar TNS’ Ali Dexter Joins T Garage As Director Of Insights & Strategy
  • Marketing

Kantar TNS’ Ali Dexter Joins T Garage As Director Of Insights & Strategy

Melbourne-based market research consulting agency T Garage has announced the appointment of Ali Dexter as its director of insights and strategy. Dexter joins T Garage from Kantar TNS, where she was the director of its Qualitative division. Prior to that, Dexter held a number of senior roles at Kantar TNS in the US and Vietnam.  “After […]

XXXX on Tuesday, March 21, 2017, in Las Vegas. (Jeff Bottari/AP Images for Adobe)
  • Advertising

Adobe Releases Advertising Cloud App

Not one, but two Adobe announcements. The tech elves have been busy this week, not that we're inferring Adobe is Santa.