Uncover the truth behind the state of digitization in the region.
Does your business have the right idea about digital transformation?
As digital technologies take the world by storm, it’s important to have a clear picture of how they have impacted business in Asia Pacific. In our new report created with 451 Research, we interviewed over 600 decision makers across the region and uncovered insights that should bust these myths about digital transformation in Asia Pacific:
Myth #1: Asia Pacific is taking a backseat
When it comes to the digital economy, Asia Pacific’s businesses are getting serious. They have greatly ramped up their digitization efforts. The region has taken the lead in terms of digital transformation maturity—with 57 percent of enterprises already having a formal digital transformation strategy in place, ahead of North America and Europe. These companies are also actively digitizing their business processes.
Over 70 percent of those companies still in the planning stages expect to materialize their plans in the next two years. Companies in China and India are also likely to be in the final stages of preparation, with 44 percent of Chinese companies and 48 percent of Indian businesses saying that they will begin their digital transformation projects this year.
Myth #2: Disruption is exaggerated
One of the greatest fears that keep business leaders awake at night is disruption. In our poll, over a third of companies say their industry has been impacted heavily by digital technologies in the past three years—mainly driven by mobile apps, IoT, automation, and intelligent software. Organizations will also not be able to catch a break. The impact of these forces is also expected to increase over the next three years.
Myth #3: It’s all about cost
Asian corporations are no longer just worried about cost savings. When asked about what drives them to transform digitally, 44 percent say they want to create better customer experiences and 43 percent wish to manage their risks better. Reducing operational costs comes in third at 41 percent.
Businesses are adapting to build more customer-centric IT, thanks to new innovations like self-service apps and mobile banking services. IT environments have also grown more complex, forcing more enterprises to think more about their management and security approaches.
Myth #4: Security is not a priority
Protecting critical customer data is not treated as an afterthought. In fact, it is seen as the biggest concern when it comes to digital transformation. About 35 percent of companies are held back from going through with their journey due to a potential failure to secure sensitive data.
And in light of recent worrying developments in the threat landscape, these fears seem justified. Organizations are still reeling from the effects of the WannaCry ransomware attack, one of the largest threats of its kind the world has ever seen. Accenture also discovered that one in four cyberattacks in Singapore resulted in an actual security breach.