80% of business leaders believe they need to be a digital business to succeed: Microsoft study
Business leaders in Asia Pacific are showing urgency in embracing the 4th Industrial Revolution, where 80% of them believe that they need to transform to a digital business to enable future growth and yet only 29% said that they have a full digital strategy in place today.
These are some of the key findings of the Microsoft Asia Digital Transformation Study.
The Study surveyed 1,494 business leaders from Asia Pacific working in organizations with more than 250 employees from 13 Asia Pacific markets: Australia, China, Hong Kong, Indonesia, India, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan and Thailand.
Ralph Haupter, President, Microsoft Asia said: “The Microsoft Asia Digital Transformation 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 organisations that do not evolve fast enough will be less competitive or even obsolete as they face disruptions in every industry. We urge organisations of all sizes to digitally transform themselves amidst changing demands externally and internally, to stay relevant.”
Microsoft has defined what it means to transform in four key pillars:
Engage customers: Consumers are savvier than ever before, with access to data ensuring they are often educated on a product or service before engaging. To stand out, organisations will need to deliver a new wave of deeply contextual and personalized experiences, while balancing security and user trust.
Empower employees: The nature of how we work—and the workplace itself—has undergone a dramatic evolution. Organisations can empower their people and help them do their jobs better with the power of mobility, which allows employees to collaborate from anywhere, on any device, and access apps and data they need, while mitigating security risks.
Optimize operations: Technology disrupters such as IoT are accelerating the potential for businesses to optimize their operations. This can be done by gathering data across a wide, dispersed set of endpoints, drawing insights through advanced analytics, and then applying those learnings to introduce improvements on a continuous basis. Organisations in manufacturing, retail, and even healthcare can shift from merely reacting to events to respond in real time, or even pre-emptively anticipating and solving customer issues.
Transform products and business models: The opportunity to embed software and technology directly into products and services is evolving how organisations deliver value, enabling new business models, and disrupting established markets.