Companies in the Asia Pacific (APAC) region are leading the implementation of digital projects as compared to their global counterparts.
This is according to a new report by Forbes Insights with Hitachi Data Systems (HDS), a wholly owned subsidiary of Hitachi Ltd., titled How to Win at Digital Transformation: Insights from a Global Survey of Top Executives. The report was based on a survey of 573 senior executives worldwide, with 34 percent from APAC.
Majority of respondents in the region (55 percent) expect their organisations to undergo vast digital transformation in next two years, which is six percent higher than the global average of 49 percent.
In fact, digital transformation was considered as the top strategic priority by respondents in the region (60 percent), with a focus on investing in new technologies to enable digitalisation over the next two years (65 percent) as well as increasing their companies' data and analytics capabilities (65 percent).
In line with that, 64 percent of respondents selected cloud as their top technology focus for digital transformation, followed by the Internet of Things (IoT) with 41 percent.
However, 45 percent of the respondents chose IoT technologies as their top investment priorities.
New business models, competition drive digital transformation in APAC
The survey found that digital transformation in the region is mainly driven by new business models, and industry competitors (both 42 percent), followed by new technologies (38 percent), and customer expectations (33 percent).
Meanwhile, 57 percent of the polled senior executives in APAC considered the ability to innovate as the top measure of digital transformation's success. It is followed by revenue or margin growth (54 percent), and cost reduction (49 percent).
"Digital transformation is now essential for corporate survival," said Bruce Rogers, Chief Insights Officer at Forbes Media, in a press release. "And it's more about people and culture-about change management-along with investing in the technology."
Data and analytics boost company revenue
Majority of companies in the region (95 percent) said they have already seen revenue increases thanks to data and analytics.
In fact, more than a third (39 percent) have seen an increase of more than five percent on revenues because of data analytics. This is higher compared to global average of (31 percent).
The report said these findings indicated a clear potential that data analytics present for businesses in the coming year.
"At the centre of transformation is data. It is both the creator and accelerator that has proven to be the currency of IT organisations. By failing to unlock the potential of data, organisations are falling short of their own transformation," said Mark Ablett, General Manager and Senior Vice President of HDS in APAC.
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