The Asia Pacific (APAC) region’s GDP stands to gain an added $1.16 trillion by 2021 as new technologies continue to transform how companies offer goods and services through innovative and powerful channels. Microsoft outlined this and other findings in its study, “Unlocking the Economic Impact of Digital Transformation in Asia Pacific,” released in February this year.
Microsoft, in partnership with IDC Asia/Pacific, predicts the dramatic acceleration of digital transformation’s pace in Asian economies. In 2017, digital products and services created through digital technologies like the cloud, artificial intelligence (AI), and mobile devices made up around 6 percent of Asia’s GDP. This figure is expected to reach 60 percent by 2021.
Changes Brought On by Digital Transformation
As a result of digital transformation and the way goods, services, and information are being produced and consumed, small and medium enterprises (SMEs) are rapidly changing their business models to gain an advantage over their competitors.
Consumers in the APAC have embraced tools like social media and e-commerce sites, so they are considered the main drivers of digital transformation. Mobility is significant to APAC consumers because it allows them to conduct transactions remotely using mobile or wearable devices. As such, businesses scramble to keep up with their customers’ digital behavior and quick uptake of digital services.
Apart from giving importance to customers, more enterprises in the APAC are hiring individuals who have the right skills and knowledge to effect further digital change. This trend may result in the creation of higher-value jobs and an increase in personal income through digital work.
APAC’s Way to Digital Transformation
The Harvard Business Review reports that digital transformation is no longer a choice; it is a must if businesses want to survive the hyperconnected era.
To help industry leaders in the Philippines and APAC gain more insight on how going digital can transform their businesses, the Israel Chamber of Commerce of the Philippines will hold the business forum Digital Transformation for SMEs on October 2, 2018.
The forum, happening at Dusit Thani – Manila from 2:00 p.m. to 5:00 p.m., will bring together experts and innovators who can enlighten SMEs and business decision-makers about switching to digital.
Speakers include industry leaders Carlo Ople, PLDT Vice President; Samuel Jeanblanc, Google Philippines Sales Manager; Bernard San Juan, Truelogic Online Solutions General Manager; and Reynaldo Lugtu, Hungry Workhorse President. They will provide participants with a wide range of views about switching to digital in the Asia Pacific and how it’s shaping the business landscape.