Digital transformation has been the buzzword of 2019. It’s a trend that can be seen in different industries and countries as businesses look for ways to stay relevant and maintain their competitive advantage. The Philippines is no exception in this regard, but what exactly is digital transformation? And why does it matter for businesses in the country?
Digital transformation — what it is and why it matters?
Digital transformation is a process that aims to change an organization’s culture, processes and systems. It’s not just about technology; it’s about people and organizational culture as well. In fact, digital transformation is an ongoing process with no end in sight — there will always be new technologies that can be incorporated into the mix.
It can also help you stay relevant amidst fierce competition in every industry because it allows organizations to adapt quickly to changes in the marketplace while staying ahead of their competitors.
The benefits of digital transformation
During the digital transformation process, your company can expect to see a number of benefits. These include:
- Increased productivity: Employees will be able to access information faster and more efficiently than ever before. They’ll also have access to new tools that help them work better than they ever did before.
- Reduced costs: When you optimize your business processes, you’re able to cut down on overhead expenses like office spaces. By streamlining these processes through automation and AI, you’ll be able to reduce costs even further while simultaneously improving customer experience.
- Improved customer experience: Customers are increasingly demanding personalized experiences—and with digital transformation, you’ll have the technology in place to deliver just that! With analytics tools like predictive analytics, you’ll know exactly what customers want before they do.
What is the current state of digital transformation in the Philippines?
According to 2020 Global Connectivity Index (GCI), the Philippines ranked 59th in the adoption of digital transformation.
The Philippines still lags behind its neighbors in the area in terms of technology adoption, according to the World Bank’s Philippine Digital Economy Report 2020, despite having high internet usage and social media usage. This comparatively poor performance may be linked to the nation’s weak digital infrastructure, firms’ failure to use online platforms and digital payments, and administrative hurdles impeding the efficacy and efficiency of the nation’s logistics systems.
What needs to happen for the Philippines to have a successful digital transformation?
- The Philippines needs to invest in the right skills and infrastructure.
- The government should have a digital strategy, and companies need a digital mindset. This can be achieved through the implementation of a digital budget.
- The private sector should use its resources to create a digital workforce, implement best practices for e-commerce, and adopt data analytics solutions that will allow the country’s firms to gain a competitive edge over their international counterparts.
Digital Transformation is not just a buzzword. It’s the key to staying relevant and competitive.
While the term “digital transformation” is often used as a buzzword, it is actually an important and necessary component of staying competitive in the business world.
Digital transformation means creating new products and services or improving existing ones by using technology, such as software applications or mobile devices. It also includes using sensors to collect data that can be used to improve processes. This can help businesses stay relevant by responding quickly to changes in their industries, but it can also help them improve efficiency so they don’t have to spend more money than necessary on things like labor costs.
As digital transformation continues to grow, it’s important that businesses and individuals alike understand just how they can benefit from it. For companies, this means knowing what will work best for their particular needs so they can ensure their success in the future. For individuals, this means understanding how to use these tools so that they can feel more empowered in society as well as at home.
Want to know more on how to start a digital transformation in your company? Click here to learn more!