IDC has over 1,100 analysts in its team, and for more than five decades, we have been providing local, regional, and global expertise on technology and industry trends and industries to more than 110 countries. We also advocate digital transformation in businesses and organizations, believing it could improve its inner workings as well as differentiate customer experience.
What is Digital Transformation?
Digital transformation (DX) generally refers to the application of new ideas and technology to solve traditional problems and to radically change processes, customer experience, and value. To put it simply, it’s the process of digitizing your business, allowing you to “go paperless” and “reach digital business maturity.”
Digital Transformation in the Asia Pacific Landscape
Digital transformation has the potential to disrupt various industries in the Asia Pacific for the better. In fact, a study made by IDC Asia/Pacific in collaboration with Microsoft estimates that the region’s GDP can increase by around $292 billion if all the FSI organizations there embrace DX. That’s an economic growth rate of 1.5% per year!
The research, entitled “Unlocking the Economic Impact of Digital Transformation in the Asia Pacific,” noted that the FSI organizations which embraced digital transformation in 2017 saw up to 20% improvements in their profitability, profit margins, customer advocacy, and revenue from products and services. They’re also expecting their customer acquisition rate to further go up by 70% by 2020. Presently, up to 73% of FSI organizations in the Asia Pacific region have full or progressing digital transformation strategies in place while only 55% of the groups from other industries have embraced digitization.
What is IDC and What Do We Do?
IDC is a premier global provider of market intelligence and advisory services, as well as a facilitator of events for information technology, telecommunications, and consumer technology markets. We help IT professionals, business executives, and investment communities make sound decisions when purchasing new technologies and deploying business strategies as well as provide insights to help them achieve their business objectives.
IDC on Digital Transformation: DX Yesterday, Today, and Tomorrow
IDC is also a fervent pioneer of digital transformation. With the global, regional, and local industry changing and the customers’ demands increasing, employing new ideas and technologies instead of sticking with old ones may very well be the only way businesses across the globe can face the future confidently.
IDC Digital Transformation Awards Over the Past Few Years
For three years now, IDC has bestowed the Digital Transformation Awards to acknowledge and celebrate the achievements of individuals and organizations who have taken the future into their own hands and helped shaped the digital world we live in today. The award chooses digital transformation companies through strict selection criteria, and it is given by category to reflect today’s most critical business transformation areas better.
IDC DX 2017
The first-ever IDC DX Awards was held in 2017 at the Flower Field Hall at Gardens by the Bay in Singapore. Ten participants across the Asia Pacific were recognized as the best of the best, with Hong Kong’s MTR Corporation and Singapore’s Changi Airport Group both being hailed as “Digital Transformers of the Year.” Other winners include Postal Savings Bank of China, China’s Chunyu Doctor, Hong Kong’s Jardine Restaurant Group, Taiwan’s Taishin Bank, Singapore’s M Social Hotel and Urban Redevelopment Authority, and India’s HDFC Bank. Each of the award recipients is judged based on their mastery of at least one DX dimension as well as for their outstanding DX initiatives.
IDC DX 2018
2018 saw the IDC DX Awards also taking place in Singapore, this time at the JW Marriott Hotel. Over 600 projects were nominated from all over the Asia Pacific, and the 13 initiatives hailed as winners come from organizations like OVO Analytic, South China Morning Post, Mitr Phol Group, WeDoctor, Baheal Pharmaceutical Group, KPJ Healthcare Berhad, National Information Resources Service, PhilhealthCare, Inc., United Overseas Bank, Gammon Construction Limited, and Hyundai Motor Group. Indonesia’s OVO won the award for “Asia/Pacific Digital Trailblazer,” as well as shared the award for the Digital Transformer of the Year with China’s WeDoctor.
Digital Transformation Today: How DX is Changing The Way We Do Business
By leveraging mobile, cloud, data, and social media technologies, as well as introducing new business models and innovating the organizational and operational aspects of business, digital transformation is poised to make waves in numerous industries across the globe. Take the digital transformation case study of Changi Airport Group for example. The group’s Digital Master Plan intends to transform how their airport conducts its operations, improving passenger experience and laying the foundation for Changi to become one of the first Smart Airports in Singapore.
Another excellent example of digital transformation companies in action can be seen in the Mitr Phol Group. Aiming to become a leader in the sugar and bio-energy industry, this Thailand-based operation began its digital transformation journey by merging new technologies with its agriculture business models. And in line with the country’s 4.0 initiative, they also enforce policies that guide their organization as they digitize their operations, including technology implementation strategies and talent management.
What the Future Holds for Digital Transformation
DX can provide support or improve currently-in-place methods in your business, as well as create new ones to boost its overall performance. And its potential isn’t just limited to affecting how you do business; it can also make an impact on other parts of your society (governments, mass communication, etc.). Digital transformation is already underway in many parts of the globe, albeit at different paces. The US, for instance, is operating at 18% of its digital potential, while Europe is currently performing at 12%.
However, you still have to overcome a lot of obstacles before you see your business successfully achieve digital transformation. For one thing, you must face various cultural changes as you adjust to adopting and relying on unfamiliar albeit useful technologies. DX has also created new opportunities and unique challenges in the marketplace. Indeed, many competitors are taking advantage of various digital tech to gain an edge. And the potential revenues and profits digitization are raising the stakes even higher!
IDC can help you navigate your way through a series of difficult paths as well as overcome various challenges to help you digitize your business. With the future endlessly being invented and reinvented, there’s no other place to go.