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Asia-Pacific firms target greater digitization
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Companies believe digitization will give their businesses greater efficiency, lower costs and additional revenues. (Shutterstock/File)
I
ndustrial companies in Asia Pacific expect to progressively digitize their business systems over the next five years as the move can spur quantum leaps in their performances, a survey from multinational financial consultant PricewaterhouseCoopers (PwC) shows.
Over two-fifths of survey respondents, which involved 304 executives of top-level companies, believed their vertical value chains, product development and engineering functions were already benefiting from an advanced level of digitization and integration.
The companies also believed that digitization would give their businesses greater efficiency, lower costs and additional revenues. The benefits of digitization made 69 percent of the respondents expect a high level of digitization in five years.
“It is how digitization has changed the business model. The system reduces expenditure because companies can hire less employees to achieve their objectives,” PwC South East Asia managing director William Choong told The Jakarta Post.
To reach the objective, 92 percent of the industrial companies plan to introduce and invest in at least one digital solution to generate more revenue over the next five years. The plans include introducing a new digital product portfolio, providing big data analytics services to external customers, as well as the digitization of existing product portfolios, according to the PwC survey.
Despite the digitization present in local companies, the progress of such a system in Indonesia is hampered by regulations from the government, which to date has remained calm in greeting the onset of the digitized era. Bank Central Asia (BCA) chief economist David Sumual said the government needed to boost the utilization of digital systems for a more efficient bureaucracy and to reduce business costs. (adt/evi)
