Digital Transformation has been all the buzz this couple of years what with the emergence of new technologies such as the Internet of Things (IOT), Big Data, Blockchain, Cloud Computing and so much more. Many organizations ranging from small medium businesses to large enterprises are turning to IT partners for assistance in adopting numerous technologies to secure their businesses.
So, what is Digital Transformation exactly and how does it affect businesses?
Digital Transformation is a process where the power of digital technology is harnessed to make business processes more efficient, increase performance and to churn out better results. In the fast-paced world we are living in, there’s no shortage of the challenges faced by organizations. Customer demands, the fluctuating economy, market competition are among the factors that contributes to the constantly changing business landscape in which requires the presence of digital technologies.
In a study conducted by IDC, it is forecasted that the digital transformation that takes place in Singapore will contribute a 60% to the impact on GDP in year 2021, a 50% raise in just 4 years from the 10% back in year 2017.
According to the tech research company, IDC, worldwide spending on digital transformation technologies inclusive of hardware, software and services has hit $1.3 trillion in year 2017 and is expected to almost double to the total amount of over $2.1 trillion by year 2021.
Relating to the use of technologies in the Digital Transformation journey, below shows Singapore organizations’ investment preference in Core and Emerging Technologies.
The leaders in the Digital Transformation journey reap double the benefits of followers, and these improvements will be more pronounced by year 2020. The table below showcases the Top 5 Benefits that organisations obtained from this fruitful journey.
If these aren’t enough to convince you, Singapore Government is supporting the Digital Transformation initiative with numerous grants for local businesses such as the Productivity Solutions Grant (PSG), Capability Development Grant (CDG) and more!
So, have you embraced digital transformation?
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Photo credits: Microsoft