Malaysian organisations need to overcome digital impasse: IDC
By Kiran Kaur Sidhu May 7, 2019
- Sixty percent still adhere to traditional KPIs despite digital journey
- Need long term investment plan and platform to scale innovation
“DURING the first wave of digital transformation (DX), organisations realised that digital technologies should be a core part of any business, and successful strategies. Today, we are entering into a brand new phase where many organisations have recognised the full benefits of DX and are investing in digital innovations with the intention to disrupt the marketplace,” said Sudev Bangah (pic), the managing director of IDC Asean.
Speaking at IDC’s annual CIO Summit at Grand Hyatt, Sudev highlighted five areas of business that have transformed from the past, one of which is customers being “fickle”. “They are at a point where they can have access to a similar product or service – it is available to them. They are very quick to change their minds.”
His advice to companies is to include their customers into the innovation development and research process of the products. “Customer centricity is about having them involved. You want them to be part and parcel of the product.”
This year's CIO Summit themed “Race to Reinvent: The Digital Determination Playbook” was aimed at helping CIOs to piece together a playbook for taking their organisation from being currently Digitally Distraught to Digitally Determined.
To be digitally determined, local organisations require a 'blueprint' that consists of a unified enterprise strategy, a long-term investment plan based on the principle that digital is inherently valuable to the business, and a single digital platform to scale technology innovations. The key to success in the next few years require changes to organisational structures and mindsets.
In the Malaysian context, Sudev presented the problem statement that more than 60% of Malaysian organisations do not have digital key performance indicators (KPIs) to target. “They still use traditional KPIs and metrics while trying to digitally transform.”
Furthermore, findings show that more than 66% of Malaysian organisations have reached a digital impasse where they’re doing all they can but the organisation is not moving fast enough.
“You need to start influencing organisational culture, look into a single strategy that is digitally-driven, look at a platform that is scalable for your organisation over the next 10 years and fundraise from a capital standpoints,” said Sudev.