Organizations across Asia Pacific and Japan are increasingly using modern technology and communications to transform one or more key aspects of the business to achieve a state of digital readiness, according to CA Technologies.
“With a high device penetration rate and rising smartphone subscriptions, the region is well-poised to leverage the application economy,” said Stephen Miles, CTO for Asia Pacific and Japan at CA Technologies.
“Moreover, the large demographic of millennials which has grown accustomed to the transformative digital technologies that exist currently, will play an important role moving forward fueling the application economy further,” said Miles.
Results of a study done by Harvard Business Review Analytic Services and sponsored by CA Technologies show that nearly half (44%) of respondents expect their industries to experience significant digital disruption over the next three years, and more than a fifth (22%) say that significant disruption has already taken place.
Greater than half (58%) expect that their business model in three years will be “radically” different from what it was three years ago.
Recognizing the pervasiveness and pace of change, about two-thirds (66%) of respondents expressed the view that their companies’ future depends on the quality of their software.
While there are a number of causes of disruption, changes in customer behavior and expectations was the driver most frequently cited by survey participants (46%). The next most cited driver is disruptive new competitors (25%), which underscores the importance of constantly recognizing and adapting to new trends in order to stay relevant.
Also, more than half of all respondents (53%) indicated that their companies are already investing or plan to invest in modern technology that will enable them to develop digital product and/or services more quickly, an idea advocated by CA Technologies.
Industry front-runners, those that describe themselves as advanced practitioners of agile management, have a significant advantage with respect to speed. More than two-thirds (68%) of front-runners say they are adept at developing new technology capabilities quickly.
This same group believes its digital offerings are ahead of their competitors, and a full third of the group (33%) says it currently earns more than 50% of its revenue from digital.