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Digital Transformation to contribute USD 8 Billion to Philippines' GDP by 2021

A study by IDC, shows that by 2021 digital transformation will add an estimated USD 8 billion to the PH's GDP in turn increasing the growth rate by 0.4% yearly.
Digital Transformation to contribute USD 8 Billion to Philippines' GDP by 2021
 Microsoft to lead the Digital Transformation Journey om the Philippines

The research is called "Unlocking the Economic Impact of Digital Transformation in Asia Pacific". The study boldly predict a noticeable change in pace in terms of digital transformation across the Asia Pacific region. According to them. in 2017, around 3% of the Philippines' GDP was from digital products or was directly created through digital means such as mobility, cloud, internet or AI.

IDC also conducted a survey conducted with 1,560 business decision makers across Asia Pacific to find out the effects of digital transformation on traditional business models. The study included 100 respondents from the Philippines and they identified the 5 positive impact of digital transformation. These are; Higher Profit Margins, Greater Productivity, Increased Revenue from New Products and Services, Improved Customer Advocacy and More Cost Restrictions.

Even if majority of the region is in the middle of digital transformation, IDC says that only 7% can be considered as digital leaders in the Asia Pacific Region. Digital leaders according to them are those companies with at least a third of their revenue coming from digital means.

Here are the 5 Organizational Traits that set Digital Transformation Leaders from followers:

  • Open to Culture and Change
  • More Mature Organizational Behavior
  • Better Digital Transformation Approaches
  • Better Leadership and Structure
  • Better Budget Management

Digital Transformation in the Philippines is currently getting more and more prevalent. Amidst all these changes, they say that the citizens are the ones who will benefit the most. There is a potential increase in terms of personal income through freelance and digital work. There will be more higher value jobs as well as better educational and training opportunities.

Recently, Microsoft teamed up with UnionBank to help them in their digital transformation initiatives. Microsoft's assistance will allow the bank a wider coverage while having lower costs and risks plus greater efficiency.

Microsoft also had tips on how to keep up with the wave of digital transformation. First, you need to create a digital culture. Secondly, you need an efficient information ecosystem. Embracing smaller and quicker projects is also key in digital transformation as this will accumulate to have a bigger and bloder impact.

Lastly. developing future-proof skills and instilling them to your employees and organization will make your company to be ready to whatever the digital journey brings your way.
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