Digital transformation has become a buzzword among businesses recently, having been thrown around without consideration for what it means and what it entails. But as overused as the phrase may be, it is a crucial element to any company’s success.
In Southeast Asia alone, roughly 70 million new consumers have come online in the wake of the Covid-19 pandemic. Businesses have followed suit, with more firms shifting their operations to the digital space. The growing prevalence of cloud computing has also lowered the barriers to digital transformation and enabled companies to leverage new tech such as AI and machine learning to create new opportunities for their businesses.
However, digital transformation is easier said than done. Many attempts at digitalization often don’t get off the ground as they are bogged down by legacy systems and processes. Among the plans that do get executed, only 30% of them achieve sustainable, long-term change within an organization.
“When it comes to digital transformation, most companies face one of two challenges,” explains Jeremy Heng, country manager for Singapore at AI and cloud tech company CloudMile. “It’s either a lack of knowledge or a lack of resources.”