By Teri Dimanlig
When adopting digital technologies, it is best to find the right combination instead of implementing them on a piecemeal basis.
This is according to tech titan Accenture, which released a new report detailing a holistic approach when utilizing digital technologies in a business environment.
In a press briefing on Tuesday, Jan. 30, JP Palpallatoc, Accenture’s digital lead in the Philippines, said local companies should take this new tack to drive growth and keep pace with continual advancements in the technological sector.
According to the Accenture study of more than 900 C-level executives, only 13% of those companies is making good use of their digital investments to augment efficiency and growth. They do, however, acknowledge the invaluable role digital technologies play in lowering costs and creating new revenue opportunities.
Nonetheless, majority of companies nowadays are still employing digital technologies in a piecemeal fashion, the report noted. That is, technologies such as 3D printing, big data, analytics, artificial intelligence, and virtual reality are being used in an incremental basis, severely limiting the aggregate power of multiple technologies.
These companies, Palpallotoc said, are simply not realizing the full value of taking on a combined approach.
With the constant developments in the technology landscape, Accenture said there is need for industries to shift their core processes and undergo a “digital re-invention”.
This is the challenge companies face, Palpallotoc said, as the world enters the Industry X.0 era, which combines and builds on the technological achievements of the previous eras.
By leveraging digital, these companies can increase efficiency and generate growth, as well as acquire a competitive edge, the company said.
According to Accenture, Industry X.0 businesses are defined by their ability to be smart, living, connected, and learning.
“These companies welcome the continuous changes in the technological sector and capitalize on it. They do this by not only leveraging digital on core operational processes but also on the development of hyper-personalized customer experiences,” it said.
Accenture went on to define six digital imperatives Industry X.0 businesses must address. These include transforming the core, innovating new business models, building a digital-ready workforce, and re-architecting new ecosystems.
Palpallatoc cited examples of companies who have successfully combined and deployed digital technologies in their respective industries. Internationally, these include Huawei, Google, and Hitachi. In the Philippines, companies such as Meralco and Globe Telecom have also done it.
In the case of Meralco, development of a smart grid is currently underway to improve both customer service and grid reliability. This was achieved through the combined use of new disruptive technologies such as edge computing, robotics, virtual reality, and artificial intelligence.
While technology differs across industries, the benefits obtained from utilizing the right combination cannot be understated in order to thrive in our increasingly technological world, the executive said.
“With these new technologies reshaping economies and disrupting norms, companies should begin promoting a holistic approach to dealing with digital technology and in the process, become digital leaders as well,” Palpallatoc said.