In today’s innovation race, the ability for organizations to identify and act on digital trends as they arise can spell the difference between success and failure. The emergence of new digital tools helps companies respond swiftly to changing business demands, industry movements, and global occurrences and seize opportunities as they come. Moreover, these innovations also fuel the creation of digital business models.
However, enterprises should consider the proper integration of innovation within their organizations to ensure rapid upward economic mobility. Collaborative environments within and beyond infrastructures also are ones of the keys to assure steady growth of organizations in the digital world, while simultaneously obtaining information about current challenges, as well as potential problems.
Innovation in Southeast Asia
In Southeast Asia, for instance, technological innovations, and even digital transformation, pave the way to success for most businesses. These innovations have also played a massive role in accelerated growth of the region.[i]
A report released by the ASEAN Economic Integration, Southeast Asia is now projected to be the fourth largest economy by 2030.[ii] This forecast means that the region is making a global impact as it focuses on innovation, especially with its goal of building business models that can solve economic and social challenges around the world.
Whether it is education, traffic, or loan and credit accessibility, Southeast Asia is thinking forward to address billions of consumers residing in both traditional and digital markets.
The region also considers digital innovation as one of the main sources of its rapid growth, catering to the well-being of citizens. Executives are showing confidence in their respective businesses by transforming services and products and exploring digital for economic growth opportunities, so they can cater to the rising demands of consumers.
Innovation in the Philippines
Enterprises in the Philippines are still looking out for ways on innovating their products, services, systems, and strategies and other solutions to face the pressing challenges from the rise of Industry 4.0.
Despite these challenges, the Philippines is moving toward an industrial policy that enables inclusive and sustainable growth through its 2022 Development Plan.[i] This plan envisions the country as a society with a stable family and well-developed and resilient communities.
Local enterprises, therefore, are urged to include people and communities as catalysts for their innovation. Leaders should also be knowledge builders to identify what customers want and provide strategies focusing on consumer satisfaction.
Innovation and Collaboration in the Experience Economy
As we delve more on consumer contentment, local enterprises should also be intelligent in this age of “experience economy” for them to thrive, especially that the Philippines remains one of the leading growth economies in Southeast Asia.
According to the World Bank, the country would sustain its economic growth of 6.7% during this year.[ii] However, relying on products and services to satisfy customers may not be enough in the experience economy. Businesses should go beyond the commodities of their products and gain competitive advantage through transformative experiences by delivering customer preference through collaborative settings.
Collaboration in #OurGrowthStory
These mindsets are the reasons why SAP is presenting #OurGrowthStory in the Asian Innovation Summit this year. SAP is showcasing the the digital transformation journeys of the country’s top innovating companies, such as JG Summit Holdings, Inc., Globe Telecom, and PLDT.
JG Summit Holdings, Inc., one of the largest conglomerates in the Philippines, jointly announced their collaboration in a project to help accelerate the latter’s journey towards digital transformation using SAP S/4HANA solution, spurring new growth areas for JG Summit’s main corporate arm, its subsidiaries, and affiliates.
Meanwhile, Globe Telecom collaborated with SAP to digitalize its finance processes, enabling real-time decision making and support agile environment using S4/HANA business suite platform, as well as Concur and Ariba Procure to Pay (P2P) service solutions, to keep up with the fast changing landscape of the business and market. These solutions allowed Globe to upgrade its Enterprise Resource Planning (ERP), automating most of the manual processes.
PLDT, Inc., the country’s largest telecommunications company, implemented the SAP Revenue Accounting and Reporting (RAR) solution in addressing the International Financial Reporting Standards (IFRS) compliance requirements.
The presentation will also showcase experts and professionals in their respective fields to further highlight the importance of innovation in the economic growth of the country, as well as sharing information regarding the presence of technology and involvement of intelligent enterprises in an experience economy.
Together We Write #OurGrowthStory
The digital world presents an exciting time for united business enterprises to grow with the economy through the proper investment and innovation towards technological tools, systems, and disruptive models. This is also the reason for another warm and exciting communion at the Asian Innovator Road Show in five major cities in Southeast Asia.
Asian Innovators Summit (AIS) is the premier platform for family conglomerates, the public sector, and various industry players to network and gain valuable insights on how the latest technology and solutions help them with their innovation agenda.
We are brewing an exciting format for 2019, as Asian Innovators Summit will set the stage for businesses to lead and create new business models through the Industry 4.0 Revolution. The fresh content is where Technology meets Business needs –as participants experience the use of technology across our ecosystem of partners and understand how they all come together to bring the best customer experience in the age of intersection with AI, Machine Learning and Blockchain.
Present in 5 countries, the Asian Innovators Summit was held in Manila last April 12.