PwC 2019 Global Digital IQ Survey: The South East Asia Cut
A majority of South East Asian executives aspire to become Modernizers; to create new capabilities and modernize their business. This aspiration to be part of a group which embraces more advanced definitions of digital to get there is contradictory when 22% still see digital as synonymous with IT.
As the playing field shakes out, those who adopt that limited definition stand to fall the furthest behind. It is time to adopt more advanced ideas of digital to survive.
Use digital to do business smarter and faster
Efficiency Seekers are focused on doing business smarter and faster using technology, with a sharp eye toward measuring digital outcomes and bringing new skills to the workforce. Many have been through at least one cycle of disruption and feel confident. And yet, only 59% explicitly incorporate digital strategy into corporate strategy and just over half say their leadership is digitally savvy. Efficiency seekers are finding success, but shouldn’t stop at the end of the efficiency comfort zone.
Create new capabilities to modernize our business
Modernizers want to create new capabilities and most are embracing more advanced definitions of digital to get there. Their senior leaders encourage innovation at all levels and their digital efforts so far have improved retention and recruitment. But, they say digital strategy is woven into corporate strategy only about half the time. As a group, they’re facing disruption at different rates and from different places and will need to align their beliefs about digital with the challenges they face.
Change our core business model to define our business
Redefiners aim to change their companies and their business model. They are most likely to embrace the mindset of constant innovation, flat decision-making and the integration of tech across the business. But, their digital investments aren’t yet driving success—69% say they’re delivering less than expected. That’s in part because leaders and workers lack digital savvy and digital isn’t woven into corporate strategy. Redefiners have the right mindset, but aren’t yet firing on all cylinders with digital.
Break ground in new markets or industries
Industry explorers are fighting for their futures and breaking ground in new markets and industries. Despite having some of the boldest aspirations, this group puts the least emphasis on its employees and customers. Fewer than one-quarter explicitly incorporate digital strategy into overall corporate strategy. There’s opportunity to be had by embracing digital as a force for cultural, process and strategic change.