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How CEOs should utilise digital transformation

As digital transformation continues to reach new heights, it has become one of the biggest buzzwords around.

With digital disruption taking root with digital transformation, on the agenda for many organisations are questions such as “How can digital transformation translate to growth, especially for companies in the Philippines?” and “How can the Chief Executive Officers (CEOs) fully take advantage of it?”

Consumer demand is keeping the economy alive, making true to the statement that the ‘customer is king’.

Therefore, there is an urgent need for CEOs to listen to their customers in order to thrive amid digitalisation.

According to a recent report, companies need to start listening more on how customers are able to access solutions or how they do transactions in order to avail services since consumer optimism is driving the economy.

With technology continuously changing the way people live, organisations must ensure that today’s Filipino customers are satisfied with their digital experience.

A report made by a multinational software corporation showed that consumers who are pleased with their digital experience were over eight times more likely to stay with a brand than those who were unsatisfied.

There is an urgent need for Filipino organisations to think of going digital and be able to catch up with the demands of the customers.

CEOs around the world, including those in the Philippines, must first address complexity especially with the different legacy systems and all kinds of methodologies required by businesses to run.

Complexity becomes a burden for organisations that are trying to create better business functions.

This is particularly for business processes, systems and procedures that can affect their ability to be part of a globally-competitive landscape.

Currently, companies are facing an overwhelming volume of data and an increasing pressure to boost productivity.

Add to that how employees are also demanding for more purpose and new skill sets that will help them go about their tasks.

A suite of solutions may be the key for companies to address these issues. This will allow them to draw meaningful insights from their data and effectively allocate resources to their customers.

This will enable them to become intelligent enterprises, at the same time giving them the opportunity to thrive in the digital shift.

The suite of solutions will serve as the foundation tying all the critical business processes and data-driven insights together.

Moreover, this will help organisations run intelligently in order to better predict, stimulate, and anticipate business outcomes.

An intelligent enterprise is a concept that operates with visibility, focus and agility in order to achieve better outcomes.

It is able to do more with less and can empower employees through process automation. Moreover, it can deliver best-in-class customer experience as well as invent new business models and revenue streams.

There are three key areas of technology that a company must consider before becoming an intelligent enterprise.

First would be an Integrated Suite that will bring intelligence into the applications used in managing customers, supply chains, networks, employees, and core business processes.

Second is a Digital Platform that will handle data from any source and in any format in order to support the development, integration, and extension of business applications.

The last is Intelligent Technologies that will integrate intelligence to data and processes through innovations such as machine learning, advanced analytics, and the Internet of Things (IoT).

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