The Role of Digital Transformation in Asian Market

In Asia, digital transformation has brought about a lot of changes to its economic growth and prosperity through the philosophy of connectivity, inclusiveness, and green transformation.

FREMONT, CA: In the era of digital transformation, Asia has been growing faster than ever. Its major sectors like manufacturing, energy, logistics and transportation, have improved drastically. During the pandemic period, the technological sector has come up with a major transformation providing public services and satisfying the needs of the customers. Digital transformation has also helped Asian Economies to grow faster.

The speed of Asia's economic growth has been remarkable. The number of Internet users in this region increased from 260 million to 440 million. Globally, 60 per cent of retail sales are assigned from Asia. From ride-sharing services and food delivery to e-commerce, there has been diversity in digital services.

South and Southeastern countries largely contribute to the use of smartphones. Singapore, Thailand and Malaysia are the countries with high utilisation of network connections. Moreover, it has been anticipated to triple by 2025, which is considered to be a good outcome of digital transformation.

Three Key Strategies for Digital Transformation in Asia

Connectivity

Asian countries are considered to be a developing nations, meaning most of the regions are still developing. The major concern in Asian markets is the lack of connectivity, which can adversely impact the educational and occupational sectors. However, it also hinders regional development by creating disparity amongst different communities.

Green Transformation

Green transformation is another solution embarked on by Asian countries in the digital Transformation era. Green transformation ensures sustainable use of resources in all business sectors. For example, Singapore’s Green Plan 2030 and South Korea’s 9th Basic Plan for Power Supply and Demand. Similarly, many other countries have taken up such projects for better energy consumption. Associated business organisations have invested in digital technologies to monitor and manage these processes.

Inclusiveness

Business organisations must practise inclusivity to tackle the distinctive needs of industries and targeted users. Inclusiveness allows them to yield practical solutions, and many industries have benefited from these inclusively designed models. For example, a company in Singapore has saved costs and boosted F&A efficiency after applying cloud-based software to handle matching transactions and reconciling accounts. Whereas F&A employees dedicated their time and efforts to more valued tasks such as strategic counsel.

Digital transformation has also brought successful changes in heavy industries. For example, site managers in mining sites can monitor their operations remotely rather than operating in severe and exhausting working environments. Digital transformation in Asia has eliminated the digital divide between different sectors and has optimised its growth. Inclusivity and connectivity have removed difficulties in accessing education and occupational opportunities.