Published on November 20, 2023, 9:21 pm

According to a study by the International Data Corporation (IDC), it is predicted that by 2026, 40% of enterprise revenues in Asia will be generated from digital products, services, and experiences. This indicates a growing trend towards the use of digital technologies in business strategies.

Enterprises have been gradually adopting digital technology, with around 70% expressing their interest and willingness to incorporate it into their operations or business models. It’s not just about creating a digital strategy for businesses but rather creating a business strategy for a digital world, as stated by Lidia Fonseca, the digital chief technology officer of Pfizer.

Digital and sustainable business models are becoming increasingly prevalent. Organizational transformation is taking place as businesses move away from siloed innovation towards changes that can impact entire operating models. The C-suite and line of business executives are now driving most digital initiatives, with IT ownership at 41%, while C-suite execution sits at 59% across the region. This shift demonstrates the maturity of how businesses approach transformation and execute their digital strategies.

CISOs (Chief Information Security Officers) now play a crucial role in organizations due to increased reliance on remote work and agile methodologies. Security has become an important consideration as businesses shift towards generative AI, automation, cybersecurity, and local nuclear technologies. While CIOs act as custodians of platforms and architectures supporting the business, they remain focused on cloud operations, cybersecurity compliance, infrastructure and software services, data analysis management, co-creation, and DevOps to ensure agility.

Collaboration between different teams within an organization is essential for successful digital business models. There are two spectra when it comes to collaboration practices — one side involves traditional requirements being passed from the business team to IT with priorities and governance in place. On the other side are more mature teams that orchestrate joint ownership and function effectively by leveraging the knowledge of each department involved.

From an IT perspective, budgeting and accountability are impacted as digital initiatives become increasingly managed by the business rather than solely by IT departments. While IT is responsible for platform components, infrastructure, and application operations integration, the business takes responsibility for driving outcomes and adoption of use cases. This requires integration with external ecosystem partners and reliance on IT for the development stack.

The role of the CIO is evolving due to changing dynamics in the digital landscape. Design principles related to being cloud-native, trusted, agile, modular, and intelligent are essential considerations for the CIO. Additionally, CIOs play a crucial role in implementing agile methodologies and frameworks.

To summarize some key points from this topic:

1. Digital products and services have a significant impact on business models.
2. Digital business models require collaboration among different departments within organizations.
3. The role of CISOs is becoming more important in ensuring security in a digital world.
4. Budgeting and accountability for digital initiatives are shifting towards business ownership.
5. The role of CIOs is evolving to incorporate design principles and agile methodologies.

As businesses continue to embrace digital technologies, it’s important to adapt to these changes and leverage them for sustainable growth. The future of businesses lies in their ability to effectively integrate digital strategies into their overall business strategies while fostering collaboration among different departments.

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