Leading global IT services, consulting and business solutions organization Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), together with the Centre of Digital Enterprise, University of Auckland Business School, published its study on Digital Sustainability Index where it presented key challenges faced by business enterprises in their pursuit for digital sustainability.
This study is a world-first where it surveyed 200-C level executives from 12 sectors across Asia Pacific, specifically Australia, Indonesia, Philippines, Japan, Malaysia, New Zealand, Singapore, South Korea, Thailand, and Vietnam. In the study, 87% strongly agreed that Digital Sustainability will help deliver a competitive advantage in the years to come.
The study found out that limited budget, lack of in-house knowledge and challenges in establishing a traditional return of investment has been the challenge of these C-level executives in their companies.
Philippines embracing digital sustainability
The pandemic has brought about digital transformation in the businesses in the Philippines. When the pandemic started in 2020 and companies had to implement work from home set-up, employees and companies started to make use of virtual meeting conference tools which were disregarded in its early days.
According to the study, 11% of local companies in the Philippines are digitally sustainable, its top sustainability goal is employee’s health and safety incidents and the efficiency gains and cost savings of a company.
Digital Sustainability contributes to the goal of the Philippines in terms of efficiency gain and cost savings. It has allowed companies to save up in utility bills as the country adapted to the work from home set-up. The pandemic has pushed these companies to digitally transform their way of work, leveraging on digital solutions, platforms and resources to continue delivering outputs and services.
Digital Sustainability challenges for Philippine companies
As a developing country, the internet and technology is a continuous challenge for Filipinos and companies. Based on the study, Philippine companies feel leadership of non-tech personnel is their “primary inhibitor” in adapting to digital sustainability.
Other challenges faced by the Philippines is the lack of in-house knowledge specifically in sectors like manufacturing, construction, and transportation and the lack of budget and clear return of investment.
The study also showed that Philippine C-level executives have responded that their companies spend less than 1% in annual spend for digital sustainability which explains the limit in terms of budget.
Leveraging on Digital Sustainability
Philippine companies have accepted, embraced and adapted to digital sustainability. The study done by TCS and University of Auckland suggests companies within the Asia Pacific can leverage on digital sustainability to ensure knowledge and expertise revolving around digital concerns. There is a need to constantly educate and update skills to improve digital literacy among companies and its employees.
Digital sustainability is the present and future of business enterprises, underscoring the decision-making around mergers, acquisitions, and risk profiles of business.
To view the full report: https://www.tcs.com/digital-sustainability-index-2022
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