18 May 2022
Higher Software Spending for External-Facing Projects Can Bring 15% More Revenue by 2023, Says IDC
SINGAPORE, May 19, 2022 – IDC reveals in its latest report that Asia/Pacific* organizations that allocate more than 50% of software initiatives to external-facing projects will see 15% more revenue by 2023. This and more lessons on Asia/Pacific use cases about digital innovation are detailed in the report titled Future of Digital Innovation Awards: Lessons from the Leaderboard. The report features short profiles of digital innovation leaders, lessons they learned along the way, and IDC’s essential guidance on what organizations must undertake to mirror their success.
“Thanks to the digital transformation (DX) explosion sparked by COVID-19, software innovation has become a competitive imperative. Whether they are creating new markets or disrupting old ones, Asia/Pacific organizations must deliver evocative, high-quality experiences, and they must do it on a consistent basis,” Gina Smith, PhD, Research Manager of IDC Asia/Pacific’s Digital Innovation and DevOps.
As DX and software innovation efforts continue to accelerate, IDC once again expects fierce competition in the upcoming 2022 IDC Future Enterprise Awards Asia/Pacific. Now on its sixth year, the IDC Future Enterprise Awards honor top innovation and digital leadership in nine categories, including the Future of Digital Innovation.
In alphabetical order, last year’s winners for the Future of Digital Innovation category are AIA International, Bank of Thailand, Bharti AXA Life Insurance, City of Sydney, Daerah Khusus Ibukota (DKI) Jakarta Provincial Government, KB Kookmin Card Co., OneDegree, PayMaya, Ping An Insurance Company, Standard Chartered, TCL China Star Shenzhen Huazing Optoelectronics Technology, Taipei Fubon Bank, and TaiChin International Bank.
IDC identified the five (5) key characteristics these organizations have displayed as leaders in this space:
#1. Customers Matter Most. The biggest success stories are ones that put customers front and center. For IT leaders, customers might include partners, employees, or external customers. In all cases, enterprises must keep user experiences efficient, secure, and, wherever possible, evocative.
#2. Let Business Lead. Extraordinary software results when teams employ a collaborative mix of IT, development, security, creative and business talent. However, business goals must take the natural lead.
#3. Open Innovation Matters. Open source sustains innovation. The ability to freely adopt and modify software innovation is transformative: It at once accelerates the creation and release of new software solutions and enhances quality. It allows organizations to rapidly adopt cutting-edge technologies.
#4. Data Differentiates. Enterprises that leverage data in their decision-making have a huge advantage. It empowers them to more energetically respond to market needs and demands. The challenge entails identifying data that matters and making sure that tooling takes such data into account.
#5. Experiment Constantly and Fail Forward. Constant experimentation and the ability to bounce back and learn from failure is the real secret to innovation, digital or otherwise. Leading Asia/Pacific organizations must embrace this fail-forward philosophy and instill it among all stakeholders.
All nominations must be submitted on or before 30 June 2022 for all categories. Nominations are open to end-user organizations in both private and public sectors. Nominations made by 3rd parties must include relevant contact details of the nominated organization so that the assessment can be completed. Visit the site HERE for more information on the nomination criteria.
The winners for the regional IDC Future Enterprise Awards will be announced at the IDC DX Summit 2022 Asia/Pacific onsite (Singapore) and via livestream through IDC's game-changing virtual events content hub, IDC Arena on October 26-27, 2022. For more information visit www.idcdxawards.com.
*Asia/Pacific excluding Japan
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,100 analysts worldwide, IDC offers global, regional, and local expertise on technology, IT benchmarking and sourcing, and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly owned subsidiary of International Data Group (IDG), the world's leading tech media, data, and marketing services company. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDC and LinkedIn. Subscribe to the IDC Blog for industry news and insights.
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