Higher software spending can bring 15% more revenue by 2023

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.

Last year’s winners for the Best in Future of Digital Innovation include Rizal Commercial Banking Corporation, FWD Group, Qingdao Haier Co., Ltd., KASIKORNBANK, Tapan Singhel of Bajaj Allianz General Insurance Co. Ltd., Petronas, Bank of China (Hong Kong) Limited, Bharti AXA Life Insurance Pvt Ltd, Taipei Fubon Bank, May Yap of Jabil Inc., Earthquake Commission, Grab, UnionBank, KOTRA, CapitaLand, and Unilever China.

IDC identified the five (5) key characteristics these organizations have displayed as leaders in this space:

• 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.
• 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.
• 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.
• 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.
• 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.

CT Bureau