CFOs: Ask CIOs if your Company will Monetize Data by 2020

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While CFOs might now be busy with digital transformation for better insights from data, they need to ask CIOs if all they are doing and the investment involved can lead to data monetization by 2020.

IDC predicts that 60% of large enterprises in Asia Pacific will create data management or monetization capabilities by 2020. The results will be enhanced enterprise functions, sharper competitive edge, and new sources of revenues.

In addition, the advisory firm estimates that at least 55% of organizations in the region will be “digitally determined" by 2020.

Digitally determined organizations demonstrate the ability to vision, plan, and operationalize DX through ambition, grit, discipline, commitment and hard work, said IDC, adding that all digital determined organizations ultimately aspire to become digital native enterprise.

IDC defines DX as is the application of new technologies to radically change processes, customer experience, and value.

“To be one of the digitally determined, Asia/Pacific organizations requires more than tenacity; it requires a blueprint that consists of a single enterprise strategy, resoluteness to make required organizational and cultural changes, a long investment strategy based on the principle that digital is inherently valuable to the business; and should have a single digital platform to scale technology innovations,” said Sandra Ng, Group Vice President for ICT Practice at IDC Asia/Pacific.

Top 10 predictions for the next 36 months

IDC also unveiled recently its top10 predictions for Asia Pacific in the next 36 months in Singapore.

In addition to data monetization and digital determination, the other eight predictions are as follows:

Digital KPIs: By 2023, 80% of entities will have incorporate new digital KPI sets – focusing on product/service innovation rates, data capitalization, and employee experience – to navigate the digital economy.

Digital twin: By 2020, 30% of A1000 companies will have implemented advanced digital twins of their operational processes which will enable flatter organizations and one third fewer knowledge workers.

Agile connectivity: By 2021, driven by LoB needs, 60% of CIOs will deliver “agile connectivity” via APIs and architectures that interconnect digital solutions from cloud vendors, system developers, startups, and others.

Blockchain-enabled DX platforms: By 2021, prominent in-industry value chains, enabled by blockchains, will have extended their digital platforms to their entire omni-experience ecosystems, thus reducing transaction costs by 35%.

BizOps: By 2021, 45% of CIOs will expand agile/ DevOps practices into the wider business to achieve the velocity necessary for innovation, execution, and change.

AI-driven edge: By 2022, over 30% of organizations’ cloud deployments will include edge computing, and 25% of endpoint devices and systems will execute AI algorithms.

Digital trust: By 2020, 55% of CIOs will initiate a digital trust framework that goes beyond preventing cyberattacks and enables organizations to resiliently rebound from adverse situations, events, and effects.

AI-based IT Operations: Compelled to curtail IT spending, improve enterprise IT agility, and accelerate innovation,60% of CIOs will aggressively apply data and AI to IT operations, tools, and processed by 2021.

IDC also predicts that 60% of frontline connected devices will be voice-enabled, with a smart assistant, and able to control 80% of devices deployed in consumer and enterprise settings by 2025 as AI is creating a new paradigm for individuals, businesses, industries, economies and governments.