February 4, 2019: The International Data Corporation (IDC), a global provider of market intelligence has revealed the biggest technology trends that will impact the Philippines in the next 30 years. These trends, according to IDC will present challenges as well as opportunities to the booming IT industry in the country.
A key prediction mentioned by IDC is that by 2020, 30% of all the companies in the Philippines will achieve “Digital Determination”, which means their ability to adapt to consistently changing markets and customers and the ability to reinvent to better respond to the needs of future stakeholders.
For this to happen, IDC ASEAN Managing Director Sudev Bangah said Philippine firms must have a “unified enterprise strategy” and a long term plan “based on the principle that ‘digital’ has inherent value to the business”.
Mr. Bangah also said that with digital disruption now becoming the new normal, no one will be spared of the need to adjust to the changing times, be it a reset, a reboot, or a reinvention (of the company).
One of the key trends that IDC thinks will present challenges and opportunities to the Philippines is blockchain. According to the research firm, prominent in-industry value chains, enabled by blockchain, will have extended their digital platforms to their entire ecosystems by 2030. With this, IDC noted that transaction costs will be reduced drastically by 30%. (Read More: (Update) List of Blockchain Jobs Philippines)
- Digital Determination
- Digital Trust
- Digital KPIs
- Data monetization
- Digital twin
- AI-driven edge
- Blockchain-enabled DX platforms
- AI is the new UI
- AI governance
In the Philippines, many blockchain initiatives are being spearheaded across a number of industries, from finance, to supply chain, electricity, and even the Internet. Finance, just like in other countries, is identified as the one disrupted by blockchain the most. Cryptocurrencies, a by-product of the blockchain’s ability to be immutable is also identified as a faster way to send money across borders. Being a country with a huge unbanked population, the Philippines has been named one of the key countries where cryptocurrencies can thrive. (Read More: List of Licensed Cryptocurrency Exchanges in the Philippines.)
UnionBank of the Philippines is one of those financial institutions that publicly committed to digital transformation, using technologies like artificial intelligence (AI) to update aspects of their operation that are being done manually. The bank further noted that “jobs will not be lost” during the transition.
In a separate report, the incredible demand for talent is a key motivating factor for many industry players in the country to “train” Filipinos in the jobs that will be created because of these emerging technologies. IBM Philippines, for its part, is piloting an initiative that aims to prepare students for these “new collar jobs“.
Real Estate is another industry poised to be disrupted by blockchain. In fact, there are firms in the Philippines that are adopting blockchain in real estate, one of the most heavily regulated industry in the country and even abroad.
The Philippine government is also urged to “digitally transform”. At the International Conference on Public Sector Productivity, Albay Representative Joey Salceda said government departments must have a digital transformation officer that will push these agencies to adapt to the ongoing “digitization” of the Filipino daily life.
This article first appeared on BitPinas: [Infographic] Blockchain Identified as Top Emerging Trend in the Philippines