CEOs identified blockchain, artificial intelligence, and robotics as disruptive innovation technologies that are changing the landscape of many industries. According to a Philippine CEO Survey 2018, 94% of the respondents believe that these innovations disrupted their industry in the past 10 years.
The survey was launched by Management Association of the Philippines (MAP) and the PwC Philippines. It was received by 122 top executives and 68 percent of which are planning to change and adapt their business model according to the new technologies.
Ms. Jade Roxas-Divinagracia, PwC Philippines Managing Partner for Deals and Corporate Finance said that the businesses today are shifting more towards giving the right consumer experience from being product-centered. In addition, she also mentioned nine different innovative technologies that are making an impact worldwide.
- Artificial intelligence
- 3D printing
- Autonomous vehicles
- Internet of Things
- Augmented reality
- Virtual reality
“It is also understandable that half of our traditional business leaders will only enter into commercial agreements with technology providers. They will not create new technology themselves but they will enter into commercial agreements,” – Ms. Jade Roxas-Divinagracia, PwC Philippines Managing Partner for Deals and Corporate Finance
Ms. Divinagracia added that aside from making partnerships and acquiring technology firms to adapt to the disruptive technology, 44 percent of the top executives also plan to invest in startups that are into:
- Financial technology
- Artificial intelligence
Also included in the survey is a question of what they think are top constraints startups are having in the country. The responders include financial resources, regulatory factors, and lack of talent as constraints. Other counties such as Indonesia, Singapore, Vietnam are also being considered by startups as these countries can give them a boost in terms of growth.
CEOs should also consider “emerging technologies, including cybersecurity and data analytics,” Ms. Divinagracia said that this “should be the center of everyone’s strategy and a big part of the CEO’s agenda.”
In an earlier article on BitPinas, Mr. Brock Pierce believes that people can learn blockchain through cryptocurrency. He said that using cryptocurrency and its corresponding wallet, will aid in understanding the growing technology.
In the Philippines, Union Bank is at the forefront of adapting to the blockchain technology. According to its CEO, Mr. Edwin Bautista, using the blockchain helped them reduce their costs and helped them learn more about the technology that they can also apply to the customers.
The Bangko Sentral ng Pilipinas (BSP) acknowledged the boost of fintech and blockchain companies in the country by forming a fintech and blockchain unit. Financial Technology Sub-Sector (FTSS) will help the financial regulator “conduct effective oversight of FinTech and other innovative alternatives,” according to BSP Governor Nestor Espenilla Jr.
Source: Philippine News Agency
This article is first published on September 5, 2018.
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