August 28, 2019 – In a study released by SGV & CO. and Ernst & Young (EY), small and medium enterprises (SMEs) in the Philippines and elsewhere in Southeast Asia are looking at current and transformative technologies such as blockchain and AI as key business drivers in the next three years.
The “Redesigning for the digital economy” report reveals the priorities of SMEs in the six countries surveyed – the Philippines, Malaysia, Thailand, Vietnam, Singapore, and Indonesia. Current Technologies refer to “upgrades and expansion to existing information and communication technology (ICT) software, hardware, and services. Transformative Technologies cover applications such as blockchain, machine learning, robotic process automation (RPA) and artificial intelligence (AI).
SMEs in the Philippines are expected to focus on current technologies (86%) followed by transformative technologies (83%) as reported by The Manila Times. Data also revealed that the Philippines will be investing more in these technologies compared to SMEs in the other surveyed countries.
As to why SMEs in the country will be investing more versus those in Singapore and other countries, EY Asian Market Leader’s managing partner Liew Nam Soon cited two reasons. First, there is incremental growth in the Philippines that is much higher because the country is still catching up. Second, people recognize this as an opportunity to move forward in the competition.
Furthermore, Mr. Nam said that while companies are investing in conventional technologies to drive business performance, soon, they will see value and potential that emerging transformative technologies will bring. Of course, this will not be a one-off investment project. Companies are expected to do digital adoption in the more longer0term as such initiative require “long term organization changes and different perspectives on investment horizons”.
Source: Manila Times
This article is first published on BitPinas: [Study] PH SMEs Focus Their Investments on Current and Transformative Technologies