In part one of this two-part series I shared some key takeaways from the recent forum, “Digital Asia: Asia’s Digitally Transforming Economies”, hosted by The Economist Corporate Network in Hong Kong. As discussed in my last post, digital transformation is growing fast around Asia-Pacific, thanks to the explosive growth of the internet, mobile penetration, FinTech and big data. In this blog post I want to highlight some of the things companies need to think about when it comes to responding to the huge opportunity presented by digital transformation in Asia-Pacific. Here a few things to consider:
An interconnected world that promotes connectivity and cooperation creates growth opportunities. In Asia-Pacific, the demand for connectivity is obviously growing. According to the Global Interconnection Index, published by Equinix, Interconnection Bandwidth in Asia-Pacific is expected to grow 46% per annum to reach 1,120 Tbps of installed capacity, approaching nearly a quarter (22%) of global traffic.
Easybook found what it was looking for after talking with Equinix partner, InfoFabrica Consulting Pte. Ltd, which suggested leveraging Equinix to re-architect its IT platform and embrace a digital edge solution that would bring it closer to its users.
Healthcare has been around in some form or other for millennia, while artificial Intelligence (AI) has only a few decades of history behind it. Still, that’s long enough for Al to begin transforming this ancient industry, and its influence is only accelerating in the digital age.
The prospect of a global cashless economy is not too distant a reality. Global digital payments are predicted to increase on average by 10.9% reaching close to 726 billion transactions by 2020, according to the World Payments Report 2017. The world’s top cashless economy is currently Canada, with Sweden coming in at second and the UK at third (Forex Bonuses). Chinese cities are already emerging as early examples of cashless economies, with digital payments on mobile apps such as WeChat and Alipay taking precedent for mobile payment transactions. And Sub-Saharan Africa is a huge market for mobile payments — the GSMA reports that more than 40% of the adult population is using mobile money on an active basis in seven Sub-Saharan African countries.
In this dynamic environment, people in the response flow can add an hour. When everything is constantly changing, and you’re continuously pivoting, how can you accurately plan or forecast your business or anticipate an event–the holy grail of digital business?
This year’s Pacific Telecommunications Council’s (PTC) 40th anniversary theme, “Connecting Worlds,” spoke to the global nature of communications that is launching a new decade of connections in our industry. And I’m not just talking about the physical and virtual connections that carry the massive amounts of data being transported all over the world, but the interconnection between service providers and their customers that enable private data exchange, which is essential for global digital business to flourish in the decades to come.
To build internetworked software components and gain the controls required for digital business success, organizations must transform their application development to an API- and interconnection-centric approach. Doing this will allow them to fully realize the benefits that digital services can provide for users.
An interconnection-first IT architecture designed for the digital edge gives retailers speed, unprecedented command over reams of consumer data, and the flexibility to instantly reach partners and markets globally. This is how they can grab the attention of shoppers who now have a world of alternatives at their fingertips.
The forces compelling digital businesses to place more of their data at the edge are real, however, the transition requires careful design. The perception is that moving large datasets out to the edge can create management and accountability problems that would not occur if the data were managed centrally.