Asia’s digital economy has seen a significant increase in value despite the challenges faced by many organisations due to the pandemic. In fact, the Internet economy in the region is reported to have reached US$100 billion at the end of 2020 and is estimated to grow by up to US$300 billion by 2025.
This is according to Nimisha Tailor, Competition and Regulation Specialist, who moderated the session on “Next-Gen Technologies: Artificial Intelligence, 5G, IoT” in the SEA Digital Week, with speakers including Gaurav Patni, Executive Advisor, Digital Innovation, and Andy Neo, Sales Director, GIGABYTE.
According to Nimisha, the pandemic has created a massive surge in the adoption of digital technologies in the region, including Southeast Asia. “It’s not just businesses, but governments are also using such technologies, and so there's a lot more talk and discussion about this”, she added.
These new technologies, including AI, 5G and IoT, are being implemented by more and more organisations to be utilised today and for generations to come. To start the discussion, Nimisha asked the speakers where these technologies will be used now and in the future.
“The short answer is any data-intensive industry. You can think the likes of telecoms, consumer goods, healthcare and eventually most of these new technologies will cater to the need to [consume and] process more data for many industries”, explained Gaurav.
He added that every industry has a supply chain and they have to make that supply chain a lot more efficient by using these emerging technologies. For Andy, such technologies can also be seen in a lot of e-commerce today and in the future, including products and services for self-care, food technology and entertainment.
However, not every organisation will be able to adopt such technology for their business as it needs a change in mindset in the first place. “Some of these technologies, while they look good, the reality is that the benefit will only come when they're put in at the right time. It’s going to take a clear vision and conviction to take the organisation forward, or else these projects will fail”, Gaurav said.
Andy mentioned that in order to develop digital advancements, organisations have to actually know how to deal with these technologies first, through improving the businesses’ digital mindset and talent. Otherwise, companies are not going to get the benefits that they may expect.
“The talent gap is always there. This skill set versus what the company actually wants to do is one of the challenges in adopting these technologies. I think a lot of the cultural mindset also has to change”, added Andy.
He explained that these new technologies are not here to replace every existing technology that a company has. Rather, these technologies will realise additional growth and make the company more efficient.
Gaurav added that a new breed of leaders is definitely needed to take the journey forward and make use of these technologies to make their companies globally competitive.