A survey of almost two dozen Hong Kong-based CMOs and CDOs across 11 industries revealed that two thirds (68%) believe that their industries will be disrupted within the next 12 months, according to the Hong Kong-based arm of global digital transformation agency Isobar.
The survey was conducted at Isobar’s Hong Kong “Disruption and Transformation – Why and How” event, which saw Hong Kong and APAC executives brought together to accelerate their transformation agenda using Isobar’s customer-centric approach.
And though budget is the top business challenge, respondents also cited elevating experience design thinking and creative thinking to create value and revenue streams for the current business as important.
Indeed, 56% are focusing their digital transformation efforts on exploring new markets and customers, while a third (28%) are concentrating their efforts on designing new business models. A mere 16% are using their transformation effort on securing current business revenues.
Notably, there is a focus on customer-centric solutions to driving growth was evident in survey findings, which revealed that 41% of CMOs are seeing the most innovation efforts in the area of brand experience. A third (38%) see their innovation efforts in product and services, while a mere 6% said they were looking at improving operational efficiency.
“To win in the digital economy, focusing solely on designing and deploying digital strategies and tactics to drive the current business no longer allows companies to address these challenges,” said Sandipan Roy, the chief strategy officer at Isobar APAC.
Roy pointed to the importance of having a digital transformation strategy and roadmaps to unlock exponential growth and creating meaningful customer experiences by approach starting with experience and working backwards through the different parts of the value chain.