Today, the Economist Intelligence Unit (EIU) has released a global research project commissioned by Telstra, showing which countries in Asia have the necessary building blocks in place to ensure business success in a connected world.
The EIU’s ‘Connecting Capabilities’ report includes the first ever Asian Digital Transformation Index, which goes beyond a narrow definition of digital transformation at organisations. The Index is a quantitative ranking of 11 Asian markets and three global comparators using 20 indicators across three key categories relevant to business performance: digital infrastructure, human capital and industry connectedness.
While the need for businesses to digitally transform has been acknowledged across the board, the Asian Digital Transformation Index addresses a more pertinent question: On a macroeconomic level, is the overall environment conducive enough for local and regional companies looking to digitally transform?
Digital Transformation Index
Key findings include:
· In Asia, Singapore leads the way. The city-state’s strong performance is primarily due to its well-developed digital infrastructure, as well as a highly supportive and coordinated set of government policies in support of infrastructure development, business use of technology and entrepreneurship.
· Singapore ranks behind Japan in industry connectivity, which is broadly, the ability to draw on resources external to the organisation such as digital partnerships with other companies, networks or communities.
· Recruiting the right talent is a challenge in Singapore, which ranked fourth on human capital. Building talent pools with advanced digital skills and expanding data sharing to enrich its firms’ digital partnerships are key areas for improvement.
· Asia behind US, Australia and UK. The region still has some catching up to do. While several Asian countries are performing well, a comparison with the United States, Australia and the United Kingdom shows the region as a whole is behind when it comes to digital infrastructure and human capital.
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