"Nearly half of the business leaders fear that their businesses are being phased out and the traditional enterprises are losing ground", said Peng Qiang, Executive Vice President and Chief Digital Officer of iSoftStone at the 2019 China International Service Outsourcing Cooperation Conference & International Digital Economy Summit held in the afternoon of June 20. On the topic of digital transformation of traditional enterprises, he attended the discussion with over 200 delegates including governmental leaders, scholars and experts, and enterprise representatives. At this event, iSoftStone won the award of "2018 Most Influential Offshore Service Outsourcing Enterprise in China".
The digital economy is growing dramatically and digitalization is permeating all sectors. It is estimated that China's digital IT expenditures in 2019-2022 will reach 1.3 trillion U.S. dollars and by 2022, over 65 percent of China's GDP will be yielded by digitalized industries.
But every coin has its two sides. The traditional enterprises are menaced by a digital crisis. According to Peng Qiang, the digital gap between digitalized enterprises and traditional enterprises is widening while the latter are losing ground. He cited the survey data of Dell Technologies that 78 percent of respondents believe that their businesses are threatened by the native digital enterprises.
So how can we deal with the crisis correctly? Another survey gives the answer. According to a survey by Vanson Bourme of 4,000 leaders of medium- and large-sized enterprises in 12 industries in 16 countries, 73 percent of them agree on the need of prioritized and centralized technology strategy for their businesses, while 66 percent are planning to invest in IT infrastructure and digital technology leadership. Digital rebirth seems to be the only way to bridge the digital divide.
For the pathway of digital rebirth, Peng Qiang suggested five steps to create the cloud- and intelligence-based digital competitiveness: first to examine the digital crisis, second to design the appropriate business growth model, third to select the correct business model for digital transformation, fourth to develop digital competitiveness, and fifth to complete the platform-oriented transformation of enterprise to significantly accelerate the pace of digital innovation.
To be specific, iSoftStone will provide holistic services of digital transformation such as digital strategy consultancy, digital solution design and implementation, digital technical service, digital operation service and IT service on the basis of new criteria of digital transformation. Through the digitalization strategies like enterprise cloud, data and intelligence, customer interaction and middle-end strategy, iSoftStone helps convert the traditional enterprises into future enterprises.
Since the traditional enterprises are undergoing digital transformation, iSoftStone will take advantage of its all-round digital service capabilities to boost the digital transformation of traditional enterprises and usher in a new era of digital economy together with all partners.