“WISE pivot.”
This was the key word stressed by Accenture Philippines country managing director Lito Tayag when he discussed with Cebuano business leaders the importance of digital transformation for companies nowadays.
“Wise pivot is the new approach to organizational change,” Tayag said during the first Business Next forum of Southwestern University Phinma in Cebu Wednesday, Oct. 23, 2019.
In today’s highly digitized world, Tayag mentioned the high correlation of technological adoption to revenue growth of businesses.
He called on companies to transform their “core business” in their pivot to digitalization.
Tayag said this transformation is key to enable companies to drive competitiveness, improve cost structure and create investment capacity.
He stressed companies nowadays are operating in an evolving business landscape marked by the emergence of disruptive technologies, including social, mobile, analytics and cloud.
These disruptors, he said, are increasingly reshaping and enhancing how business is done, so companies are faced with the inevitable challenge of riding the wave of the fourth Industrial Revolution.
The Accenture executive pointed out that firms must learn how to adapt these new technologies—which are challenging existing norms and revolutionizing business models—by developing innovative strategies to remain relevant and upskilling their workforce.
“The digital revolution has ushered a lot of disruptions in an accelerated pace and new technologies are coming our way,”
Tayag said.
“These digital developments are affecting organizations from top to bottom, changing the products and services that companies offer—and how they’re delivered to customers.”
Tayag said that companies’ digital transformation would entail revitalizing their core business through investments, streamlining the needed changes throughout the various parts in the organization and building workable synergies between the old legacy businesses and the radical new digital enterprise.
SWU’s Business School (B-School) forum gathered Cebu’s business leaders and the academe, in line with the school’s new curriculum in partnership with Cebu’s leading industry leaders.
Backed by Phinma, the B-School has developed a curriculum that allows graduates to become young and competent business professionals who can successfully navigate, lead and transform business.