MIDDLE East boardrooms are urged to adopt real-time data solutions to compete in the region’s digital economy, set to double to $30 billion by 2018, business experts announced today at GITEX Technology Week 2015.
With the growth in digital Islamic services, such as mobile apps, websites, and e-commerce platforms for Islamic finance and fashion, and halal food and travel, the Middle East’s Digital Economy is set double from $15 billion in 2015 to $30 billion in 2018, according to a report by Deloitte .
The rapid uptake in mobile and Web usage, along with spending on e-commerce and digital advertising, are fuelling the global digital economy, which is set to grow from $1.9 trillion in 2014 to $4.3 trillion by 2020, according to a recent report by Thomson Reuter.
“To compete and grow in the digital economy, executives in the boardrooms of the Middle East need real-time, contextualized data to make decisions for today, setting the stage for transformation and future growth,” said Jonathan Becher, chief digital officer and head of SAP Digital.
“Middle East business leaders driving digital transformations cannot rely on static slideshows and outdated data,” added Becher. “They need to simplify operations through real-time analysis of data from different divisions, such as HR, logistics and marketing.
In the recent IDC report “Chief Digital Officers: Bridging the Innovation Gap Between the CIO and CMO,” by 2020, 60 percent of organizations will have a chief digital officer.
IDC states that chief digital officers will be key to lead the digital transformations in organizations, as the role can bring together digital, communications and operations to forge collaboration, drive innovation and raise the “digital IQ” across the company.
Digital transformation, re-imagining the boardroom, and simplifying business processes are the major themes that SAP is focusing on at GITEX Technology Week 2015, the region’s largest ICT exhibition.
In the Middle East, key verticals that are being impacted by the digital economy are halal education, food and tourism; the sharing economy; Islamic finance; pharmacy and cosmetics; and modest fashion, art and design, according to the Thomson Reuters report.
At GITEX Technology Week 2015, SAP is exhibiting under the unified theme of “Run Simple”. — SG
