Roughly one in 10 companies operating in the Philippines have embraced and adapted to digital sustainability, a recent study showed.
According to the study, 11% of local companies in the Philippines are digitally sustainable and the top sustainability goal is employee health and safety. Other goals are improving efficiency and achieving cost savings.
Digital sustainability has allowed companies to save up in utility bills as the country adapted to the work-from-home setup, the study said.
The COVID-19 pandemic has pushed many companies to digitally transform their way of work, leveraging on digital solutions, platforms and resources to continue delivering outputs and services, it added.
Internet speed and reliability, however, remain a major challenge.
Based on the study, Philippine C-level executives feel leadership of non-tech personnel is their “primary inhibitor” in adapting to digital sustainability.
Other challenges faced by the Philippines is the lack of in-house knowledge specifically in sectors like manufacturing, construction, and transportation and the lack of budget and clear return of investment.
The study also showed that Philippine companies spend less than 1% in annual spend for digital sustainability which explains the limit in terms of budget.
The study was conducted by Tata Consultancy Services (TCS) together with the Centre of Digital Enterprise and University of Auckland Business School.
The first in the world, the study surveyed 200 C-level executives from 12 sectors across Asia Pacific, specifically Australia, Indonesia, Philippines, Japan, Malaysia, New Zealand, Singapore, South Korea, Thailand, and Vietnam.
Around 87% of these C-level executives strongly agreed that digital sustainability will help deliver a competitive advantage in the years to come.
The respondents cited as major challenges in their companies the limited budget, lack of in-house knowledge, and challenges in establishing a traditional return of investment.
“There is a need to constantly educate and update skills to improve digital literacy among companies and its employees,” the study said.
“Digital sustainability is the present and future of business enterprises, underscoring the decision-making around mergers, acquisitions, and risk profiles of business,” it added.
To view the full report: https://www.tcs.com/digital-sustainability-index-2022. (Ventures Cebu from PR)