Digital to unlock growth for Philippine businesses, McKinsey says

McKinsey & Company has revealed the business case for companies to achieve technology-enabled transformation at Decoded Philippines, a summit for over 100 C-level executives from top domestic and multinational companies at Shangri-La at the Fort. The global management consulting firm organized the event in celebration of the 20th anniversary of its Manila office.

According to a McKinsey research effort that studied 2,393 of the largest global nonfinancial companies over a 10-year period, companies must now address and highlight digitization, advanced technologies, and tech-enabled disruption in business transformations. It shared that there are trillion-dollar opportunities available to companies that manage to extract the full value from technology. Currently, only one in 12 companies truly succeed at transformation.

It added that technology and digitaldriven strategies are now more effective than traditional approaches in change management programs because, more than improving speed and cost-efficiency, digital also builds capacities.

Lending their expertise during the event were McKinsey’s global, regional, and local leadership, including: Kevin Sneader, Global Managing Partner; Oliver Tonby, Asia Chairman; Kaushik Das, Managing Partner for Southeast Asia; Vinayak HV, Digital Leader for Southeast Asia; and Kristine Romano, Managing Partner of the Manila office.

Sharing his views on how Filipino corporates can achieve successful transformation, Kaushik Das said, “McKinsey has supported many companies in the Philippines and Southeast Asia to successfully transform over many years. We’ve developed a simple recipe for performance transformation results, focused on ambition, people, and execution.”

“But with Southeast Asia changing rapidly, we recognize that it is increasingly important for companies to also pursue ‘big moves,’ such as reinventing or innovating their revenue models, fully embracing the power of digital and analytics, and making bold portfolio choices. By pursuing performance transformation significantly improves a company’s chances of successfully transforming.”