The ongoing pandemic tested the technical preparedness and resiliency of enterprises around the globe as many businesses started to embrace the cloud as part of the “new normal.”
Among the major players in this technology space is Oracle Cloud, the first public cloud built from the ground up to be a better infrastructure for every application. The Oracle Cloud Infrastructure has all the services a business may need to migrate, build, and run all IT — from existing enterprise workloads to new cloud-native applications and data platforms.
“Our cloud provides business solutions. Our objective is to give the best customer experience because it is a service. Only when you give the best customer experience that your customers will keep on subscribing to your services,” according to Mina Lim, Managing Director of Oracle Philippines.
Oracle targets to have forty-four (44) cloud regions by end of 2022 as they opened their latest data center opened in Singapore.
During a recent media briefing, Oracle Philippines shared what key business priorities CXOs (Chief Experience Officers) need to be on the lookout for in order for them to drive their tech-driven organizations this 2022.
1. Boards will demand true transformation from their cloud investments.
German market and consumer data company Statista said that organizations worldwide will spend some US$1.78T on digital transformation, this includes cloud initiatives in 2022.
We all know that the shift to the cloud is critical (and inevitable). The question remains: are companies and governments investing to truly transform or are they undertaking what Forrester calls “digital sameness”?
Singtel, one of Asia’s leading communications groups, is partnering with Grab to offer banking services to retail and corporate customers in Singapore. Expect to see more such unconventional digital partnerships across sectors. Organizations that see the cloud as a liberator and facilitator will reap the bigger rewards. Gartner calls the cloud a “force multiplier” — the scalable, resilient technology foundation for long-term innovation and growth.
Increasingly, organizations recognize that the cloud frees up technical people from mundane work, letting them focus more on developing unique, profitable digital products and services. Additionally, the cloud is a facilitator of data-driven business, bringing new Artificial Intelligence (AI) and Machine Learning (ML) enabled tools to the fingertips of those who understand and can bring change to the business.
This 2022, expect to hear boards asking their executive teams for more evidence that their cloud investments are positioning their companies for long-term competitive advantage.
2. ML and AI will become a core competency for leading digital enterprises.
At present, most companies are just experimenting with ML and AI as finding the right talents is quite a challenge. ML and AI algorithms represent a life raft, helping enterprises analyze and learn from that data, improving decision-making, and informing a range of next actions.
With most organizations not having teams of qualified data scientists, a more practical alternative is to build smaller, more focused “MLOps” teams consisting of data scientists, developers, and other IT operations people to deploy, maintain, and constantly improve ML/AI models.
Forrester predicts that one in five organizations will double down on what it calls “AI inside” — AI and ML embedded in their systems and operational practices.
3. People will evaluate your company through a sustainability lens.
When buying goods and services or sizing up potential employers, many people today are evaluating companies’ progress on sustainability. Enterprises are also doing the same with their suppliers and partners, holding them — and themselves — accountable for adopting various sustainable initiatives including reducing carbon emissions.
In 2022, it will be almost compulsory for businesses to layout and execute a comprehensive sustainability strategy. In APAC, this will need more focused leadership. Forrester reports that among Fortune Global 200 companies, 92% in North America and 81% in EMEA have appointed a sustainability lead at the VP, director, or other executive-level; only 26% in APAC have.
4. Employers must reimagine their career-development and recruiting practices.
The “Great Resignation” brought about by the ongoing pandemic suggests that this year, employers will have their work cut out for them as companies need to be more proactive about charting a career path for employees and listening to their concerns about work-life balance plus workplace flexibility. The highest priority among CXOs will remain to be hiring and retaining skilled people.
The 2021 AI@Work report by Oracle and Workplace Intelligence found that the pandemic has caused many employees to feel “stuck” and is pushing them to rethink their futures. As a result, 83% are looking to make career changes over the next year; 85% aren’t satisfied with their employer’s career support, and 87% said their employer should do more to listen to their needs. In addition, 88% of respondents said the pandemic has made work-life balance, mental health, and job flexibility bigger priorities for them.
Employees have many different priorities now compared to before the pandemic and companies need to take them into account to reimagine the post-pandemic workplace.
5. Supply chain disruption will become the “never normal.”
The pandemic continues to force supply chain planners to reassess their priorities and how they apply the latest Supply Chain Management (SCM) technologies, as “never normal” becomes the new normal.
For instance, whereas “just-in-time” inventory was the pre-pandemic best practice, “safety stock” or what is known as “just-in-case” inventory management is now considered the new normal. While even the most sophisticated supply chain technologies won’t fully anticipate the extent of market shocks such as a global pandemic, they can help companies figure out the right balance of safety stock.
As people’s buying behaviors shift from physical to online, companies will need to identify and react to those shifts and plan for the “ripple effects” across their plants, data centers, and extended supply chains.
By considering these key priorities, Philippine businesses will be better able to boost their economic impact and help reignite the new Asian Age.