Page 57 - UDYAMA FINAL final for web

This technological revolution cre- This WDC ranking examines When looking into the evolution
ated a drastic revolution in human three factors; (1) knowledge of the average digital competi-
as it could alter how we live (Life (measures the know-how nec- tiveness ranks at the sub-regional
4.0), work (Work 4.0), travel (To- essary to discover, understand level, in 2019, Eastern Asian co-
urism 4.0), study (Education 4.0), and build new technologies), (2) untries keep their leadership
trade (Industry 4.0), communi- technology (evaluates the overall (15.2) in the development, adop-
cate (Web 2.0), shop (Retail 4.0), context that enables the develop- tion and exploration of digital
and entertain. It altered all the ment of digital technologies), and technologies while North Ameri-
fundamental human activities in (3) future readiness (assesses the can and Western Europan coun-
this digitalized society. Even tho- level of preparedness to exploit tries’ averages remain stable aro-
ugh we like it or not, these mod- digital transformations). Top ten und 20. Digital competitiveness
ern technologies have now beco- rankers (out of 63 economies cov- average performances increase in
me a part of our day to day lives. ered by the WCY selected coun- Southern Asia and the Pacific
tries) are R1: USA, R2: Singa- which scores an average of 31.9,
The Industry 4.0 has revolution- pore, R3: Sweden, R4: Denmark, up from 33.3 in 2018. Ex-CIS and
ized the industrial value web whi- R5: Switzerland, R6: Nether- Central Asian countries’ average
ch is integrated with digital tech- lands, R7: Finland, R8: Hong moves from 46.3 to 45 in 2019.
nologies such as automation, rob- Kong SAR, R9: Norway, and Western Asian and African and
otics, artificial intelligence, aug- R10: Korea Rep. Observations Eastern European countries’ ave-
mented reality/virtual reality, reveals that the economies based rages are in line with last year.
nanotechnology, quantum comp- on individuals who adopt new South American economies cont-
uting, biotechnology, the internet technologies and show flexibility inue to lag behind the other sub-
of things, the industrial internet of to innovations are the ones that -regions.
things (IIoT), decentralized cons- perform well in the digital
ensus, fifth-generation wireless ranking. Let’s zoom out this analysis
technologies (5G), 3D printing. towards Southern Asia and the
Pacific region. Singapore came
By automating traditional manu- 2nd in WDC overall ranking
facturing and industrial practices, (2019); securing 1st in technolo-
using modern smart technologies, gy, 3rd in knowledge, and 11th in
it facilitates business interopera- future-readiness. Singapore’s str-
bility, decentralization, real-time ongest performance at the sub-
analytics, virtualization, service -factor level was in talent and
orientation, modularity, and scal- technological framework, rank-
ability. Businesses who achieve ing 1st in both. It also ranked
competitive differentiation via highly in training and education
introducing new market, service, and IT integration (4th in both).
product and business model in its
digital transformation journey Indonesia was far behind other
will be the frontrunners in this WDC calculated 13 Southern
smart industry. Asia and the Pacific countries.
But, Indonesia experienced
How prepared are the countries to important progress from 62nd
productively use these transform- (2018) to 56th (2019). This result
ative technologies? This question was driven largely by the technol-
can be answered by analyzing the ogy factor (47th) with improve-
IMD World Digital Competitive- Figure 4: Overall Digital Com- ment in executive perceptions
ness (WDC) ranking which ana- petitiveness trends at sub-region- about the effectiveness of the
lyses the extent to which coun- al level 2015-2019 regulatory framework (57th to
tries adopt and explore digital Source : IMD world Competitive- 51st) and the availability of
technologies leading to transfor- ness Centre (2019) capital for technology develop-
mation in government practices, ment (34th to 26th). Sri Lanka is
business models and society in not among the selected IMD
general. ranking countries.

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