An SAP and Economist Intelligence Unit (EIU) report shows that many businesses are realizing surprising benefits to their bottom-lines due to better access to information, including data on prospective clients, current customers, or internal functioning.
McKinsey & Company also point out that businesses that are incorporating the digital marketplace will able to potentially see an increase in revenue by as much as 30 percent.
“This will be not just another evolution in technology. It will be a revolution for both: the way business are run, and also how new business models are suddenly possible. As the Middle East continues to be an early adopter of latest innovations, businesses in the region, local businesses will have to define their approach now to stay relevant in this new digital economy,” said Hannes Liebe, COO, SAP MENA.
“Those new technologies such as cloud, Big Data, predictive analytics, and Internet of Things are already reshaping a new reality, and companies will have two choices: either invest or they face the risk of becoming irrelevant,” added Liebe.