The newly-elected president of the Financial Executives Institute of the Philippines advised companies to integrate digitalization into their growth strategies to compete effectively and remain relevant in today’s dynamic business landscape.
Augusto Bengzon said that in the current global economy, digitalization is not merely an option but a necessity. He highlighted the multifaceted challenges nations and businesses confront, including managing vast data volumes, ensuring operational efficiency and transparency, and fostering robust engagement with customers and stakeholders.
“Digitalization is the key to unlocking innovative solutions for these challenges,” Bengzon said.
He commended the government’s proactive stance in promoting digitalization through initiatives such as the National ICT Ecosystem Framework.
The framework prioritizes enhancing digital infrastructure, fostering innovation, and leveraging technology for economic advancement. Additionally, he praised the E-Government Master Plan, which aims to enhance public service delivery through digital transformation.
Acknowledging that digitalization transcends mere technological upgrades, Bengzon underscored its strategic importance in maintaining competitiveness in a digital-centric world.
He said that embracing digitalization enables companies to deepen their perspectives, drive innovation, and enhance resilience.
Given these considerations, Bengzon urged companies to prioritize transformation and embrace change to position themselves as future-ready entities.
“In this pivotal juncture, our true challenge lies in achieving ‘transformational growth’—a trajectory that will either propel us toward anticipated economic success or relegate us to mediocrity alongside the global competition,” Bengzon said.
He, however, noted that digitalization is not merely a technological shift but a strategic move to remain at the forefront in an increasingly competitive and digital-centric world.
Digitalization, he said, brings depth to one’s perspectives, fosters innovation and resilience.
“Digitalization, the backbone of modern enterprises, allows us to efficiently deliver new products and services, find new ways to engage customers, and turn them into lifelong partners,” Bengzon said.
Because of these factors, he said companies should continue to transform and value change to create a future-ready business.
“This is the real challenge of our times—how we can achieve ‘transformational growth’ in what is perhaps the inflection point that will either see us rise to expected economic success or muddle along with the rest of the world,” he said.