What key findings from the ASEAN Digital Generation Report 2021 have taught us to survive in a post-COVID era.

There’s no denying it – digital transformation is a key agenda for many businesses worldwide. Coupled with Covid-19 spurring this transformation, how can shipping companies ensure the survival and success of their business in a post-COVID world? Here are some key findings from the recent ASEAN Digital Generation Report 2021 published by the World Economic Forum.  

Greater Use of Digital Tools 

One of the clear findings throughout the survey was how technology is believed to play a vital role in supporting the economy at large. However, a key barrier identified was the level of digital skills within firms; including a lack of confidence and understanding of where to use them; particularly for companies which are still in the initial phases of technological adoption. 

That said, there is a high demand amongst SMEs in ASEAN to further digitalize finance with. In fact, three quarters of them wanted more digital payments, while over half (53%) wanted greater digitalization in lending.  Taking this into consideration, shipping companies may want to focus on payments and lending as a start when it comes to developing their digital transformation to answer to these demands.

Future-Proofing Skills 

On one hand, a high percentage of survey respondents cited that action was required to improve digital literacy and equip SME employees with digital skills for society to benefit more from digitalization. 

On the other, remote-working has revealed the need for greater soft-skills such as creativity & innovation, self-discipline, and resilience & adaptability. However, it is important to cultivate the right skills right from the top to ensure that a business could survive any challenge that arises. In fact, it was reported in Odgers Berndtson that the success of a business in a post-COVID world hinge on the company’s behaviour and culture. 

Better Logistics to Drive Digitalisation 

Although the industry has gone through a rapid change in the past year, there is more to come. The survey revealed that the need for better logistics and delivery services emerged as one of the integral actions to help the economy digitalise, impacting shipping and maritime industries directly. Other than that, improving internet coverage and regulations on tech were amongst the other necessary actions needed to help the economy digitalise.