Saudi FM and new UK counterpart discuss regional situation in phone call    Saudi Arabia, Syria sign 11 qualitative deals at Damascus Fair    Saudi skies witness rare Blood Moon total lunar eclipse    European leaders to visit US to discuss war in Ukraine, Trump says    South Korean worker describes panic and confusion during Hyundai ICE raid    The key to happiness    66% of 12.9 million extremist messages, monitored by Etidal in 90 days, incite violence    KSrelief launches relief and humanitarian projects during visit of Al-Rabeeah to Syria    OPEC+ to increase further oil output in October    Japan's Prime Minister resigns after election defeat pressures    Saudi Justice Ministry to host 2nd International Conference on Judicial Training in Riyadh    Over 47,000 transport violations detected during 340,000 TGA inspections in August    Amended Contractors Classification Law regulations set criteria for dividing major projects    Gamers frustrated as Hollow Knight: Silksong crashes stores on launch    'My mother was my shelter and storm': Arundhati Roy on her fierce new memoir    Mike Tyson and Floyd Mayweather Jr. set to meet in exhibition boxing match in 2026    HONOR to participate in Global Symposium for Regulators 2025 in Saudi Arabia    NVIDIA GeForce RTX 50 Series laptops redefine learning, creating and gaming    Al Hilal sign Turkish defender Yusuf Akcicek on €22m deal until 2029    Al Qadsiah sign German midfielder Julian Weigl to strengthen defensive midfield    Al Ahli secure Flamengo starlet Matheus Gonçalves in long-term deal through 2027    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Middle East digital economy expected to double by 2018
Published in The Saudi Gazette on 13 - 07 - 2015

JEDDAH — As the region continues to diversify its economy, the Middle East's business landscape is quickly adopting latest technologies to capture competitive advantages arising from leveraging the Internet of Things, big data & predictive analytics and further leveraging mobile technology in heart of their core businesses.
A SAP and Economist Intelligence Unit (EIU) report indicates that organizations are observing unforeseen benefits to their business performance as a result of increasing the accessibility of information across organizations, whether on prospective clients, existing customers, on internal processes or on internal data of whatever kind.
Demonstrating the demand for solutions in the Digital Economy, according to McKinsey & Company, businesses that embrace digital transformations could see increased revenue 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.
This new Digital economy in the Middle East is set to exceed $30 billion by 2018, following almost 30 percent growth this year, according a recent report. Another report indicates that the digital economy accounts for approximately $450 billion a year of the global GDP from traffic and trade flows.
Adding to the digital economy's growth is the rise of the Internet of Things, which will see connected devices grow from 9 billion now to at least 50 billion in 2020, and create $14.4 trillion in total value at stake, according to a recent report by SAP and Stephenson Strategies.
“With the emergence of the digital economy backed by initiatives such as ‘smart cities', organizations are demanding a holistic ICT approach to be able to digitize business processes across platforms, cloud-based services, analytics and citizen-centric applications,” said Liebe. “We also anticipate an increasing need of ICT skills in those new technologies. To meet these market demands, decision makers from the public and private sectors must be prepared to invest in better integrating of ICT learning, and training workers with ICT and e-business skills.”
The recently-released SAP Business Suite on SAP HANA (SAP S/4 HANA) regarded one of the most innovative platforms available at present, connects holistically people, devices, and business networks in real time. Thus SAP S/4 HANA has been recognized across the Middle East as a leading platform for innovation. Hundreds of customers worldwide, across a wide range of industries, are using this 4th generation platform already and benefit from its built-in in-memory and real-time capabilities for their digital transformation strategy.
SAP has facilitated such digital economy implementations with technological developments, including connecting businesses seamlessly across company boundaries with services such as Ariba, a cloud-based procurement solution, Concur, a leading cloud-based travel and expense management service, and Fieldglass, a cloud-based Vendor Management System to manage contingent workforce and service procurement programs.
“Business Network Platforms that connect companies digitally and run processes on those platforms will become the gold standard of doing business in many areas. Today we see this is already the case for procurement processes, acquiring and evaluating contingent workforce and travel management,” Liebe added — SG


Clic here to read the story from its source.