Latest research remains hopeful in digital technology

Digital technology will hopefully contribute a total output worth $527 billion to China's GDP by 2020, according to the latest research results of global consulting firm Accenture.

According to the findings co-released by Accenture and World Economic Forum, by 2025 the entire industry will create a total value up to $100 trillion as long as they finish the digital transformation properly. Automotive, consumer goods, power and logistics are estimated to create a total value over $20 trillion.

According to Yu Yi, managing director of Accenture Digital Greater China, the digital economy has become the new driving force of China's economic development.

"At a time when the business world is highly digitalized, companies not only need to use technologies to improve efficiency, but also come up with new business models with active digital strategies so that new businesses will grow substantially," Yu said.

"With the prevalence of the Internet, there is an increasingly noticeable trend that different industries are merging to, as a growing number of companies are combining their businesses with other industries' knowledge. Meanwhile, the trend of customer to manufacturing is also on the rise, posing more requirements for companies to adopt their digital strategies," said Yu.

While a growing number of Chinese companies, either from the emerging industries or traditional industries, are in their digital transformation process, problems have come along. In the first place, choices are abundant so that companies may not have a clear idea as to which step to take first.

According to Jeff Huang, digital delivery lead for Accenture Greater China, the pace of digital transformation is the problem that most companies should address.

To help companies successfully roll out their digital transformation strategy, Accenture launched its digital center in Shanghai on Tuesday, which combines Internet of Things, artificial intelligence, VR/AR and a number of solutions in the emerging industries.