SOFTWARE SECTOR
Harsha Purasinghe
ENTER THE DIGITAL ECONOMY
Digital technology on top of skilled talent is becoming the business need of the hour
State of the software sector
This is perhaps the most exciting time as multiple combined digital technologies are opening up opportunities to build next generation systems that will transform everything.
Three barriers to sector growth in Sri Lanka
The need for continuous acquisition of skilled talent, policy inconsistencies and lack of access to growth capital.
The future of the local software sector
Very bright as digital technologies enable the marketing, distribution and support of local products to compete on a level playing field globally.
Three strengths of the local software sector
Proven high end product and service engineering talent, cost competitiveness and affordable communications infrastructure.
Three weaknesses of the local software sector
Lack of relevant skilled talent, inadequate career prospects resulting in high end talent migration and insufficient growth capital.
Main threat to the local software sector
Once again, the migration of high end skilled talent.
The local software market in a nutshell
Limited for growth and very price conscious; good to pilot products but local organisations must work to make products go global in order to achieve greater scale.
The global software market in a nutshell
Poised for exponential growth as global economies move rapidly towards digital transformation; a tremendous opportunity to build, deploy and evolve next generation systems by leveraging on the latest digital technologies.
Three evolving consumer trends or behaviours
Mobile payments, use of digital assistants, and social and video content for decision making.
Local versus regional comparison of the software sector
Sri Lanka has earned tremendous respect for high end product engineering with several world-class software products and product engineering service entities excelling in comparison to Southeast Asia – especially in terms of offering niche products and product engineering services.
Access to growth capital and infrastructure
An issue locally compared to some regional countries that offer better infrastructure, more attractive incentive schemes, consistent policies, brand building initiatives and easy access to capital.
Sri Lanka’s source of competitiveness in a few words
Access to competitive high end engineering talent.
Impact of the digital age on Sri Lanka
Sri Lanka’s GDP will be positively impacted and this will benefit citizens – a recent study predicts that moving to a digital economy will add between one and three percent to GDP by 2020.
Key to future success
Rapid implementation of respective digital transformation strategies combined with stable policy formulation.
Obstacles to sector growth
Inconsistency in regard to policy and the speed of execution of respective programmes.
Impact of social media on the world at large
A double-edged sword – the monolithic and centrally controlled nature of key global social media players can have a major global impact if it isn’t governed – and do more harm than good.
The future of the global software sector
Powered by software so poised to grow exponentially.
The local software sector today
In the midst of a perfect storm due to digital disruption.
The local software sector in five years’ time
It will create many new industry giants and become the most dominant as virtually every organisation is transforming to become a digital entity during this time.
Productivity is affecting industrial and economic growth – yes or no
Yes
Corruption is affecting industrial and economic growth – yes or no
Yes
Competition drives innovation – yes or no
Yes
Mantra for success
Focus, innovate and persevere.
