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What exactly is a ‘techglomerate’, and why is it the investment of the future?
What in the world is a ‘techglomerate?’
With countless new concepts popping up in the economic lexicon nowadays, a ‘techglomerate’ may just be one we’re bound to see happening in the Philippines soon. Serving as a combination of the words “technology” and “conglomerate”, a ‘techglomerate’ means the transitioning of an organization that is continuously integrating technology into its core, making it more agile and innovative to face the future.
With the term still new to our ears, Aboitiz, a name already synonymous with pioneering change, is spearheading this type of transformation in the country. But what exactly does it mean to be a techglomerate?
To understand this journey, we have to look at the bigger picture. The Philippines, like many developing countries, is on a mission to achieve the United Nations Sustainable Development Goals (SDGs) – 17 global goals designed to address pressing issues such as poverty, inequality, and climate change, among others, by 2030.
The Philippines has since made considerable strides in achieving the SDGs, including making our own 2023-2028 Development Plan, but the intersection of technology and sustainability can help drive progress in achieving this. That’s where Aboitiz’s mission comes in.
Nation-building through innovation
Aboitiz has been a key player in integrating innovation with its diverse business names. From power to banking, food, and infrastructure, the company has been a helping hand in harnessing the power of technology to improve lives.
AboitizPower, their power arm, has not only contributed to the country’s energy security but also aligned with global efforts to combat climate change. It is currently composed of nine utilities supplying electricity to high-growth areas in Luzon, Visayas, and Mindanao.
Meanwhile, digital innovation trailblazer UnionBank continues to integrate traditional banking with tech-driven solutions and programs that promote financial inclusion and nation-building together with their subsidiaries City Savings Bank and BSP-approved UnionDigital Bank Inc.
Illustrating the scope and potential impact of the company’s aspirations, Aboitiz Group CEO Sabin Aboitiz shared that they are now supplying close to 20% of the country’s power and 20% of the flour and feed for bread and pork.
“Our banking and financial services group plays a major role in leading the digitalization of the industry together with the government while our land and infra teams are, likewise, headed towards the 20 number,” Aboitiz said.
“Safe to say that close to 20% of the country is relying on us. This is our responsibility. The techglomerate we envision must succeed for the 20 million people depending on us,” he added.
But Aboitiz’s commitment goes beyond just business success. By integrating a start-up culture into its techglomerate journey, Aboitiz is fostering an environment of continuous innovation where ideas are nurtured and impactful solutions are created. Aboitiz strongly believes that this is a path that every business needs to take.
The Techglomerate journey
This “Great Transformation” as Aboitiz calls it, is set to redefine industries by bridging the gap between traditional business models and cutting-edge technology that’s still ahead of us.
By focusing on machine learning, artificial intelligence, and other emerging technologies, Aboitiz is positioning itself as a leader in the tech-driven future. Case in point, their data science and Artificial Intelligence arm, Aboitiz Data Innovation, blends new tech with user-centric design. It has received awards for developing AI models and tools that are transforming the power, financial, and industrial sectors.
This is what Aboitiz means by becoming a techglomerate. To be an investment of the future, a business should have the flexibility to introduce new tech and embrace opportunities to innovate. Coining the term techglomerate isn’t just about adding a new buzzword to our business lexicon, but is Aboitiz’s commitment to proving that this concept is what can help improve lives and build the nation.
Learn about Aboitiz’s techglomerate journey at aboitiz.com – Rappler.com
