It’s no secret that organizations are putting more thought than ever before into their digital transformation strategies. The value of these schemes is becoming more apparent every day as companies seek to gain a competitive edge. Failure to plan and execute transformative initiatives is no longer an option.
IDG Enterprise recently conducted research to gain a better understanding of what being a “digital business” actually means to organizations. Over 700 IT business management and decision makers from a wide range of industries were provided with nine definitions of “digital business” and asked to select the response that best aligned with their organization’s viewpoint.
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Unsurprisingly, enabling productivity through the use of digital tools came out as the top answer, with 52% of respondents selecting that as their primary aim. Using data to better manage business performance followed in close second, picked by 49% of those surveyed.
Strategic goals and technology adoption
When asked what their organization’s top objectives were for their digital business strategy, the majority of companies expect to improve process efficiency through automation, create better customer experiences, and improve employee productivity. Some 43% of organizations expect digital business to drive revenue growth.
To achieve such objectives, a majority of respondents have adopted big data analytics, mobile technologies, and private cloud solutions. Close to one-third of IT decision-makers (32%) say that digital business has already helped their organization achieve revenue growth, with an average of a 23% increase. Looking ahead, most of those surveyed also declared their intent to implement artificial intelligence, machine learning, the Internet of Things, and SDN.
Digital Transformation challenges
While the survey found that a majority of organizations have digital business plans, less than half have begun implementing a digital-first approach to business processes, operations, and customer engagement.
What accounts for the delay?
One key takeaway from the study is that technology implementation is not necessarily the chief obstacle to successful digital transformation. The research reveals the degree to which adapting the workforce to organizational change lags: Only 19% have fully implemented a workforce strategy to accommodate digital transformation. Organizations are still in the process of determining roles and responsibilities while adapting the culture of the organization to the new digital-first environment.
Click below to download IDG’s 2018 Digital Business research to learn about the current status of digital business and discover key insights about how the digital-first approach leads to better worker productivity, enhanced customer experiences, and revenue growth.