Ensuring success in your organisation's digital transformation journey
Digital transformation is a global business trend that cannot be ignored.
Companies that fail to adopt the efficiencies and productivity gains it affords them will get left behind quickly.
Tibco has gathered some of the learnings from companies that have successfully undergone digital transformation journeys.
Here are some of them:
Digital leadership is business leadership
According to research by Vanson Bourne, digital transformation is a core focus for today’s chief executives.
In fact, the financial repercussions of not embracing digital transformation are staggering.
Digital leaders turn more profits, save more money, and acquire more customers.
They exhibit five times revenue growth, eight times higher operating margin profit, and two times higher returns to shareholders than laggards.
Digital leaders’ technology spend is only slightly higher (3.5% of revenue) compared to digital laggards (3.2%).
It’s the approach to digital transformation that’s important - the combination of the organisation, ecosystem, technology, and data.
Put cloud at the core and at the edge
Most companies (68%) identify agility as one of the keys to digital transformation.
Companies that are embracing cloud and edge computing are clearly pulling ahead of their competition.
Rather than allowing legacy systems to hold them back, agile companies are turning to cloud offerings that let them more easily evolve along with technology and stay ahead of the curve.
Various studies are showing how important cloud and edge technology are becoming for digital transformation.
IDC says that 70% of all software, services, and technology spend by 2020 will be cloud-based.
Forrester says, “Cloud is more than just a technology transformation driver — it’s a business transformation accelerator.”
With cloud as the foundation of your business technology agenda, you can expect accelerated product development and significantly reduced barriers to entry in many industries.
Digital leaders excel at innovating, quickly bringing products to market, and using their agility to stay relevant—capabilities that build revenue.
However, less than 15% of B2B companies use the type of test-and-learn rapid prototyping processes that have been shown to accelerate innovation and customer satisfaction.
On the other hand, according to a Harvey Nash/KPMG survey of hundreds of CIOs, accelerating product development and innovation are the top drivers of cloud adoption.
After implementing public cloud platforms and applications, nearly every CIO that Forrester works with speaks of the innovation that cloud services bring to their business.
Cloud adoption is key to becoming a digital business and accelerating innovation.
For more tips on executing a painless digital transformation journey, Tibco’s other pointers can be found here.