‘Digital transformation' is a common group of words thrown around to label the current evolution of the modern workplace, and for good reason.
A Pegasystems-sponsored survey by The Economist Intelligence Unit found that nearly 70 percent of executives predict digital transformation success despite the major corporate roadblocks. Furthermore, while the majority of companies expect to meet digital transformation objectives in 2016, more than 60 percent believe they must first make significant changes to reach these goals.
The survey involved 282 executives from around the world in key industries, and here are some more of the highlights:
- 77 percent report digital transformation as their company's top strategic priority in 2016
- Poor financial performance was the top consequence for not meeting this goal
- 48 percent put the prospect of gaining a competitive advantage as the largest driving influence behind setting digital transformation priorities
- 25 percent put the lead driver as competitive pressure
- 57 percent of companies said improved customer service was the primary objective for digital transformation
- 40 percent said senior leaders need to increase their oversight of digital transformation initiatives
- From an internal perspective, process optimisation ranks as the most common goal with 38 percent
- 58 percent intend to invest heavily in big data and analytics technologies to aid success
- Mobile computing came in at 36 percent and software as a service 29 percent
“With the pace of digital change continuing to accelerate, it's never been more important for senior business leaders to carry the torch for digital transformation within their organisation,” says Don Schuerman, CTO and vice president of product marketing, Pegasystems. “The future of many companies now depends on their ability to translate digital potential into a competitive advantage. This is an all-encompassing effort that requires top executives to champion the deployment of flexible, digital technologies that change the way they engage with their customers.
It's clear that digital transformation will come with its challenges, but the benefits far outweigh the risks.