The term ‘digital transformation’ isn’t new. Forward-thinking businesses began discussing it as far back as a decade ago, however not all businesses have been as quick to make the switch to the online world.
The Current State Of Business Transformation
In recent years, we have seen the digital and real world shack up and quickly become a match made in heaven. Chatbots are improving user experience on ecommerce sites, apps are helping us order takeaway food and taxis from the comfort of our sofas, and you can now adjust the temperature on your thermostat without even being at home.
Digital transformation is very real, but progress towards a totally digital landscape is a long way off. According to IDC FutureScape, two thirds of Global 2,000 CEOs will have digital transformation at the centre of their corporate strategy by the end of the year. However, last year, just 10 per cent of companies described themselves as fully digital (source: The Economist Intelligence Unit Digital Evolution Report 2016).
In its report ‘Are Businesses Really Digitally Transforming or Living in Digital Denial’, platform provider Progress has stated that:
• 47 per cent of companies haven’t started a digital transformation
• 55 per cent of companies without a current digital transformation management system say they will be adopting one within the next year
• 33 per cent have plans, but won’t complete them within the year
• 85 per cent of decision makers plan to make strides towards a digital transformation within the next two years to avoid financial effects or getting overtaken by competitors.
The Future Is Digital
The future is definitely digital; many organisations are now aware that they need to rethink their business models in order to keep up with the industry and maximise productivity and profits. Although a little overly-dramatic, the saying ‘evolve or die’ comes to mind.
CEOs expect digital revenue to increase by 80 per cent by 2020 (source: Gartner). How? Well, remote working with 24/7 access to file sharing and email is now commonplace, HR apps are helping staff arrange their own annual leave, and, according to IDC, at least 20 per cent of all workers will use automated assistance technologies to help them get work done and make decisions by 2018.
With all of these benefits, it’ll come as no surprise that the number of enterprises designing advanced digital transformation management initiatives will more than double from 22 per cent to almost 50 per cent by 2020 (source: IDC).
Of course, not every organisation can function totally online. However, digital can improve several elements of a business’ processes, including:
• Collaboration and communication
Do You Need A Nudge?
If you’ve begun your digital transformation, but not quite completed your metamorphosis and don’t want to get left behind, you may be interested in our latest events.