The digital transformation of businesses and all organisations is happening, and at the very least, we can say is that this revolution has had significant impacts. First, there are the negative consequences, such as the disappearance of many companies over the last 10 years.
85% of companies in the original Fortune 500 list in 1955 are gone! And yet there are frontrunners such as GE, Rolls Royce and Airbus that lead the parade using the new technologies of the digital age to become leaders in their industry. As well, there are thriving businesses that were born due to digital transformation such as Uber or AirBnB.
For all companies that want to ensure their survival, whether SME or multinational, the challenge is the same: to succeed in a digital economy. To better understand the importance of this revolution, here are some key statistics on digital transformation.
1 - 87% of companies see digital transformation as an opportunity to develop a competitive edge.
2 - Already 67% of executives believe that digital transformation is now "a question of survival" for business.
3 -77% of CIOs believe they should be aligned with their marketing counterparts (CMOs).
4 - By 2020, there will be over 200 billion devices connected to the Internet.
5 - 74% of American and European retail, healthcare and manufacturing companies have already developed intelligent products.
6 - Almost 90% of companies claim that the main benefit of digital transformation is the increase in employee productivity.
7 - 77% of IT managers believe that digital transformation helps increase customer satisfaction.
8 - 35% of companies say they have a Chief Digital Officer (CDO), that is to say a person responsible for digital transformation.
Digital transformation is part of the present and future. Not a day goes by that one does not hear about it or implement some of its tools. Companies such as Desjardins put this transition at the heart of their business model as shown in this article.
However, this necessary progression is viewed with a mixture of excitement and fear. Allowing companies that make the leap towards digital transformation to carve the lion's share and become leaders in their industries.
There is no doubt that we are in an unprecedented renaissance phase for business. Those who take advantage of these new technologies to excel in this new digital era, will be the winners in this challenge ... or rather this opportunity.
Embark in the era of digital transformation by requesting our free executive briefing.
Sources of statistics:
1 - PWC, “The Digital Talent Gap: Developing Skills for Today’s Digital Organizations”; 2 - MIT Sloan Management; 3 - Accenture Interactive CMO-CIO Insights Survey; 4 - Intel, A guide to the Internet of Things; 5 - The Economist Intelligence Unit, Developing Smart Products; 6 - TechValidate TVID: E8F-391-DC0, 2015; 7 - TechValidate TVID: E8F-391-DC0, 2015; 8 - Copperberg, Enterprise Digital Transformation 2015.
Photo credit: © Sergey Nivens - Fotolia.com
The right use of technology addresses business challenges and drives business growth in all areas of an enterprise. We hope this blog will offer insight into developing strategies and tactics to enable you to identify those key drivers of growth and keep pace with and anticipate the rapid technology change of today.