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Digital transformation - while many have been talking the talk since the start of the decade, eye-opening and disruptive changes and events have led more and more businesses and organizations to begin walking the walk to ensure that they will be able to remain, sustain, grow and lead into the future. Been talking the talk, but not as far ahead on the walk as you hoped your organization would be by now? You’re not alone. The statistics below show that for most it’s been a slow start, but the race and the steady pace that needs to follow is starting to pick up…Getting Started
1. By the end of 2017, two-thirds of the CEOs of Global 2000 companies will have digital transformation at the center of their corporate strategy. – IDC FutureScape: Worldwide Digital Transformation 2016 Predictions, 2015 2. Only 10% of companies currently describe themselves as fully digital. – The Economist Intelligence Unit Digital Evolution Report, 2016
3. 47% of companies haven’t started to embark on digital transformation. – Are Businesses Really Digitally Transforming or Living in Digital Denial, Progress, 2016
4. 55% of companies without an existing digital transformation program say the timeframe to adopt one is a year or less. – Are Businesses Really Digitally Transforming or Living in Digital Denial, Progress, 2016
5. 33% of companies are developing their plans for digital transformation, but won’t execute in the next 12 months. – Are Businesses Really Digitally Transforming or Living in Digital Denial, Progress, 2016
6. 85% of enterprise decision makers feel they have a timeframe of two years to make significant inroads on their digital transformation before suffering financially and/or falling behind their competitors. - Are Businesses Really Digitally Transforming or Living in Digital Denial, Progress, 2016
7. The biggest disruptive technologies cited by global respondents are the cloud (58%), mobility and collaboration (54%) and data (52%). – BT CIO Report, 2016
The Challenges8. The biggest challenges of digital transformation are developing new business models and strategies to increase connectivity and engagement (43%), implementing a digital strategy across the organization (39%) and recruiting employees with the right digital skills (32%). - BT CIO Report, 2016 9. Many executives see too many competing priorities (43%), the lack of an overall strategy (33%), security concerns and insufficient technical skills (25%), and a lack of organizational agility (25%) as the top five barriers keeping their organization from taking advantage of digital trends. – Digital Business Global Executive Study, MIT Sloan Management Review, 2015 10. 82% of companies say that responsibility for overall leadership of digital transformation has been formally assigned to someone within the organization. – Digital Leadership 2015: Making a Difference Report, Apigee Institute
11. Digital transformation initiatives are currently led by different individuals: CMOs (34%), CEOs (27%), CIOs/CTOs (19%), CDOs (15%), CXOs (5%). – State of Digital Transformation Report, Altimeter Group, 201612. 43% of organizations with a mature digital strategy see internal departments competing to own digital as the most significant barrier to digital transformation. - Leading Digital Business Transformation Report, Forrester, 2016 13. By 2017, 60% of companies with a digital transformation strategy will deem it too critical for any single one functional area and create an independent corporate executive position to oversee the implementation. – IDC FutureScape: Worldwide Digital Transformation 2016 Predictions, 2015
The Benefits14. 39% say their digital transformation efforts have helped them make strong progress in enabling real-time transactions; 32% say it has helped them make strong progress in improving the efficiency of operations; 28% say it has helped them acquire new customers. – Digital Evolution: Learning from the Leaders in Digital Transformation, Economist Intelligence Unit (EIU), 2015 15. 33% say that their digital transformation efforts have helped them make strong progress in creating new sales channels; 25% say it has helped them make strong progress in accelerating product development. – Digital Evolution: Learning from the Leaders in Digital Transformation, Economist Intelligence Unit (EIU), 2015
16. 92% of business say that intelligent automation (the combined use of artificial intelligence and automation) will be put to wider use within their company during the next 12 months. – Accenture Intelligent Automation Report, 2016 17. By 2018, at least 20% of all workers will use automated assistance technologies to make decisions and get work done. – IDC FutureScape: Worldwide Digital Transformation 2016 Predictions, 2015 18. 70% of executives have started the digital transformation of their supply chains. - The Current and Future State of Digital Supply Chain Transformation, Capgemeni, GT Nexus, 2016 19. 45% of executives expect digital to grow their revenue, and 25% of executives expect digital to create better customer experiences. – Global Digital IQ Survey, PwC, 2015 20. Seventy-one percent (71%) of digitally maturing companies say they attract new talent based on their digital vision, (versus 10% of early-stage companies). - Aligning the Organization for Its Digital Focus Report, MIT Sloan Management Review & Deloitte University Press, 2016 21. Benefits already being witnessed from digital transformation efforts include increased market share (41%), increased customer engagement in digital channels (37%), more positive employee morale (37%), greater web and mobile engagement (32%), and increased customer revenue (30%). – State of Digital Transformation Report, Altimeter Group, 2016 Digital transformation is accelerating and changing the way we live and work, and many times deciding who succeeds in business. According to the Forrester report Digital Transformation in the Age of the Customer, only 5% of the organizations responding feel that they have mastered digital to a point of differentiation from their competitors. There’s still time to start – and lead in – digital transformation.-------------
In a new interview, Constellation Research analyst and best-selling author Ray Wang covers top trends that are impacting digital transformation, the technologies needed to be successful, who should lead digital transformation initiatives, the impact on sales, customer service, IT, finance, marketing and much more. Need to get start or want to move farther along?
R "Ray" Wang is the Principal Analyst, Founder, and Chairman of Silicon Valley based Constellation Research, Inc. He's also the author of the new best-selling book Disrupting Digital Business, published by Harvard Business Review Press, as well as the business strategy and technology blog "A Software Insider’s Point of View" which provides insight into how disruptive technologies and new business models such as digital transformation impact brands, enterprises, and organizations. His Silicon Valley research firm, Constellation Research, Inc., advises Global 2000 companies on the future, business strategy, and disruptive technology adoption.
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