EY’s latest report reveals a split among business leaders regarding digital transformation. Nearly half (45%) believe it’s a “revolutionary” process, while 55% view it as “evolutionary”. The report surveyed over 1,000 global business leaders, with 74% stating that they have a digital transformation strategy in place. Despite this, only 30% have reached an advanced stage in their digital journey.
The report also highlights that 65% of leaders see the lack of skilled teams as the biggest obstacle to digital transformation. Additionally, 63% identified cybersecurity as a major concern. The study suggests that businesses need to focus on fostering a digital culture, with 33% of leaders agreeing that their company culture is a significant barrier to digital transformation.
Moreover, the report found that companies that have achieved advanced digital maturity enjoy benefits such as improved customer experience (81%), increased revenue (80%), and enhanced innovation (78%). The study emphasises the need for businesses to adapt or risk being left behind in an increasingly digital world.
Go to source article: https://www.thedrum.com/news/2020/03/11/business-leaders-divided-over-digital-transformation-according-ey-report