Digital transformation is increasingly gaining attention in the corporate world, with 70% of companies either having a digital transformation strategy in place or working on one. Surprisingly, only 7% of companies have fully implemented their digital transformation strategies. The C-suite, including CEOs, CIOs, and CFOs, are beginning to take action to drive these transformations.
The primary drivers of digital transformation are growth opportunities in new markets (51%), evolving customer behaviours and preferences (45%), and increased competitive pressure (40%). The main obstacles are lack of budget and resources (38%), data privacy and security concerns (35%), and resistance to change (35%).
The benefits of digital transformation can be significant. For instance, digitally mature companies are 23% more profitable than their less mature peers. They also have a 16% higher market valuation.
To succeed in digital transformation, companies need to invest in technology, reshape their organisational structures, and develop a digital culture. This includes hiring digitally savvy employees, promoting digital literacy, and fostering a culture of innovation.
Despite the challenges, digital transformation is no longer optional for companies that want to stay competitive. It’s a necessary step towards becoming a more agile, customer-focused, and innovative organisation.
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