Digital Transformation Facts & Figures

In this highly competitive digital era, a business that has digital transformation as their core development plan are the ones that are successful. This business model focuses on digital solutions and innovative technologies that work both internally with employees and externally with clients and customers. As per a survey by IDS, more than 85% of CEOs and business leaders say that companies need to invest in digital transformation in the next two years or sink in the market. This article will explain why digital transformation is vital for organisations. But before that, we will look at some of the digital transformation facts and figures.

• According to a survey by Seagate, more than two-thirds of industry leaders across the globe focus on using digital strategies to improve customer experience and enhance the quality of their products and services
• 27% of companies say that digital transformation initiatives are important for survival in the competitive market
• 70% of global companies already have a digital transformation strategy in place or are working towards it
• 83% of large retailers state that digital transformation is their core goal
• 65% of companies are confident that they can adapt to changes in technology over the next three years
• Of the companies that are working on long term digital transformation initiatives, 7% have already applied it
• A study by Gartner has found that 56% of CEOs believe that digital improvements lead to an increase in revenue
• More than one-third of CMOs say that digital marketing will account for more than 75% of their total marketing spend in the next five years
• 52% of marketers say that growth through digital transformation is their sole focus
• 82% of executives believe that digital technologies will bring organisations together
• 70% of digital transformation strategies fail because of resistance from employees
• Employees working in companies that have less than 100 employees are three times more likely to say that their digital transformation efforts were successful compared to employees working in companies with more than 1000 employees
• 45% of executives believe that digital transformation will increase their Return on Investment
• Amazon is using more than 30,000 Kiva robots in warehouses across the globe. These robots have reduced operating costs by 20%
• 31% of companies have invested in artificial intelligence as a part of their digital transformation process
• In a survey conducted across different verticals, executives said that digital transformation improved operational efficiency by 40%, meeting customer expectations by 35%, and enabled faster time to market by 36%
• Data-driven organisations are 23 times more likely to gain customers and 6 times more likely to retain customers compared to companies that don’t use data-based analytics processes
• 71% of organisations have automated their release management process
• 71% of customer communications will be done by intelligent systems by 2021
• 25% of customer service operations will use virtual assistants by 2020
• 30% of customers in the USA say that chatbots are effective in resolving problems
• 9 out of 10 customers want a seamless omnichannel experience with different modes of communication
• 68% of executives believe that the future of digital business lies in the collaboration between humans and artificial intelligence
• 45% of enterprises trust third-party technology vendors to support their digital transformation initiatives
• 43% of companies choose to outsource digital transformation as it reduces up to 43% of the burden on the internal sources and 40% of the risk

Looking at all these facts and figures, digital transformation is necessary for any business enterprise. With the digital media opening many avenues for customer interaction, omnichannel experience, and business promotion, enterprises need to find the right tools and technologies to ensure commercial success in the long run. The cost of not transforming the business could be very expensive. That’s why top business leaders are for digital change across all verticals and horizontals.

There are a lot of statistics that support the need for digital transformation. However, a survey shows that less than 30% of technology vendors play an active role in implementing digital transformation. Tech vendors come with in-depth expertise backed by industry experience. The specialists can plan and deliver a digital transformation plan that is customized to your business requirements. It is therefore very important for companies to use the power of a critical partnership with a Digital Transformation Consulting Services Provider.

At Torry Harris, we can provide a comprehensive digital transformation strategy specially designed for your business process.

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Created on Apr 2nd 2020 03:09. Viewed 477 times.

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