Many firms see digital transformation as key to success or survival
Five key forces are impacting business success in today’s market—hyper disruption, pervasive digitization, autonomous action, a cloud imperative and enterprise consumerization—according to a new survey by research firm Vanson Bourne commissioned by data analytics provider Teradata.
Vanson Bourne surveyed 270 IT and business decision makers in the U.S., U.K., France, Germany, China and Japan in September 2019, and found that nearly all respondents (94 percent) are facing disruption in their industries and are under pressure to rethink approaches and processes to keep pace with current market forces.
The top sources of disruption include keeping up with advanced customer demands and dynamics (87 percent); workforce pressures such as skills gaps and retention (85 percent); and adapting to new business models being introduced by competitors and startups (74 percent).
Most of these companies (61 percent) feel underprepared to strategically address market disruption driven by competitors.
Most business leaders think digitization can help address growing customer expectations for rapid and personalized engagement, and are beginning this process by refining business operations. While almost all survey respondents are in the process of digital transformation, some are further along than others.
More than four in 10 respondents indicated that digitization efforts are widespread, but 40 percent indicated that digitization only existed across certain aspects of the business, and just 10 percent confirmed they had fully realized widespread digital transformation.
Nearly half (45 percent) of respondents think their business requires improvement in their approach to managing data accessibility, which might include breaking down the many data silos in their organization, a critical requirement to becoming a digitally pervasive business.