MIT Center for Information Systems Research (CISR) found that companies who successfully complete their digital transformation enjoy margins 16 percentage points higher than the industry’s average. Findings from Avande’s new survey of 1,150 global decision makers, conducted by Vanson Bourne, expands on MIT CISR’s perspective by providing insights into the impact of the digital transformation.
Intelligence is critical to digital transformations, but many organizations struggle to apply it effectively. They found that while digital transformation is a core focus, there are clear signs of fatigue. While 96% of respondents stated they had a digital transformation plan, 71% say global economy concerns are pushing them to turn digital transformation initiatives into bottom line results. Yet 43% say their company is becoming fatigued by the efforts. Fatigue factors included:
- The #1 challenge of their digital transformation effort is hiring and training people with skills to transform the business (46%)
- Investing in new technologies without integrating them into their existing systems (40%)
- Modernizing legacy systems and processes (35%)
- Leveraging data and insights to benefit the business (80%)
Survey results confirm intelligence is key to driving efficiencies, experiences and innovation within digital transformation. The potential upside of digital transformation is significant. On average, respondents said they expect to see an ROI of 17% as a result of their successful digital transformation. Respondents also expressed digital transformation will reduce costs by 10%, increase productivity by 11%, and increase business growth by 10%.
But how can these insights and benefits be shared with the business to overcome implementation fatigue?
Better business decisions are needed to drive successful digital transformations. Build your IT Value Story™. Quantifying the ROI of your tech investments can provide insights to help overcome fatigue and transform your company. Proven IT Finance can aide you with a Technology Business Management (TBM) methodology that results in creating strategic IT investment options and more ROI transparency for better business decisioning.