The following digital transformation statistics will show the changes, benefits, opportunities, and challenges surrounding digitalization. Read on to learn more.
Digital Transformation Statistics in 2021 and Beyond
Digital technology has always provided company executives with a strong tool. For one, it helps in increasing efficiency and driving growth.
Still, many companies considered it optional. Well, not until COIVD-19 happened.
What once was a choice became imperative for survival. The order became “Digitize to Survive,” making technology the lifeblood vital to keep a business afloat.
Now, vaccines were rolled out. So, some countries loosed up health protocols. Businesses have slowly returned to normal. Yet digitalization is here to stay.
Digital transformation is the use of digital technology in all areas of a company’s operations.
Cloud, analytics, (AI), machine learning, and the IoT are examples of digital technologies.
Companies can promote rapid evolution and replace old market leaders. This works by digitizing the customer experience, products, and services. Of course, it includes the business itself.
Below are some of the top statistics you should know.
COVID-19’s Impact on Digital Transformation
Businesses have accelerated digital transformation. In fact, reports show that 96% of leaders will do this by an average of 5.3 years.
One factor of this trend is, of course, the COVID-19 pandemic. Most leaders also realized the importance of DX. That moved them to embrace digital transformation sooner than originally planned.
Because of the lockdown restrictions, many employees were also forced to work from home. So, social and collaboration tools that were only nice-to-have became a must-have.
During the first three months of the epidemic, IT executives spent an additional $15 billion each week. So, they can meet cybersecurity and remote work demands.
Trends and Predictions
Like in the past years, cloud, cybersecurity, and data analytics will be the areas of priority. So, companies will continue to invest in them.
Organizations will also increase innovation. They will also shift business models. So, they can transform the culture of the whole company.
IoT is also expected to play a significant part in 60% of company leaders’ digital strategies.
As usual, customer-focused stats will remain to be the heart of digital transformation. Value stream management will be used by 70% of businesses by 2023.
So, they can boost flow in the development and operations pipeline. And that will result in faster delivery of customer value.
Best Practices in Digital Transformation
Businesses have realized that their customer’s voice is vital. So, companies should adapt to their needs.
For example, more and more consumers adopt IoT technologies. Smart speakers and personal assistants are some of their usages.
Another habit for companies now is to invest in cybersecurity. As if the pandemic is not enough, cybercriminals are also working very hard now.
The changes in workplaces resulted in a wider threat landscape. So, companies should make efforts in securing their resources.
Know which solutions are most relevant and deliver the most advantages. Apply these to your business or portfolio. Because that’s the first step in achieving a cultural shift using technology.
Learn the unique ways you may outsize outcomes with digital technologies today.