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International software provider Cyara and Sapio Research polled the views of 1,000 business and IT executives in Australia and beyond to identify some of the latest trends in digital transformation – summarizing the study’s six key findings.
Digital transformation is considered important
Almost all companies recognize the importance of digital transformation for competitive advantage (98%) and for improving customer experience (94%). In addition, the vast majority of businesses (91%) believe that digital transformation will have a positive impact on revenue.
Among the top three initiatives: 65% of respondents said they are engaged in digital transformation initiatives in automation technology, followed by 61% in cloud and 60% in big data and real-time analytics.
IT teams are believed to be under-resourced
More resources and budgets are needed to be successful. Only 7% of business and IT respondents believe that IT teams have the resources needed to keep up with digital transformation initiatives and meet implementation deadlines. It’s clear that IT teams are not seen as being set up to be successful.
Digital transformation initiatives have no apparent owners
When asked who drives digital transformation initiatives, 37% of respondents identified the CTO/CIO; 28% pointed to an IT leader; 23% said CEO; and 10% cited other C-suite executives as drivers. Similarly, the lack of clear ownership leaves a worrying loophole for customers – and the business.
Transformation success is defined differently by seniority
The older the respondents, the more positive they were about the success of digital transformation. Estimates of the success of implementations drop steeply as seniority decreases.
Of the 98% of respondents who said their digital transformation initiatives were at least somewhat successful, 90% of business owners and 75% of CEOs compared to 38% of department heads and 35% at the executive level described their digital transformation initiatives as “very successful.”
Digital transformation initiatives are lagging behind
On average, IT decision-makers believe they are 4.71 months behind in their digital transformation implementation, while business decision-makers estimate an average of 5.34 months.
IT teams are not always involved in the decision-making process
When asked if business leaders consulted their IT teams about the decision-making process, only 43% said “yes, every time,” meaning that more than half of IT teams are left in the dark on at least some major decisions. This suggests that IT must be given a more prominent seat at the table to effectively advise business leaders.
Commenting on the report’s findings, Alok Kulkarni, CEO and co-founder of Cyara, said: “As we move into the post-Covid-19 era, implementing digital transformation strategies across organizations will continue to gain importance to ensure better efficiency and customer support. experience, increase revenue and create a competitive advantage.”
“It is important that organizations engage their technology teams early in the process to ensure that business and IT goals are aligned to ensure the success of the digital transformation program.”
What is digital transformation?
Digital transformation refers to the adoption of digital technology to transform service delivery or business processes by replacing non-digital or manual processes with automated processes or by replacing older digital technology with newer digital capabilities. According to a recent estimate by analyst firm Markets & Markets, the global digital transformation market is now worth more than $500 billion.
But much of the spend is being lost, with a study by consultancy firm Boston Consulting Group finding that only one in three Australian companies are actually reaping the full benefits of their digital transformation investments.
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