Digital transformation sits atop the strategic agenda for enterprises. This was reiterated in a Forbes Insights report, conducted in association with Hitachi Data Systems. In the report, titled ‘How to Win at Digital Transformation: Insights from a Global Survey of Top Executives’, over half of the executives surveyed believe the next two years will be critical for their organizations in order to make this transition and prepare for future opportunities.
The study – based on a survey of 573 senior executives worldwide, as well as one-on-one conversations with top executives – reveals that now more than ever, every industry and company faces the pressure to transform before it’s too late.
The research defines digital transformation as an evaluation of business processes. As such, the findings show that real business transformation, made possible by digital transformation, is only achievable when organizations realize the interconnectedness of people, processes and technology. “Digital transformation is now essential for corporate survival. And it’s more about people and culture—about change management—along with investing in the technology,” said Bruce Rogers, Chief Insights Officer, Forbes Media.
“At the center of transformation is data. It is both the creator and accelerator that has proven to be the currency of IT organizations. By failing to unlock the potential of data, organizations are falling short of their own transformation,” said Asim Zaheer, Chief Marketing Officer, Hitachi Data Systems.
While the research suggests that most companies are on the right track, the transition toward digital maturity points to a few major steps:
• Make transformation a top strategic priority. The Forbes Insights-Hitachi survey confirms that digital transformation is the top strategic priority (50 percent). The strategic emphasis on digital transformation is reinforced by executives’ focus on investment. Investing in new technologies to enable digitization is the top investment priority over the next two years (51%), along with increasing data and analytics capabilities (51 percent).
• Business outcomes need to drive digital transformation (DX). New business models are the top driver of DX (41 percent), followed by new technologies (40 percent). It is a sign of maturity that the ability to innovate is the top measure by which the success of DX is measured (46 percent), along with revenue growth (46 percent), followed by cost reduction (43 percent).