Digital transformation is “the realignment or new investment in technology and business models to more effectively engage digital customers at every touchpoint in the customer experience lifecycle” according to Brian Solis.”
It’s important because the idea is to accelerate business in a strategic and prioritized way. Digital transformation serves as a major, maybe the ultimate, demonstration of change management.
Regardless of the definition and the desired results, digital transforming takes time (2 years by most estimates, planning and testing along the way. Plus, it requires a significant investment. What should you know to guide the journey?
Here are 50 digital transformation facts to manage company change.
- 90% of US consumers feel that organizations are disjointed in their digital connection, forcing them, for example, to repeat steps and information. (Verndale)
- 88% of companies report they are undergoing digital transformation (Altimeter)
- 88% cited customer experience (CX) as the driver for change. (Aria)
- 87% of companies see digital transformation as a competitive advantage. (Capgemini Consulting)
- 90% of companies say they will appoint a chief digital officer. (Wall Street Journal)
- 87% of companies think that digital transformation is a competitive opportunity. (Capgemini Consulting)
- 86% of organizations believe their organization should execute a business transformation initiative regularly just to stay competitive and relevant. (Verndale)
- 85% of enterprise decision makers feel they have a timeframe of two years to make significant inroads on their digital transformation before suffering financially and/or falling behind their competitors. (PWC)
- 82% of companies say that responsibility for overall leadership of digital transformation has been formally assigned to someone within the organization. (Apigee)
- 81% of companies cite their have digital department (Altimeter)
- 81% cite innovation is at the top of the digital transformation agenda. Right behind it is the need to modernize the IT infrastructure with increased agility, flexibility, management, and security (80%). (Aria)
- 80% of top managers view digital change as crucial for future business models (PWC)
- 76% of marketers think marketing has changed more in the past two years than the past 50. (Adobe)
- 71% of those responsible for digital transformation cite understanding behavior or impact of the new customer as the primary catalyst for change. (Altimeter)
- 71% of leaders said understanding behavior of connected customers is a top challenge they face. (Altimeter)
- 71% of digitally maturing companies say they attract new talent based on their digital vision, (versus 10% of early-stage companies. (MITSloan)
- 70% of change management programs fail to meet their goals, often due to a lack of planning for what happens post-launch (Verndale)
- 70% of executives have started the digital transformation of their supply chains. (Capgemini Consulting)
- 62% say their organization is in denial about the need to transform digitally. (Progress)
- 59% are worried its already too late (Progress)
- 55% of companies without an existing digital transformation program say the timeframe to adopt one is a year or less. (Progress)
- Only 54% of have completely mapped out the customer journey. (Altimeter)
- 53% of companies cite “growth opportunities in new markets” as a driver to not only reach existing customers in better ways, but also expand markets. (Altimeter)
- 52% of senior executives cite a lack of familiarity with technology to be a barrier to digital transformation. (Sant ku)
- 51% of executives cited support from leadership as the top reason for success of a business transformation initiative. (Verndale)
- 51% of senior executives believe it critical to implement digital transformation in the next 12 months. (Sant ku)
- 50% of organizations surveyed do not have a well-established process for managing change to organizational structures and business processes based on new BI functionality. (Verndale)
- Only 48% say they feel highly proficient in digital marketing. (Adobe)
- 48% of companies are not prepared to execute business transformation. (Verndale)
- 48% of respondents say their companies don’t have the necessary capabilities to ensure that change is sustained. (Verndale)
- 45% of executives expect digital to grow their revenue, and 25% of executives expect digital to create better customer experiences. (PWC)
- 45% of companies trust third-party vendors to support its digital transformation initiative to provide a better customer experience. 43% choose to do so to reduce burden on internal resources, and 40% do so to reduce liability and risk. (Verndale)
- 41% of leaders surveyed said they’ve witnessed an increase in market share due to digital transformation efforts, and 37% cite a positive impact on employee morale.
- 39% say their digital transformation efforts have helped them make strong progress in enabling real-time transactions. (Accenture)
- 39% of marketers plan to increase their digital budgets without increasing overall marketing spend, essentially reallocating existing budgets into digital channels. (CMO Council)
- Only 36% of CMOs have quantitatively proved the short-term impact of marketing spending; for demonstrating long-term impact, that figure drops to 29%. (Convince and Convert)
- 33% say that their digital transformation efforts have helped them make strong progress in creating new sales channels; 25% say it has helped them make strong progress in accelerating product development. (Accenture)
- 33% of organizations see digital transformation as a huge challenge. (Sant ku)
- 32% say it has helped them make strong progress in improving the efficiency of operations. (Accenture)
- Only 29% feel that implementing digital metrics and measurements was a critical component to enabling digital business. (Verndale)
- Just 29% of companies have a multi-year roadmap to guide to digital transformation evolution. (Altimeter)
- 28% say it has helped them acquire new customers. (Accenture)
- 27% of senior executives rate digital transformation as now being “a matter of survival.” (Capgemini Consulting)
- Only 27% of companies say that their executives possess the skills necessary for digital transformation. (Verndale)
- Only 26% of managers at large global enterprises agreed that their analytics program had met or exceeded their expected business outcomes, and only 31% felt their digital initiatives did the same. (Verndale)
- 25% of companies have a clear understanding of new and underperforming digital touchpoints (Altimeter)
- Only 22% of those surveyed cited having a content strategy in place that addresses customer needs at all journey stages. (Altimeter)
- Mere 20% of leaders are studying the mobile customer journey/behavior. (Altimeter)
- Only 5% of executives surveyed were able to claim they have a seamless customer experience across channels today. (Verndale)
- $100 billion is wasted each year on digital and analytic business transformations that do not deliver what they promise. (Verndale)
Do these digital transformation facts guide your company’s journey. Does your company need help with digital transformation?
