Digital transformation is excessive on the record of 2019 priorities, however confusion stays round what it truly means, in keeping with a CompleteSpectrum report.
Invoice Detwiler spoke with TechRepublic concerning the findings of the 2018 Digital Transformation Analysis Report produced by TechRepublic and ZDNet sibling web site Tech Professional Analysis.
Regardless of elevated consideration and funds centered on digital transformation initiatives, most senior firm leaders do not absolutely perceive the idea, in keeping with a latest report from CompleteSpectrum.
The report surveyed 300 senior leaders from non-public equity-backed firms with annual revenues between $15 million and $200 million to find out the place they’re by way of digital transformation.
SEE: Particular report: Digital transformation: A CXO’s information (free PDF) (TechRepublic)
Half of senior leaders (50%) described digital transformation as aligning your digital presence to raised ship your model promise and model expertise, the report discovered. Virtually 1 / 4 (24%) stated it entails coordinating a cohesive on-line technique to raised generate and capitalize on leads, whereas 14% referred to it as automating digital advertising and marketing by means of customer-facing expertise.
Simply 9% stated digital transformation means extra successfully measuring the ROI of digital channels, and a couple of% stated it entails bettering a web site’s aesthetic enchantment, in keeping with the report.
Regardless of various definitions, 94% of senior leaders stated digital transformation is excessive on their record of 2019 priorities, and 51% stated they plan to maneuver ahead on digital initiatives within the subsequent month, the report discovered.
Most firm leaders anticipate to spend not less than six figures on digital transformation tasks: 70% have budgeted greater than $100,000 to spend on such initiatives, whereas 31% have already spent $101,000-$250,000. Solely eight% stated they consider it can price lower than $50,000.
These executives are additionally accelerating digital transformation timelines to ship worth quicker, the report discovered: 49% of C-level executives stated they consider digital transformation initiatives are vital earlier than finishing a merger or acquisition, and 82% stated they consider these initiatives ought to take lower than a 12 months to finish.
Whereas the C-suite sometimes spearheads conversations about digital transformation, firms should get buy-in from leaders at each chief of the group, the report famous.
“All stakeholders ought to take part in a kickoff assembly that not solely identifies mission milestones, but in addition gives time for related events to weigh in on key choices,” the report stated. “Present the chance for these leaders to leverage their trade experience to offer strategic steering and advertising and marketing options wanted to get digital transformations up and working.”
For extra on digital transformation 7 methods to speed up digital transformation success on TechRepublic.