Trying to Decide if Digital Transformation is Important? Here’s Some Facts and Figures!
If your business is considering a Digital Transformation (Dx) initiative, these statistics may be of interest you:
- PTC reports that 70% of organizations have a digital transformation strategy…or are actively working on one.
- IDC reports that nearly 60% of start-ups and more than 40% of traditional business have adopted a digital business strategy.
So, what are you waiting for? Digital Transformation (Dx) has proven benefits for productivity, accuracy, market competitiveness and more!
‘With so many businesses investing in Dx strategy, the positive economic impact of these strategies is clear, and the competitive positioning of these businesses within their markets and industries is also clear.’
If you are a senior exec trying to nudge your team along, or a manager or IT pro trying to convince your senior team of the importance of digital transformation, you often have an uphill battle because of misinformation or the misguided idea that Dx will cost a lot and reap few benefits.
In this article, we look at some facts and statistics you might want to use as evidence that the world is embracing digital transformation and that, if your business fails to do so, it will be left behind.
We have organized these statistics and reported results of surveys by general topic for your convenience:
Industries and Business Focus
- Industrial enterprises have benefited the most from Dx.
- Logistics Dx spending is estimated to grow to nearly $85 billing USD by 2027.
- High-tech B2B businesses report a 10-20% cost reduction and revenue growth of 10-15% from Dx in the customer experience and related processes.
- Those B2B businesses that adopted Dx experienced five times the revenue growth of those that did not adopt Dx.
- Among the top businesses and industries adopting Dx are services (95%), financial services (93% and healthcare (93%).
- Start-up businesses can increase revenue by nearly 35% with Dx strategies.
- 70-90% of global enterprises plan to adopt or have adopted a digital business strategy within the past five years.
- 40% of executives expect to benefit from Dx strategies within the next 3 years.
- More than 20% of U.S. and European enterprises have completed their Dx strategy.
- 10% of executives reported that digital maturity and Dx has had a positive impact on growth and innovation.
- 41% of executives reported that digital maturity and Dx has had a positive impact on sales and marketing.
- 60% of marketing professionals say that Dx and technology have significantly boosted competition.
- Companies that have achieved digital maturity report 45% revenue growth, compared to 15% for businesses that have lower digital maturity.
Global Economic Impact
- The Dx market is projected to grow to $1,009.8 billion USD by 2025.
- Digitally transformed enterprises are projected to contribute to more than half the global gross domestic product (GDP) within the next year.
- Within the coming year, global spending on services and technologies for Dx is estimated to amount to $2.3 trillion USD.
With so many businesses investing in Dx strategy, the positive economic impact of these strategies is clear, and the competitive positioning of these businesses within their markets and industries is also clear. If your business has not begun its planning for a Digital Transformation (Dx) initiative, it is already behind!
Hopefully, this article has given you some food for thought and a foundation for discussion with your team. Now, it is time to get moving!
If you need a roadmap to Dx, take a look at our White Paper for more details on the factors to consider in planning and deploying a Digital Transformation (Dx) initiative: Preparing Your Business For Digital Transformation And Data Literacy.
‘If you are a senior exec trying to nudge your team along, or a manager or IT pro trying to convince your senior team of the importance of digital transformation, you often have an uphill battle.’
Explore Digital Transformation and plan for your own success, with our articles, ‘Why Does My Business Need Digital Transformation’ and ‘Improve Operational Efficiency With Digital Transformation.’ Let us help you get started with a Digital Transformation (Dx) initiative.
Original Post : Convince Your Team that Digital Transformation is Crucial!