Digital transformation: How much progress have businesses made?
For many businesses, the promise of digital transformation is simply mouthwatering. Higher market valuation, improved productivity, and better employee well-being are just a few dangling carrots organisations want to bite. However, even those that are unphased by these rewards cannot afford to not digitally innovate, as digital transformation is a new differentiator for an organisation's competitive edge.
Since whispers of digital transformation first began some two decades ago, businesses everywhere have been getting their transformation initiatives underway. All these years later, what kind of progress have they made?
For many organisations, the mirage of digital transformation has proven to be exactly that: just a mirage. Research by MuleSoft, provider of the leading platform for building application networks, uncovered that businesses are struggling to complete their digital transformation initiatives.
MuleSoft's annual Connectivity Benchmark Report found some underwhelming truths about the progress organisations have made. Conducted by Vanson Bourne, the report surveyed 800 IT professionals to investigate their progress and hurdles they have met.
Notably, it found that 59% organisations of were unable to deliver on all of their projects last year, creating a backlog for 2020. In the UK specifically, the percentage is even higher at 76%.
The study also unveiled that IT departments face pressure but with fewer resources. Another key take-away is that nearly two-thirds (64%) of organisations find it difficult to introduce new technologies due to their existing IT infrastructures. In the UK, this rose to 67%.
These stats are not to undermine the end value of digital transformation. However, businesses must consider how best to position themselves to keep up with the evolving tech environment. In terms of budget, organisations will do well to demonstrate the value of their investments. Digital transformation does promise return on investment in many ways and should, in turn, justify your spending. Plus, it'll make you more agile for when the next wave of transformation comes around...
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