By Antony Bourne, VP, Global Industry Solutions at IFS
Digital Transformation (DT) is coming of age. In the recent Digital Change Survey commissioned by IFS covering 750 professionals across a range of industries, 80% saw themselves as ‘enabled’, ‘enhanced’ or ‘optimized’ to leverage DT. Even more impressively, 89% said they had ‘advantageous’ or ‘adequate’ funding in place for digital projects—a clear acknowledgment that the time of disruptive technologies is here, and that the vast majority of firms are realizing that they need to invest. But why are businesses investing? Where do they see the big profits? And how successfully are they selling digital change throughout their organizations?
Companies need to look beyond quick efficiency gains
The survey found that over a quarter (27%) of companies say digital transformation ‘makes them more competitive’, giving them a vital differentiating edge. 29% see the main benefit as ‘accelerating innovation’ and 28% ‘growth opportunities in new markets’. All these are inspiring. Companies using digital transformation to ask far-reaching strategic questions—like “can I use dt to get myself a bigger share on the market, or increase my product portfolio?”—are making the most of the long-term, strategic opportunities of the technology. They’re sensing how it can transform even seemingly small tactical decisions (“how often do i service my equipment and how does this impact my competitiveness?”) Into key strategic differentiators.