A new study from Vodafone has shown a link between digital transformation and improved business confidence.
Proving that digital transformation is more than just a buzzword, of those business who see digital as a low-priority, only 17 per cent are very confident about their future growth. For those who see digital transformation as a high-priority, this figure almost triples to 50 per cent.
79 per cent of business leaders in the study say digital transformation is a strategic priority and are keen to exploit its full potential. Organisations that prioritise digital transformation are also more confident about future growth.
The Digital, Ready? report surveyed 2,001 business leaders across the UK, from sole traders through to large enterprises and the public sector.
It found that a fifth have already successfully implemented digital transformation projects; and more than half believe they are making good progress (53 per cent). 69 per cent recognise that their organisation will not survive if they fail to embrace digital transformation.
The report highlights that organisations are prioritising digital transformation to increase efficiency, improve customer experience and increase productivity. These goals come ahead of objectives such as shortening the time to market, developing new products and services and reaching new customers.
“It’s an exciting time for organisations as they set out on their digital transformation journey,” said Vodafone UK enterprise director Anne Sheehan.
“The smallest digital steps can have a real impact on the growth and success of an organisation. Implementing the right new technology is helping businesses become smarter, more creative and more efficient.”
The report also suggests that those businesses that have embraced digital transformation already are starting to reap the rewards.
Almost a quarter (24 per cent) of business leaders have been able to reach new customers or user segments, 30 per cent have seen better customer experience, 28 per cent have increased customer satisfaction and 22 per cent report higher staff motivation.
More than half (57 per cent) of organisations say that they are planning to spend more than £100,00 on digital transformation in the next two years. In companies with over 5,000+ employees, 56 per cent expect their investment to exceed £1 million.
Organisations are exploring a range of technologies in which to invest. Real-time data analytics tops the table for three quarters of businesses, followed by Unified Communications, the Internet of Things (IoT) and Big Data.