For all the talk about it, digital transformation is not easy to define.
Taken simply, it is a way of describing the ongoing journey of enterprises to modernize and become more competitive, according to Investing in Digital Transformation & Product Development, a study from Modus Create conducted by Ascend2.
But it is a non-linear path with many platforms and processes, the study notes. Like much technology, it trickles down to email production.
What do companies hope to achieve by it?
In outlining digital strategy, it is clear that data security now outweighs even such concerns as profitability. Organizations have set these objectives:
Last year, only 32% said they were investing in an improved data security. Preventing security breaches is a top challenge for 40%.
Another goal discussed under a broader framework is digital product development (“products” being where the customer interacts with the brand). Firms that have conducted a digital product overhaul saw these benefits:
Those respondents saw ROI in these time frames:
Executives and those in the trenches have different views on timing. For instance, 42% of the leaders say their targeted timeline to ROI is four to six months. But only 31% of non-executives agree.
The latter are more likely to estimate a time frame of seven to 12 months (41%), while 39% of top execs say the same.
Perhaps more telling, 29% of non-executives say the timeline is one year, while only 9% of people at the top concur.
In general, companies face the following challenges to their overall success:
What kind of outside help are they seeking? They use consultants for: