Newgen commissioned Eleven Market Research to conduct a survey to understand business leaders’ perspectives on digital transformation (DX). The survey included 301 participants across the globe.
The results implied that the interest in digital transformation would be at its highest in 2022. 77% of the respondents started their transformation journey only two years ago. More questions highlight the different aspects of implementing digital transformation in their company. The survey gathers insights and suggests a few things to keep in mind to yield the best results from DX.
What drove them to digital transformation?
To enhance customer experience
Customers seem to prefer the online experience when availing services from a company or looking to solve their queries. DX provides them with a seamless experience and eliminates any human errors. So, leaders believe they need DX’s help to improve their customer experience.
To keep up with a faster pace of business
Consider the progress of automation from only year to year. It will appear significantly fast. Now take ten steps back and consider the progress of automation and DX in a decade.
The pace with which the transformation occurred is staggering. If companies don’t make their move and adapt, there is a reasonable chance that they might be outdated.
To be able to better deal with the pressure from competition
Competition from businesses that understand the necessity for automation is a direct threat. Digital transformation is the opportunity that can level your position in the industry.
What do they expect to achieve from digital transformation?
Participants expect to witness an increase in revenue as well as growth for the company as a whole from DX.
Companies that implement enterprise-wide transformation have a unique advantage. They plan to be ahead of their competitors, who have only gone as far as semi-transformation.
Better customer experience
The participants expect to leverage DX to enhance a customer’s overall experience with the company. They plan to deliver better and faster service to increase customer loyalty.
Top 3 challenges
Limited management support
To efficiently implement DX, a company needs to undergo several changes and might have to develop processes from scratch. The extent of the impact will require management to provide constant support. A lack of support from management might delay the implementation or render it inefficient.
Cyber security concerns
Respondents’ security concern with implementing DX is that it increases the risk of threat as everything will then be digital. If a company is 100% digital, there is a chance that 100% of its data is at risk.
Lack of skills
Depending on the industry, chances are most companies do not have in-house experts that can handle digital transformation. This might make it difficult for employees or even management to comprehend the changes it brings fully.
The survey also states a few statistics highlighting what leaders prefer while integrating DX into their processes.
Preferences when applying DX to processes
68% of the respondents are only transforming front-end processes, while 61% choose to transform back-end processes. Only 38% are implementing end-to-end process transformation.
Other than this, only 50% believe that transforming simple business processes is important. At the same time, 93% agree that transforming complex business processes is essential to achieve their digital transformation goals.
The survey suggests companies should implement low-code and focus on end-to-end transformation and customer experience. You can get the full report here.