As market pressures drive the requirement for new, digitally enabled business models, most organizations understand the need to undergo at least some form of digital transformation. For those that span geographical boundaries or that are looking at global expansion to accelerate growth, it has become a modern-day necessity.
The amount companies are spending on digital transformation is expected to grow from $469.8 billion in 2020 to $1,009.8 billion by 2025, at a compound annual growth rate of 16.5% during this period1
With this rapid acceleration in growth of digital business models, many companies are faced with a need to move quickly and make significant investments in people and technology.
Faced with this need to keep up, some organizations have taken the narrow view that technology alone is the answer – a belief that choosing and implementing a digital platform would be all that was needed to stay relevant in the modern world.
The organizations who have seen the most success from their digital transformation, however, have been those who have taken an enterprise-wide view before selection and implementation.
Digital leaders realize that true, effective, ongoing transformation requires a deep understanding of their starting position, a clear vision for where they want to be, and a defined strategy for how they are going to get there. They understand that every aspect of their organization should, and will, be impacted by their digital transformation and work collaboratively with stakeholders from their front, middle, and back-office – all of whom share the same strategic vision.
These leading organizations know that successful digital transformation isn’t just about the technology; it’s about every aspect of their business.