The great leap towards digital technology that took place during the last decade of the 20th century has led us to the present-age digitally-driven and technologically intelligent world of today. The way things were done before, related to our work, personal life and pretty much everything, has become obsolete – thanks to the rapid technological advancements. Big Data has replaced manual records, laptops are being replaced by smart handheld devices, the internet of things has streamlined your business operations, and remote accessibility has allowed people to run and manage a business from anywhere in the world. Technology has changed the way we work, deliver, and communicate and likewise, it has also changed the parameters of business competition.
The 21st-century business world has evolved past the dilemma of whether or not to implement a technology. Today, it is more about – how well are you keeping up with the global revolution to digital business transformation. This is no more a matter of choice. If you want to thrive, excel and make your mark in the game field of competition, digital transformation has become the ultimate catalyst for success.
Digital Transformation – Trending Patterns across North America
The global transition to digital transformation has taken over the North American business industry, and today, around 45% enterprises in the continent have implemented a formal digital transformation strategy (of varying extents) in place.
The significance of cloud has been actualized as a key transformation enabler, and around 46% of enterprises have acquired the services of cloud service providers to facilitate their digital transformation endeavors.
The s-suite tier has taken it upon themselves to lead their enterprise’s digital transformation endeavors, with about 10% CEOs, 25% CIOs and 23%CTOs being directly involved in planning, executing and optimizing the digital transformation strategy.
The statistics clearly indicate that the business world has actualized the significance of digital transformation and most of them have already jumped onto the bandwagon with a formal, mid-stage, or early-stage digital transformation strategy. However, who comes out as the winner and rules the market thrown will depend by and large on how much a business is willing to invest in its transformation initiatives.
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The game field of digital transformation can be fairly classified into two segments, based on their gross IT spending. There has emerged a new form of rivalry driving the great business divide. Today, it is – Leaders vs. Laggards!
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As inferred in a research by Harvard Business School professors Marco Lansiti and Keystone Strategy, “Digital leaders (defined in the report as companies that landed in the top quarter of its research), generate better gross margins as well as better earnings and net income than organizations in the bottom digital quarter. Leaders post a three-year average gross margin of 55 percent, compared to just 37 percent for the laggards. Leaders also outstrip laggards in three-year average earnings 16 percent to 11 percent. And in three-year average net income, leaders have the advantage 11 percent to seven percent.”
In simple words, more IT spending translates into more profits and revenues. There is no such thing as ‘sufficient’ and ‘just enough.’ If you think your net IT spend is just enough to deliver to your strategic objectives, it is just a matter of time when you get stomped all over and lost in the dust by a market minnow that took to investing more on their enterprise’s digital transformation than you.
Time to Prep Up Your Workplace for Digital Transformation and Overhaul
Digital transformation allows businesses to leverage cloud virtualization, automation, optimization, mobility and the IoT to harness their strategic vision and goals. It helps you stay abreast of the changing tides of trends, and optimize strategies to respond effectively to the changing business needs.
At Infowise, we make this transformation happen for you!
We offer a wide range of smart, code-free, easy to learn, and highly customizable technology solutions ranging from Ultimate Forms Premium Suite to scalable, repurposable SharePoint-based business process applications. With a team of seasoned technology specialists and a legacy of transforming hundreds of laggards into leaders, we facilitate your transformation initiatives and help elevate your business to its utmost potential.
