According to Insight, company executives globally recognize they must invest in digital transformation to satisfy a new innovation imperative despite macroeconomic headwinds and an increasingly unpredictable, competitive business climate.
As firms faced supply chain concerns, remote and hybrid work, and changing consumer requirements, the pandemic drove transformation in every industry.
Data-driven success
The immediate—and eventually prolonged—disruption allowed ambitious enterprises to design new blueprints to succeed in today’s data-driven, technologically dependent world.
82% agree organizations must invest in digital transformation or fall behind.
49% believe keeping up with technology innovation compared to rivals is one of their biggest risks over the next year, while 20% think inflation and the possibility of an economic recession are.
How can I assure my firm will survive in a few years? “Companies have been trying for years to address legacy system fragility and optimize the business through deeper digitization to increase productivity, gain share of constricted markets, and shore up organizational resiliency,” said Matt Jackson, global chief technology officer, Insight.
Now, generative AI has increased the need for leaders to prepare their organizations to win the AI race.
Digitization challenges
Operational resilience (52%), along with cybersecurity (56%), is the biggest issue enterprises face next year.
34% will invest in digital transformation in the next year to grow distribution and monetization, and 33% will digitalize customer experiences.
61% of companies foresee a significant return on investment from becoming a digital firm by 2024.
Data privacy/security (53%), technological skills (39%), and change management resources (39%), are the most digital transformation challenges.
As firms employ complicated technology like generative AI, these issues will intensify.
Over the previous year, 48% of respondents reported greater C-Suite monitoring of digital activities.
“Executives must change their ROI mindset to become a digital business. To build an atmosphere for continuous innovation and deploy technologies swiftly, they must be purposeful about being agile. “If they don’t, another company will,” said Adrian Gregory, EMEA president, Insight.