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Mar 20, 2018

Digital transformation: The question's not what, but why.

Firms must take the plunge now if they want to stay ahead

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You might still have some uncertainties about what makes a company digital. But the right question really is: Why are so many organizations seeking digital transformation?

A recent PWC study sheds some light on the answer. It reported that 86 percent of CEOs consider digital their number-one priority. The report also had several other staggering findings:

• 81% of CEOs say mobile technologies are the most strategically important elements for customer engagement.
• 86% say a clear vision of how digital technologies can create a competitive advantage is key to the success of their investments.
• 83% say having a well-thought-out plan for digital investments—one that includes concrete measures of success—is key to the success of their investments.
• 86% of CEOs think it's important that they champion the use of digital technologies.

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Customers are the driving force behind digital transformation. Firms like Uber and Google, with more user interfaces and lots of agility, have upped the ante. As a result, customers expect simple, powerful, and nimble services and products. They also want access instantly and everywhere. Not surprisingly, these demands are putting a lot of pressure on companies today.

Entire industries are feeling the pressure. If one company jumps ahead with digital, all the others have to close that gap as soon as possible. So they seek digital solutions, too. Digital has become a standard. It's a necessity — not a luxury — and businesses must adopt it. If your organization isn't already digital or moving toward it this year, you'll fail. Your customers will abandon you and move to a competitor that has already embraced it. (To be continued...)