Digital Transformation Facts Every Business Person Must Know
Digital technologies are leading the path of glory for the business sector in recent times, and we say that the transition has been smooth and captivating. Currently, it is the phase when digital transformation is leaving no stone unturned. With more than 4 billion active users all over the world, the internet has been impactful in leveraging digital transformation in various sectors Digital transformation has been fascinating because the way it has transformed the business sector in recent times is astonishing. It is said that currently, digital transformation is the ideal situation for businesses to move along with it as the cultural shift in the business world is happening at a rapid rate. The business people that will show some urgency in integrating digital solutions will have good benefits.
What Actually Is Digital Transformation?
Digital transformation is the acquaintance of digital solutions and technologies in a business set up to overcome hurdles and increase business efficiency. Also, it gives ease in running the business as automation is introduced, neglecting manual efforts. The business processes are managed by the latest software and IT solutions, making them easier to handle and manage.
Let’s get some insights about digital marketing with statistics.
Statistical and Overview
- Digital transformation is trending as more than 70% of companies have initiated transformation either with a plan, strategy, or execution.
- There are only around 20% of organizations that are fully digitally transformed.
- The good thing is that 50% of funds these days go into digital technology transformation. Hence, it hints that business people are keen on getting transformed digitally.
- Digital transformation spending will reach a massive figure of $2 trillion in the coming years.
- Business people believe that leverages operational efficiency by 50%, which is one of the major advantages.
- Digital transformation will add around $100 trillion to the world economy in the coming years, which means it will be a very important transition in the business sector.
- More than 50% of startups have focused on implementing digital solutions. Hence, startups will lean more towards digital solutions in the future.
Impact Of Digital Transformation
It’s very impactful, and that you have already known seeing the above statistical overview. Here you will get a more clear idea of the impact of digital transformation with the help of statistics.
Companies that have fulfilled digital transformation can expect revenue growth by 20% compared to the companies that have not been digitally equipped.
Around 60% of businesspeople have already admitted that they have experienced rapid revenue growth since the fulfillment of digital technologies.
Today, there are only 25% of companies don’t require any digital medium for running the business.
The hefty competitiveness of the market is one of the reasons driving more than 50% of companies to adopt digital solutions.
Around 40% of business people are looking to transform digitally amid the coronavirus pandemic for the betterment of their business.
Why Should Business People Invest In Digital Transformation?
The statistics you have gone through are jaw-dropping and determine the necessity of digital transformation in the business world. Business people who are looking for effective growth of their business for the long-term should definitely opt for digital technologies.
As earlier discussed, there has been a cultural shift going on in the business world with the adoption of digital technologies. In this transition phase, the businesses that will be digitally established will have long-term benefits. It is always better to take advantage of these transition phases as one can make a good impact in the newly established business market.
The advantages that digital transformation offers to a particular business model are very significant and have the ability to upscale the business at a rapid rate.
The business people can expect cost reduction of up to 20% with the successful digital integrations and the same amount of revenue growth.
Most business people have admitted that they were able to offer better customer service and experience with the help of digital solutions.
Failures and Challenges
The digital transformation is going on in a widespread way and there can be challenges and initial failures that might concern you before you actually implement it. Hence, here we will have the overview of digital challenges and failures that may block the road for your successful digital transformation.
Today, almost 50% of DX efforts fail, and the reason behind the failure is identifying the right technology to move ahead.
Around 70% of employees are not satisfied with the DX in their organization, which is also the reason behind its failure.
More than 70% of businesspeople believe that digital transformation is a challenge initially for their already established business processes.
The major concern for the business professionals is the skilled personnel for operating the digital system initially, and they may need to hire or train candidates for quite some time to understand the new setup.
Other Statistics & Facts
The digital transformation is here to stay as the response from people has been fascinating, and they are leaning towards digital services. The digital transformation has been successful as it has received good responses from audiences.
More than 70% of retailers have put their weight on digital technologies, making their processes way easier.
More than 80% of business professionals initiate digital transformation for digital marketing advantages.
Banking, Finance, Retail, and Healthcare are the top sectors that will prioritize the digital transformation and are already successfully doing that for a long time.
Digital solutions allow business people to understand their customers and their requirements, and more than 75% of customers like the business model, which understands their requirements comprehensively.
Digital technologies like AI and IoT will be among the top technologies that businesses will prioritize because of their beneficial application.
(DX) is the next big thing in the business world, and the future seems to be bright because of the application, benefits, and results it has gained so far. The amount of hype that has been created for digital transformation is driving businesses to move towards it. Strong determination and focus are very important when you want to execute your digital transformation.
Digital transformation is one of the successful ideas for the business looking to ensure better growth and wants to achieve long-term success. The adoption has been fruitful to most sectors, and with proper planning and execution, it is fair to say that one can really achieve much more than earlier. The cultural shift is happening, and hence, it is high time that you should join the path.