In 2021, digital transformation is no longer a consideration of the next fiscal year but an essential in the new normal. Digitization and automation have become indispensable to survive and be agile during crises and gain a competitive advantage.
Every year, industry experts are conducting various surveys and studies to better understand the evolving digital landscape – especially in a post-COVID-19 with the remote and hybrid workforce. To help you with your digital strategy, we’ve compiled 7 insights that will drive transformation programs.
- Digital transformation is the topmost IT priority for Fortune 500 CIOs in 2021
Constellation Research Inc., a tech advisory firm, surveyed 100 Fortune 500 CIOs to understand what their priorities were for 2021. And not surprisingly, a staggering 77.3% of CIOs named digital transformation as their top priority for IT budgets. CIOs want to leverage digital transformation to derive more value from their existing tech stack and add new technologies that enable their organizations to become more resilient and future-proof their growth.
2. Digital transformation helps organizations to perform better financially
In a recent survey, Deloitte discovered that 45 percent of organizations that realized a positive business impact of digital transformation also reported higher net revenue growth.
Digital transformation helps organizations improve customer experience and accelerate the introduction of new products or services into the market. For instance, insurance companies can automate claims processes to eliminate time-consuming manual work, reduce errors, and increase efficiency to enhance the service experience.
3. Leaders find it hard to scope, scale, and lead the digital transformation
According to Gartner, although 87 percent of business leaders prioritize digitalization, only 40 percent are able to scale their digital initiatives. Without proper strategy and insights into how their processes are executed in the real world, organizations fail to identify hidden automation opportunities.
4. The healthcare industry is increasingly adopting digital tools
McKinsey notes that there was a 15 percent increase in the use of digital tools during the pandemic. Tech advancements like telemedicine and AI-enabled medical devices are reshaping how we interact with health professionals. Since the healthcare processes are spread across people and technology in both the clinical and administrative landscape, organizations need complete visibility into end-to-end processes.
5. Digital transformation is overhauling the supply chain
In a Forbes Insights survey, 65 percent of logistics and supply chain leaders emphasize the need to revamp existing models and bring agility to business operations to enhance delivery, reduce costs, and meet the dynamic consumer requirements. Techniques like process discovery can help transform the supply chain and build resiliency.
6. Hyperautomation will reduce operating costs significantly
Gartner predicts that in the digital-first world, hyperautomation will be a key enabler of operational excellence which in turn will reduce operational costs by 30 percent. Hyperautomation, one of the top 10 strategic technology trends identified by Gartner, involves continuous process discovery to automate processes for greater ROI and benefits.
7. Process discovery is critical for any RPA initiative
UiPath, one of the leaders in robotic process automation (RPA) notes that 78 percent of their survey respondents acknowledged process discovery is required to get the full context and end-to-end perspective of a process to ensure automation initiatives will deliver better results. It helps to identify the best automation opportunities and to standardize processes to enable automation of the optimized process.
We hope these statistics gave you some valuable insights into how digital transformation practices are shaping the future. At SurfaceInsight, we use our versatile experience and AI-powered software to help industry leaders successfully implement their digital transformation initiatives. Talk to our experts today to learn more.