Digital transformation is shaping the future of business. Below are 3 alarming statistics and 3 key insights.
3 Alarming Digital Transformation Statistics (Source: Dell Technologies)
- 45% of business leaders fear becoming obsolete in 3-5 years
- 48% of business leaders are unaware of what their industry will look like in 3 years
- Only 5% of business leaders are classified as Digital Leaders
3 Digital Transformation Insights
- Being a "fast follower" is no longer a competitive option. Firms are waking up to the reality that market leaders who have embraced digital transformation are uniquely differentiated. The fear of making an errant investment and taking a "wait and see" posture represent risks to future viability. This is not to say that all firms are getting it right. However, the time has come to embrace digital transformation and get organized with the right internal and partner team to charter a viable path forward.
- Digital transformation is leading to re-organization. Organizations are turning over personnel at both the leadership and line of business level more rapidly than ever before. An emphasis on employee professional development and continual learning is mandatory as the digital transformation capacity and competency needed across the economy is not "hirable" or "outsource-able," nor is such an external reliance cost effective.
- Outsource currency, not competency. When it comes to specific competencies like social business, customer experience, design and development, cloud computing or data analysis, firms need to be building both a consortium of expert partners and internal knowledge to ensure sustainability. The cost of outsourcing is not maintainable as the complexities of digital transformation continues to deepen.