Operating a business nowadays demands the use of digital solutions and tools. Harnessing insight from big data analysis, forecasting and planning with business intelligence technology, even adopting mobility are all important tactics, capable of significantly improving productivity, efficiency and revenues.
The potential benefits of digital transformation seem to be well known. According to Gartner's 2016 CEO and senior business executive survey, 84 per cent of senior leaders expect the transition to digital will result in higher profit margins.
Despite that positivity, however, many organisations are lagging behind on implementing digital initiatives across the enterprise.
Are businesses doing enough?
Perhaps organisations are daunted by the incredible speed of digital disruption. Research from the International Data Corporation (IDC) points out that many businesses are just beginning their digital journey.
In the analyst firm's 2015 Digital Transformation Maturity Model Benchmark, 32 per cent of surveyed organisations were found to be "digital explorers", experimenting with a number of innovative initiatives but lacking any clear purpose. The next tier – "digital players" – made up 33 per cent of the results, businesses with more defined goals, but still a somewhat uneven direction.
Without well-considered guidance, it's all too easy to become overwhelmed with the myriad of possibilities digital transformation offers.
84 per cent of senior leaders expect the transition to digital will result in higher profit margins.
Deloitte has found that strategy may be the deciding factor in the success of digital transformation and business intelligence projects, and perhaps the area where most organisations are stumbling. Among the less digitally mature respondents to a global study of digital business, an alarming 85 per cent believe their organisations lack a coherent digital strategy.
On the flip side, the study found over 80 per cent of maturing organisations were confident in their own strategy. The implication is clear – digital transformation needs to be carefully mapped out to ensure its effectiveness.
Devising and implementing a plan
If your organisation is struggling to articulate a digital strategy, perhaps the time is right to reach out to consultants for expert guidance. Stellar Consulting partners with the best technology vendors available, offering business intelligence solutions, big data technology, and the strategic advice an organisation needs to get their digital journey underway.
Speak to the team today, and ensure your business doesn't get left behind.