Digital transformation today means that firms are tasked not only with becoming more efficient, but also enhancing the overall consumer experience. Doing so is a question of survival.
By 2022 global spending on technologies and services that enable digital transformation of business practices, products and companies is expected to reach US$1.97trn, according to market research firm, International Data Corporation (IDC). That’s a five-year compound annual growth rate of 16.7% from 2017 to 2022.
The drumbeat of digital transformation continues to grow louder across industries. As greater numbers of consumers become more digitally proficient, the scope of digital transformation for firms both big and small is widening, and becoming ever more vital.
“This isn’t simply about modernisation, it’s about envisioning new business approaches and markets,” says Eileen Smith, programme director for IDC’s Customer Insights & Analysis group.
“The companies that choose not to digitally transform will be left behind and may not even be in business.”