November 09, 2022
Global enterprises will spend some $4.4 trillion this year on technology acquisition, and more than a quarter of this on digital transformation. With new software investments approaching $700 billion, how well are these solutions being deployed to improve business execution in critical areas of e-commerce, marketing automation, customer experience, organizational collaboration and operational excellence?
The CMO Council and the Business Performance Innovation (BPI) Network (www.bpinetwork.org) fielded a global survey of more than 250 enterprise executives (buyers, specifiers, and influencers) across companies of all sizes as part of its thought leadership partnership with HCL Software. The quantitative research fielded in Q3 2022 explored areas of focus and challenge in digital transformation; perceived value and benefits; as well as considerations and requirements for digital change agent/partner selection and success.
Here's what our research revealed:
The online survey was conducted in Q3 2022 targeting executive business decision makers across companies of all sizes, industry sectors and geographies. Nearly 30% of the 254 respondents represented companies with annual revenues of more than $1 billion. Just under 10% represented companies with revenues of between $100 million and $1 billion. And a further 60% had annual sales of less than $100 million.
So, what did we learn from this study?
Business, marketing and IT leaders around the world recognize a critical competitive imperative for technology to become a bigger driver of business innovation and growth. They overwhelmingly see the need to map and embrace digital transformation to accelerate business performance. At the same time, they also question the ability of management to lead strategically and activate resources inside and outside the enterprise to execute effectively. Organizational resistance to change is strong and migration to new cloud-based apps and platforms from legacy systems can bring both pain and gain, particularly as it relates to adoption, use and new levels of visibility and accountability.
In this regard, we believe that the biggest and most pressing question raised by management and boards in authorizing funding for digital transformation today is: “But, can we execute?” Relentless and progressive end-to-end enterprise execution that is outcome-driven in a “digital first economy” is the new mandate. This requires predictive data-driven decision making, operational agility, functional modernization, automated compliance, customer-intuitive organizations, and higher levels of availability, scalability, and sustainability. Time for companies to gain a business lift from the digital shift!
Donovan Neale-May is the Founder and Executive Director of the CMO Council, the Growth Officer Council (www.growthguidancecenter.com), and the Business Performance Innovation (BPI) Network (www.bpinetwork.org), a global community of executive change agents driving business reinvention, IT transformation, and process improvement across the enterprise.
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