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While many businesses are racing to implement their digital transformation, few have grasped the key principles behind investing in technology, according to an in-depth study from consulting firm Trianz.
Trianz analysed more than 9,000 responses from leaders worldwide, spanning a total of 18 sectors including manufacturing, banking, construction, consumer products, energy, healthcare and several others. The goal was to gauge the state of digital transformation worldwide.
Having analysed best practices in the field, the consulting firm classified a handful of 400+ companies as ‘digital champions,’ defined as “aggressive innovators achieving strong results.” Understanding the priorities of these businesses could set a benchmark for digital aspirants at various stages of their transformation journey.
Trianz found key differences in priorities between the best and the rest. More than half of all companies continue to believe that digital transformation is about developing websites and integrated portals, which restricts the scope of policies in these organisations. In fact, the researchers found that as many as 90% of digital transformation initiatives in these businesses fall short of the desired returns on investment.
Among digital champions, more than 71% believe that digital transformation is about reinventing a business altogether, which makes their initiatives much broader in reach and scope.
At these …
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