The eMarketer Digital Transformation 2017 report has a lot of common sense discussion on Digital Transformation packed into 18 pages. (Thanks to Erin Moloney for the report) Without revealing everything, I want to highlight a couple items that make a lot of sense. The first is that Digital Transformation is a business driven event. Something we see quite a bit with those who are successful in kicking off their transformation.
What I love about this chart is the fact that it’s entirely business driven. You invest in transformation because it has the capacity to improve your business. Of course, there’s two ways for it to improve.
- Arrest a slide because a competitor beat you to it
- Differentiate yourself in ways that drive customers to use your products or services
Both are really driven by the timing of your transformation. But regardless, it’s about your business.
On other thought in this area, look at the top three: advantage, customer experience, company performance. Doesn’t that about sum it up?
Take It At Your Speed
As noted, this doesn’t come cheap.
Transformation does not come cheap. Spending on digital transformation technologies is increasing worldwide, according to the “Worldwide Digital Transformation Spending Guide” from International Data Corporation (IDC). In 2017, spend is forecast to be more than $1.2 trillion, an increase of 17.8% from 2016
Some companies can’t afford an all-out effort from the starting gate. That makes sense. You have to make investments that make sense. But you do need to start this knowing that it won’t take two quarters and you are done. Here’s a quote that get’s it right:
“I don’t even know that we’ve even gotten really started yet. You have to innovate each stage that you’re in, because digital transformation is never done. We can never be satisfied, and you’ll always have to wonder what’s coming next and what can disrupt you.”
Look at the entire report for more common sense approaches to Digital Transformation.