“The biggest impediment to a company’s future success is its past success”
Dan Schulman – CEO PayPal
Many businesses from small to enterprise lack a digital transformation strategy. Digital Transformation has become a key success factor for modern businesses. This message will resonate with anyone who has attended a technology event or read a business technology article over the past 24 months.
The challenge for business leaders is to understand what this means for their business. How does the business compete and remain relevant in an increasingly digital world, where businesses need to be agile, adaptable and designed to succeed long into the future.
In simple terms, digital transformation is the integration of technology into all areas of the business, resulting in greater efficiencies whilst delivering greater value to clients.
Digital Transformation is not generic and will mean different things to different businesses. There is no shortcut to a successful digital transformation plan, it will involve careful planning and collaboration.
Digital Transformation promises to and will deliver a more efficient business. It is no longer an option. Companies who successfully embrace the digital transformation journey will see a rise in profits and improved productivity. Those who don’t, risk becoming another victim of disruption within their sector.
The average Irish business will spend €455,000 on digital transformation projects over the next 12 months according to an independent survey of 133 Irish IT decision-makers carried out by Comtrade Digital Services. The survey found that 62% of businesses that have started their digital transformation journey have seen their profits increase while 44% of businesses list increasing revenues as a top-three goal in embarking on a digital transformation journey.