The vast majority of companies are unprepared for the move to digital business models that will begin to dominate their revenue potential within the next five years, according to an in-depth study conducted by Odgers Berndtson and Forrester Research.
Based on nearly 1,000 interviews with senior executives from around the world, the report examines the readiness of companies to succeed in the age of digital disruption.
The State of Digital Business Report revealed that, while executives understand the potential that digital has to transform how businesses create and deliver value to customers -- with 46 percent of survey respondents estimating more than half of their sales will depend on digital by 2020 -- more than four out of five companies (84 percent) are not equipped to make this transformation. More specifically, only 21 percent of respondents feel they have the right team to define their digital strategy, and only 14 percent believe they have the necessary processes in place to implement it.
The report analyzes and ranks business sectors for potential impact and conveys the importance of having a digital talent acquisition and retention strategy, and developing strong C-suite partnerships within the organization.
The report concluded by recommending six tactics to help companies accelerate their digital transformation:
- Convince CEOs of the critical need for change
- Enlist the support of other digital champions
- Develop a digital talent strategy
- Invest in business technology projects
- Update your company’s technology
- Embrace your CMO and executives responsible for customers
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