The concept of digital transformation (DX) dates back to the 1950s but has become a major topic in recent times as a result of increased market competition, technological advancements and COVID-19. In fact, the global DX market is estimated to reach 1,009.8 billion by 2025 with a CAGR 16.5% since 2020.
But with this term encompassing so many different technologies and initiatives, how can digital transformation be truly defined?
Digital transformation is the process by which firms integrate technologies into every aspect of their operations to bring about profound change. Its benefits are endless, as it leads to
better company agility, improved efficiency and eventually the creation of new value for shareholders, consumers and workers.
Although this process is critical for overall business growth, many companies fail to implement DX successfully. In fact, 84% of transformation projects fail due to many different factors, notably a lack of alignment to business goals, outcomes and change management strategy.
Learn more: What's the Secret to Successful Digital Transformation? Effective Change Management
So what other challenges did businesses encounter with their DX initiatives? What technologies are businesses using to enable transformation? And finally, where are IT leaders prioritizing their DX investments in the coming year?
Our research answers these questions by delivering key findings and stats from our latest report about the current state of digital transformation, allowing businesses and managers to recalibrate their DX strategies and priorities.
Access the latest business knowledge in IT
Join the conversation...