Organizations have high expectations for digital transformation, but new research from SnapLogic, the leader in self-service application and data integration, has uncovered that 40% of enterprises are either behind schedule with their digital transformation projects or havent started them yet.
Delayed projects arent the only factor keeping IT decision-makers (ITDMs) up at night. The new research, conducted by Vanson Bourne, also revealed that 69% have had to reevaluate their digital transformation strategy entirely, and as a result, 59% would do it differently if given another chance. In fact, only 13% of ITDMs are completely confident they are on course to achieving their digital transformation goals.
When asked why they are struggling with digital transformation, 58% admitted that there is confusion amongst the organization around what theyre trying to achieve with digital transformation “ an alarming result.
Digital Transformation Snags
Internal politics (34%), a lack of centralized ownership (22%), and a lack of senior management buy-in (17%) were identified as common roadblocks to digital transformation. In addition, 55% of ITDMs noted that a reliance on legacy technologies and/or a lack of the right technologies within their organization was holding them back, while 33% were stalled by a lack of the right skilled talent, and 31% reported that data silos were causing problems.
WANT TO BUILD A FINANCIAL EMPIRE?
Subscribe to the Global Banking & Finance Review Newsletter for FREE Get Access to Exclusive Reports to Save Time & Money
By using this form you agree with the storage and handling of your data by this website. We Will Not Spam, Rent, or Sell Your Information.
Additionally, 20% of organizations didnt test or pilot their digital transformation projects before deploying them company-wide, and shockingly, 21% of ITDMs continued to roll out a company-wide digital transformation despite unsuccessful pilot programs in one part of the business.
Gaurav Dhillon, CEO at SnapLogic, commented on the findings: Despite all the noise around digital transformation in recent years, its clear from our research that theres still much work to be done to help organizations be successful. While some companies may take solace in knowing they are not the only ones struggling, for those of us in the technology industry this is a stark wake up call that we must do a better job advising, partnering with, and supporting customers in their digital transformation journey if we are to ever see the reality of a digital-first economy.
Delivering on the Promise
Make no mistake: The promise of digital transformation is huge. For those about to undertake an enterprise-wide digital transformation, ITDMs expect to see the following results upon completion, on average: increased revenue of 13%, increased market share of 13%, reduced operating costs of 14%, increased business speed and agility of 16%, improved customer satisfaction of 18%, and reduced product development time of 15%.
But businesses are never going to achieve these gains unless theyre able to overcome key hurdles and turn the corner. For those whove completed a digital transformation, successful or otherwise, ITDMs identified the three most critical steps to success as investing in the right technologies and tools, involving all departments in strategy development, and investing in staff training.
The promise of new technologies in particular is seen as having a significant impact on digital transformation success. Case in point: 68% consider artificial intelligence and machine learning as vital to accelerating their digital transformation projects.
Dhillon concluded: Digital transformation doesnt happen overnight, and theres no silver bullet for success. To succeed with digital transformation, organizations must first take the time to get the right strategy and plans in place, appoint senior-level leadership and ensure the whole of the organization is on-board and understands their respective roles, and embrace smart technology. In particular, enterprises must identify where they can put new AI or machine learning technologies to work; if done right, this will be a powerful accelerant to their digital transformation success.
To learn more, download the full research report, Busting Through Digital Transformation Roadblocks, from the SnapLogic website.
About the research
The research was conducted by independent research house Vanson Bourne in April and May 2018. A total of 500 IT decision-makers participated in the study, representing medium and large businesses with more than 500 employees across the United States and United Kingdom.
About Vanson Bourne
Vanson Bourne is an independent specialist in market research for the technology sector. Their reputation for robust and credible research-based analysis is founded upon rigorous research principles and their ability to seek the opinions of senior decision makers across technical and business functions, in all business sectors and all major markets. For more information, visit vansonbourne.com.
SnapLogic is the leader in self-service integration. The companys Enterprise Integration Cloud makes it fast and easy to connect applications, data, APIs, and things. Hundreds of Global 2000 customers including Adobe, AstraZeneca, Box, GameStop, Verizon, and Wendys rely on SnapLogic to automate business processes, accelerate analytics, and drive digital transformation. SnapLogic was founded by data industry veteran Gaurav Dhillon and is backed by blue-chip investors including Andreessen Horowitz, Capital One, Ignition Partners, Microsoft, Triangle Peak Partners, and Vitruvian Partners. Learn more at snaplogic.com.
Scott Behles, +1 415-571-4462
Group for SnapLogic
Francesca DeAnda, +1 415-697-2567
Gemma Smith, +44 (0)203 176 4700