Companies today are facing once-in-a-generation digital paradigm shift. Over 50% of tech investments are going to be in technologies that facilitate digital transformation by 2023. The trend says a lot about the nature of companies who will survive.
Economic slowdown caused by COVID 19 is the worst since the great depression. The level of business disruption is unprecedented, and the necessity of digital transformation was never more acute, as it is today. The circumstance decrees even remotely analog incumbents to restructure their business with a digital mindset.
Experts foresee a further rise in already prodigious- ly growing investments in digital technologies. Though it does not imply that success rates would be higher; contrary could be true.
There is one silver lining in this chaos and it is the higher acceptance to experimentation, risk and change. History has rewarded bold moves and now they may find further support both within the orga- nization as well as with customers.
Digital strategy would play a sterling role now, as a large number of companies would undergo the digital ablution. Timid moves, tolerance for legacy systems, ignorance of change management and talent planning would substantially undermine the odds of success. On the other hand, a customer centric outside-in approach that strives to harness data in furthering customer experience and decision making would bolster the chances of success.
In this paper we have garnered learning from leading research and have interviewed industry leaders to unravel the core issues of digital transformation and to formulate the strategy suitable for contemporary crisis.
Recessions come and go, fortunes wax and wane, but each crisis leaves a distinct imprint on human lives. Companies today are facing a once-in-a-gen- eration shift and experts believe that this would be the watershed moment for Digital Transformation (DX); from being the prerogative of a few to an existential necessity of the majority.
The global spending on technologies and services that facilitate digital transformation is expected to grow at an impressive CAGR of 17.1% to reach USD 2.3 trillion by 2023, according to the International Data Corporation (IDC), and the US would be the lead investor.
What is more remarkable is that estimates predict that over 50% of total worldwide technology investment would be on digital transformation by 2023. But it is a pre-COVID-19 era estimate; today, many experts opine that the spending would further ramp up.
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