Failed digital transformation can cost businesses revenue

Pretty much every business in the UK (96 per cent) and Europe (95 per cent) is either applying a digital transformation strategy, or planning to do so very soon. Those are the results of a new survey conducted by application networks building platform MuleSoft.

According to the survey, almost three quarters (71 per cent) of information technology decision makers believe challenges to digital transformation would have a negative impact on their company’s revenue in the next six months. Among 39 per cent of ITDMs, it would only take three months for the negative effects to kick in.

The main goals of this transformation are to improve business processes and customer experience/engagement. On the other hand, pressure and legacy infrastructure issues seem to be the biggest obstacles to the process of digital transformation.

“To remain competitive, companies need to think differently about how they unleash the value of their data and assets. The new approach of creating a network of data, applications and devices that different lines-of-business can access as needed ­ quickly and securely ­ starts with an API strategy and a discipline to create business-wide reusable services,” said Ross Mason, founder and vice president of product strategy, MuleSoft.

“In this way, they enable the lines-of-business to initiate and deliver their own IT projects. This is a fundamental shift in the way IT functions today within an organisation, and companies that don¹t grasp the need for this cultural change are overlooking a core component of digital transformation.”

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