Businesses that have invested in digital strategies are now reaping the benefits, a new report by Accenture Digital suggests.
The consulting firm has released its Organising for Success report, which examined how the shift to digital is impacting today's business. It surveyed more than 200 digital executives in the US, and the key takeaway is that approximately 25 per cent said more than half of their revenue comes through digital channels.
Compared to B2C (businesses to consumer), B2B firms are not seeing as high amount of revenue, with nearly half of B2B businesses reporting earning less than 10 per cent of their revenue from digital.
Revenue, in 61 per cent of cases, followed by digital traffic with 40 per cent, are the two key performance indicators (KPI), used to measure and track the performance of digital strategies, the report suggests.
Even though implementation of digital strategies has resulted in an increase in revenue, businesses are still faced with many challenges. Customer retention (37 per cent) and acquisition (36 per cent) were reported as the most critical challenges. For Accenture Digital, that means businesses struggle with customer retention.
“The identification of governance and control as a leading challenge may indicate that market leaders are becoming more sophisticated in their approach to digital. Having conquered the top-line challenge of converting digital into increased revenue, these organizations are now focused on improving internal processes that impact their companies’ bottom lines,” said Accenture's managing director Bob Barr.
"Organizations that have established a solid digital foundation are taking their strategies to the next level and leveraging digital for revenue improvement, while companies that are already earning more than half their revenue from digital (market leaders in digital) are looking to fine-tune their organizations for even better results,” the report concludes.
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