Businesses that aren't keeping up with digital transformation efforts don’t expect to survive for longer than four years, a new global study has shown.
According to the Couchbase report, businesses expect to either be ‘absorbed’ or go out of business if they don’t keep up. Four in five (80 per cent) already believe digital transformation is leaving them behind.
On average, businesses spend almost $6 million a year on digital transformation, but the sad part is 90 per cent of digital projects are considered a failure.
The report also says the blame is on legacy database, with 84 per cent having digital projects either delayed or scrapped altogether due to the limitations of their outdated database.
“Our study puts a spotlight on the harsh reality that despite allocating millions of dollars towards digital transformation projects, most companies are only seeing marginal returns and realising this trajectory won’t enable them to compete effectively in the future,” said Matt Cain, CEO of Couchbase.
“With 87 per cent of IT leaders concerned that their revenue will drop if they don’t significantly improve their customers’ experiences, it’s critical that they focus on projects designed to increase customer engagement. Key to succeeding here is selecting the right underlying database technology that can leverage dynamic data to its full potential across any platform and deliver the personal, highly responsive experiences that customers are demanding today.”
Image Credit: Konica Minolta Business Solutions UK