A third of enterprises, globally, are completely unprepared for the process of digital transformation, a new report by global data, market research and advisory firm Ovum says. Six in ten (60 per cent) of enterprises have said that the process of digital transformation is “well advanced” or “in progress”. However, just 7 per cent have said the process is “complete”. The financial services sector seems to be spearheading the charge, with 60 per cent of enterprises saying the process is “well advanced”.
Retail banks, as well as payment, insurance and financial markets, are most advanced. The retail sector considers itself least prepared.
“The uneven maturity of digital transformation by industry and country has created a complex landscape for sales teams to navigate, but our data plays a significant role in quantifying for our customers their target markets’ investment appetite and timescales,” commented Daniel Mayo, Director of IT, Data & Tools at Ovum.
“This enables them to quickly and confidently make decisions about where to focus their go-to-market and product investments.” The study also looked at IT spending. It says it’s growing, globally, with South Asia, Southeast Asia and Latin America being the three regions where most money is being spent. North America, Western Europe and Australia are showing the slowest increase in spending.
Digital transformation is the process of replacing legacy networks and dedicated service platforms with new digital environments, which provide flexibility, agility and lowered expenses.