New data reveals that businesses that prioritize digital transformation were able to overcome disruptions due to COVID-19 and deliver high-quality digital experiences, and innovate and adapt faster than competitors.
This information comes from global digital ecosystem company Tata Communications who have released a report titled: “Leading in a Digital-First World“. The report includes some responses from 750 global C-suite executives.
The report demonstrates a focus on digital transformation, with 85 percent of those businesses surveyed seeking a digital-first capability. This proportion is made up of what are defined as “digital trailblazers” (at 10 percent), which means companies that describe themselves as highly successful at delivering a digital-first operating model for their ecosystem. Also making up these numbers are so-termed “digital migrants” as well as the far less digitally-savvy firms (named “digital aspirants”).
What appears to make the digital trailblazers successful is their general ability to have managed the disruptions caused by COVID-19 successfully. The survey found that 90 percent of the businesses that fall within this category scored far higher in the survey on providing high-quality digital experiences for their customers, employees and business partners.
With the digital trailblazers specifically, these firms possess the best digital operating models, connectivity platforms and strategies ensuring secure and trusted operations. To emphasize the importance, 63 percent of these types of firms attribute revenue growth to their digital-first strategy.
The importance of a digital strategy is bound up with 45 percent of enterprises attributing productivity loss during the crisis to connectivity that was caused by the COVID-19 pandemic. Those companies with a more robust digital strategy were able to weather the economic storm better. Another reason for pushing a digital strategy is where 41 percent of enterprises confirmed they perceived a threat of losing market share if they did not shift to a digital-first operating model
A further important factor that the leading companies are seeking is business agility. It was found that of the businesses that prioritize digital transformation, 94 percent score themselves highly in delivering an innovative and easily-adaptable operating model. This was compared to only 51% of those that lag behind in digital adoption.
What the leading firms have done, and hence what can stand as best practice examples for other firms, is with firmly committing to a digital-first operating model. This means a digital operating model that over time reimagines every core channel, process and service offering to maximize the digital opportunity.
In addition to this, top firms create quality user experiences with a hyperconnected ecosystem. This means focusing on agility, control and security. These trailblazers also seek to embed security and trust as well as possessing the ability to innovate and adapt faster than their competition.
