Martech firm Progress has announced the results of a global research, which found a majority of Australian business leaders believe they have two years to digitally transform before suffering financial or competitive consequence.
The research titled ‘Are Businesses Really Digitally transforming or Living in Digital Denial’ was commissioned by Progress to shed light on the reality of today’s digital transformation challenges in an effort to educate and equip businesses with the information they need to succeed.
The report found while most Australian businesses recognise the inherent benefits of going digital, the majority of respondents are hitting roadblocks through lack of internal alignment, lack of adequate skills and plenty of cultural resistance.
“Surprisingly 65 per cent of Australian businesses leaders say their organisation is in denial about the need to digitally transform processes or services, yet 90 per cent see digital transformation as important or critical,” said Craig Law, MD of Progress Australia and New Zealand.
Key Australian findings from the survey concluded:
• 90 per cent of organisations see digital transformation as important or critical
• 69 per cent say they have two years to make inroads before suffering financial or competitive consequences (39 per cent say a year or less); 63 per cent are worried they may already be too late
• 67 per cent say the main driver for digital transformation is optimising customer experiences and engagement
• 71 per cent believe IT is more likely to be the final decision maker/budget holder for digital initiatives
• 69 per cent believe the biggest barrier to delivering compelling customer experience is lack of digital leadership
“There are four fundamentals for success—optimize customer engagement, collaborate with partners, unburden IT and simplify operations,” Law said.
“Digital transformation is driving this shift and while virtually every business understands this, they struggle to know where to begin. Progress is partnering with Australian businesses during this time of change to provide developers and marketers with the tools necessary to navigating this new environment.”
The research was conducted in March by Loudhouse and included 52 Australian business leaders in a global sample of over 700.