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DMI Daily Digest

10 Reasons Your Business Should Invest in Digital Transformation

Regardless of sector or industry, to thrive on today's commercial battlefield, embracing the emerging technologies, trends and cultural shifts is crucial.

If your business is looking to secure a sustainable commercial future, investing ample time, money and energy into your digital transformation strategy is a wise move.

By 2020, experts project that spending on digital transformation strategies will break $2 trillion globally. That's a colossal level of investment by companies across sectors.

To inspire your efforts, here are 10 stats that will convince your business of the need to invest in digital transformation.

Consumer Culture

Videos share of global internet traffic

1. 80% of today’s video consumption is video-based. Print media, while still relevant, is a less potent force than it once was. Today’s hunger for visual content is inherently digital and to connect with your target audience you have to provide engaging marketing materials that are video-based. Digital channels and touchpoints are the best way to deliver such communications.

2. Today’s average college student has never so much licked a postage stamp. In the age of the digital native, analog approaches to promotional as well as internal communication will seldom provide the results you need for success.

3. 61% of smartphone users admit to regularly sleeping with their smartphone under their pillow or next to their bed. A staggering insight that is a testament to today’s mobile-centric mindset. By investing in your mobile offerings, from applications to mobile-optimized landing pages and social media content, you stand to accelerate your business success in an increasingly digital age.

The State of Digital Transformation

AI and Machine Learning Tools for Digital Transformation

Here we explore the current professional climate and as such, the necessity for digital transformation.

4. 76% of companies feel their relationship with technology and digital transformation is on the whole, average or above average. The vast majority of companies across sectors are on the path to digital transformation. If you fail to embrace the digital age and all it has to offer, you could fall behind the pack and risk becoming obsolete in the long run.

5. Around 70% of companies feel their CEOs’ practical understanding of emerging digital technologies to be solid or above average. If you feel that your understanding of digital methodologies and technologies in the digital age is lacking, now is the time to upskill.

6. 61% of enterprises state that the Internet of Things (IoT) plays a pivotal role in their digital business strategies, with manufacturing and high-tech leading all other sectors. By investing in the power of the IoT and its business-enhancing benefits, in addition to a host of other emerging digital technologies, you stand to accelerate your commercial success, exponentially.

The Power of Digital Transformation

State of Digital Business 2020

Insights on the undeniable power of digital transformation in the modern age.

7. 56% of CEOs feel that digital advancements have already led to boosts in revenue. With this being the primary goal of business growth and acceleration, this is a clearcut case for investing in digital transformation.

8. By 2020, 47% of all revenue will be influenced by digital. Without a doubt, digital technologies will become all the more sophisticated in the not so distant future. To remain relevant and continue to foster growth, embracing the power of digital is a now a necessity rather than a far-flung luxury.

9. 39% of today's marketers plan to boost their digital budgets without increasing overall marketing spend, essentially reallocating their current budgets into digital channels. The wealth of digital channels, platforms and touchpoints available to today’s businesses is on the rise and by investing in such outlets, you stand to enjoy a healthy level of ongoing business success.

10. More than 50% of the world’s population are under the age of30 - With over half of the population being under 30-years-old, there are more digital natives (or indeed, budding digital natives) than ever before. To continue appealing to this new generation of digitally-minded consumers, investing in digital transformation on a continual basis is nothing short of essential.

Conclusion

It’s clear that digital transformation is the most sustainable means of commercial success today, tomorrow and long into the future.

If you haven’t done so already, you must embrace the unrivaled power and potential of digital transformation now, before it’s too late.