65 Digital Transformation Statistics
We lay out some of the key stats that paint the picture of the current landscape and highlight the importance of Digital Transformation.
Join the DZone community and get the full member experience.Join For Free
Stats speak louder than words. To help illustrate how several industries and numerous reports reveal the importance of this transformation, we have gathered 65 statistics to unveil how digital transformation is changing the world.
On Deploying Digital Transformation
1. 70% of companies have a digital strategy in place or are in the process of deploying one.
2. Companies will spend a total of more than $2 trillion on digital transformation in 2019.
3. 40% of all technology spending in 2019 will go towards digital transformation.
4. 93% of companies agreeing that innovation technologies are necessary to reach their digital transformation goals.
5. 86% of executives say transformation requires a combination of the right culture, revised business processes, and new technology
6. 89% of companies have adopted a digital-first business strategy that can lead to digital transformation.
7. 55% of startups have already adopted a digital business strategy.
8. Top digital business strategy adopters include services (95%), financial services (93%), and healthcare (92%).
9. Six out of ten of companies that have undergone a digital transformation have created new business models.
10. 52% or organizations consider “digital business” to be a means to enable worker productivity through tool such as AI-assisted processes.
11. 68% of executives believe the future of business will involve people and AI working together.
12. 87% of companies think digital will disrupt their industry, but only 44% are prepared for a potential digital disruption.
13. 65% of companies are positive about their ability to adapt to technological disruption over the next three years.
14. Only 7% of companies have fully implemented their digital transformations.
15. 70% of executives say that over the past two years digital transformation has become significantly more important to business success.
16. 55% of companies without a digital transformation believe they have less than a year before they start to lose market share.
17. Of companies that haven’t started a digital transformation, 59%fear it might be too late.
18. One in five executives rate their companies’ digital transformation efforts as effective.
On the Benefits of Digital Transformation
20. Executives say the top benefits of digital transformation are improved operational efficiency (40%), faster time to market (36%) and the ability to meet customer expectations (35%).
21. 84% of the executives agree that new business opportunities are emerging as their organization digitally transforms.
22. Four in five companies who have implemented digital transformation technologies say they can deliver new value for smart, connected products throughout their lifecycle.
23. 56% of CEOs say digital improvements have led to increased revenue.
24. 39% of outperforming companies have a fully integrated digital-physical strategy.
25. Digital-first companies are64% more likely to achieve their business goals than their peers.
On Who Should Lead Digital Transformation
26. 28% of digital transformations are led by the CIO, and 23% are owned by the CEO.
27. 70% of companies say their CEO has an adequate or above average practical understanding of new technology.
28. 37% of CEOs are considered by employees to be holding back digital transformation initiatives.
29. 20% of employees said their company’s leadership doesn’t know what to do with digital transformation.
30. 63% rank cultural challenges as the biggest impediments to transformation efforts
31. Around 40% of companies have dedicated digital transformation teams in place.
32. 80% of companies say their digital transformation efforts involve multiple business units or the entire company.
33. 47% of functional CIOs work with lines of business to build a business case for new tech initiatives.
34. 71% of enterprises cite the workforce as either very or extremely important in supporting digital transformation strategies.
On Digital Disruptors and New Technologies
35. Email overtook voice calls as the most used customer service channel.
36. 76% of companies are investing in emerging technologies.
37. HR, manufacturing, and legal are considered most likely to adapt to technological change.
38. Intelligent systems will drive 70% of customer engagements by 2022.
39. 86% of companies believe that cloud technology is critical to digital transformation.
40. 70% of businesses will use a multi-cloud strategy in 2019, up from less than 10% in 2017.
41. 60% of executives believe connected technology and the Internet of Things will play an important role in their company’s digital strategy.
42. 80% of companies have already adopted AI chatbots or have plans to do so by 2020.
43. A third of marketing leaders believe AI will lead to the biggest improvement in customer experience.
44. Over two thirds of global business leaders believe the future of business involves humans and AI working together.
45. 63% of customers are satisfied receiving customer service from a bot, if they can re-route to a live human agent if required.
46. 92% of customers are satisfied using live chat services, making it the support channel leading to the highest customer satisfaction.
47. By 2022, your personal device will know more about your emotional state than your own family.
48. By 2020, the average person will have more conversations with bots than with their spouse.
49. 84% of customer-centric companies focus on the mobile customer experience.
50. 78% of consumers use mobile devices to connect with brands for customer service. The number increases to 90% of Millennials.
51. Nearly 80% of Millennials are willing to purchase from brands that have a mobile customer service portal.
52. 65% of consumers research a product online before going to a physical store.
53. Around half of all consumers use mobile messaging apps to connect with customer service.
On Customer Experience and Omnichannel Capabilities
54. Today, two-thirds of a company’s competitive edge comes from its customer experience.
55. 62% of companies see customer experience delivered by a contact center as a competitive advantage.
56. 67% of consumers will pay more for a great experience.
57. 70% of the buying experience is based on how the customer feels they are treated.
58. 76% of consumers expected companies to understand their needs and expectations.
59. Consumers with an emotional connection to a brand have a 306% higher lifetime value.
60. Loyal customers or five times more likely to buy again and four times more likely to refer the brand to family and friends.
61. Customers who have a bad experience with a website are 88% less likely to return.
62. 80% of companies are investing in omnichannel experiences.
63. 89% of customers get frustrated if they have to repeat their questions to multiple customer service agents.
64. Companies that deploy strong omnichannel experiences retain 89% of their customers on average.
65. Only 50% of companies support cross-channel interactions, even though 83% of consumers want the ability to switch between channels.
Published at DZone with permission of Andy Peart, DZone MVB. See the original article here.
Opinions expressed by DZone contributors are their own.