Digital Transformations in Service of Growth are More Successful Than Those Focused on Technology and Digitalization per New Report
SAN FRANCISCO, Oct. 26, 2021 (GLOBE NEWSWIRE) -- Companies that view digital transformation as simply upgrading technology to keep up with the times will be in a perpetual state of catching up according to a new report from Altimeter, the research and advisory arm of global consultancy Prophet. Companies that are achieving success with digital transformation have strategies rooted in purpose such as business growth, innovation or reinvention, rather than just improving operational efficiencies.
- The 2021 State of Digital Transformation Report identifies the key differences between the businesses that succeeded at digital transformation, and those that are still struggling.
- Fifty-seven percent of high performers cited core business growth as their top digital transformation goal.
- Companies less successful at digital transformation were far more focused on reducing operating costs (59%) and updating technology (53%).
- Digital transformation strategies of successful transformation companies are led from the top with 34% saying their CEO officially owns or sponsors the digital transformation initiative.