Digital Technology Drives Enterprises into the Most Required Metamorphosis: Study
FREMONT, CA: Almost every industry is embracing Digital Technology, taking advantage of new platforms, tools, and relationships to underperform their rivals. Both, a challenge and an opportunity, this trend is rapidly identifying itself as a way to excel and evolve in the big picture of enterprises. CA Technologies in its latest study tracks down the various roles assumed by software as a business transformer and comes up with some startling conclusions.
Not surprisingly the global study reveals the widespread adoption of digital transformation, where digital disruption has proved to be an essential business methodology, having brought in two times higher revenue growth and two and a half times higher profit growth than the mainstream organizations. Now the ideology across all business is to exploit the modern technology and communications to expand one or more key aspects of the business, which can help achieve a state of digital readiness to accelerate the economy.
Evolution in digital technology is also changing customer behavior and expectations, with the web getting more interactive and devices even get smarter.
The research throws light on how the trend has also sparked out high returns from digital investments in a pattern across majority of organizations (55 percent) with many projects under the sleeve, including customer services, sales and marketing, and product/service development. While 45 percent of respondents have seen measurable increase in customer retention and acquisition from their digital transformation initiatives; 44 percent have seen an overall increase in revenue.
The impact of the trend also reflects on the Digital Effectiveness Index (DEI), a measurement tool developed in partnership with freedom dynamics. Digital disruption has driven software industry forward with 3.5 times greater impact than the mainstream. It also revealed that disrupters were two and a half times more likely to fully use agile development (77 percent vs 31 percent) as well as the leaders are two times more likely to leverage APIs for internal development (68 percent vs 34 percent). DEI further revealed that Telecom and Financial Services are the strongest in following the digital trend whereas firms with public sector and consumer packaged goods lag behind.
The survey conducted by industry analyst firm namely as Freeform Dynamics, included 1,442 respondents from 16 countries across nine industry sectors.