Across industries, markets and geographies, businesses are facing a new reality in terms of remaining competitive in the hyper-digitized world. These new imperatives – driven by rapidly evolving technologies, new entrants into the market and changing customer demands – require action from enterprises to ensure survival.
A new survey conducted in September 2019 by Vanson Bourne, and sponsored by Teradata, called “Adapt or Perish: The New Reality in a Hyper-Digitized World,” captures the five forces impacting business success in this new global paradigm: Hyper Disruption, Pervasive Digitization, Autonomous Action, The Cloud Imperative and Enterprise Consumerization.
Most business leaders believe digitization can help address growing customer expectations for rapid and personalized engagement, and are beginning this process by refining business operations. While almost all survey respondents are in the process of digital transformation, some are further along than others.
99 percent of respondents are in the process of either moving to a digital business or leveraging/piloting digital technologies to change business models. More than four in 10 respondents (41 percent) indicated that digitization efforts were widespread, but almost as many (40 percent) indicated that digitization only existed across certain aspects of the business. Just 10 percent confirmed they had fully realized widespread digital transformation.
Nearly half (45 percent) of respondents believe their business requires improvement in their approach to managing data accessibility, which may include breaking down the many data silos in their organization, a critical requirement to becoming a digitally pervasive business.
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