Nine in 10 enterprises yet to achieve digital-first goals
Nine out of 10 enterprises are yet to achieve their digital-first goals with cyber security emerging as the most critical area to address.
A report from Tata Communications – Leading in a Digital-First World; Enabling Success with the Right Mindset, Ecosystem and Trust – suggests that just 10 per cent of enterprises are ‘digital trailblazers’, while 52 per cent are ‘digital migrants’ and 38 per cent are ‘digital aspirants’.
Nearly half (45 per cent) suggested that a dip in productivity during the Covid-19 pandemic could be attributed to connectivity issues, while the same percentage of CXO’s worried that staff faced burnout without the right tools and systems.
Despite the lag in true digital-first transformations, companies still said they feared losing market share without embracing the shift.
- Digital Trailblazers
Only 10% enterprises have the most advanced digital operating models, connectivity platforms and strategies ensuring secure and trusted operations. 63% of them attribute revenue growth to their digital-first strategy.
- Digital Migrants
52% of enterprises have limited digitalisation in their business, but still need to improve in several areas of digital capability
- Digital Aspirants
38% of enterprises are at a nascent stage of digitalising their business and have been unable to achieve growth due to lack of digital maturity.
Digital-first ‘a must’
A.S Lakshminarayanan, managing director and CEO, Tata Communications, said, “A digital-first operating model is a must for enterprises in the new world order. As economies open, trust and security are core to the competitiveness and agility of enterprises seeking growth. The scale of digitalisation will be the new barometer of success for enterprises irrespective of its size or industry.”
- Commit to a digital-first operating model
44% were not successful in delivering a digital-first operating model for their ecosystem. To address this, real benefits of digital transformation requires organisations to go far beyond shifting some business processes online. They need a coherent digital operating model that over time reimagines every core channel, process and service offering to maximise the digital opportunity.
- Create quality user experiences with a hyperconnected ecosystem
91% enterprises admit that they are not able to provide high-quality digital experiences for their customers, employees and business partners. They concur to having only a patchwork of different digital strategies and processes across their organisations. To move up the value chain, a digital-first strategy focusing on agility, control and security is critical. Enterprises must move away from legacy processes and embrace ‘being hyperconnected’ and delivering high-quality, secure and frictionless collaboration for all stakeholders across the entire ecosystem.
- Central to a digital-first business is security and trust
49% enterprises affirm cyber security to be the most important aspect of their digital strategy to continually improve and 34% enterprises rate themselves poorly at delivering an agile operating model. This is a stumbling block on their ability to innovate and adapt faster than their competition. As cyber threats and regulatory demands gain centre stage in the new world enterprises must continue to win trust, businesses must stay vigilant and invest proactively to safeguard all stakeholders.