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You may have heard the term ‘digital transformation’, but are unsure about exactly what it is and how it will impact businesses in the future. Not only does it affect the way consumers will interact with your brand, but also the way your teams work internally and how you will be able to keep up with your competition.

A recent digital transformation market report has revealed that digital technologies have already touched key industries and are showing no signs of stopping. So with that in mind, investing in new technologies like AI, business intelligence, and software solutions is definitely a good start for any business looking to kick-start their digital transformation.

We’ve compiled a list of 5 key statistics about digital transformation that you need to know.

1. 40% of all technology spending will go towards digital transformations

According to the ICC, the total spending on digital transformation will exceed $2 trillion in 2019; 40 percent of all technology spending will be for digital transformation technologies. Find out more here.

2. 56% of CEOs said digital improvements have led to revenue growth

A Gartner survey asked CEOs about digital transformation for revenue and 56% found digital improvements have led to overall revenue growth.

3. 34% of companies have already undergone a digital transformation

If you’re still unsure about whether you are behind on digital transformation, we found it interesting to learn that 34% of companies have already undergone a digital transformation.

4. 85% of enterprise decision-makers say they have a time frame of two years to make significant inroads into digital transformation

According to IDC, 85% of enterprise decision-makers say they have 2 years to make significant inroads into digital transformation or they will fall behind their competitors and suffer financially.

5. 39% of Executives expect their organizations to get the most value out of digital initiatives in 3–5 years

Download the full Coming of Age Digitally 2018 paper from MIT Sloan Management Review & Deloitte Digital.

Still stuck with digital transformation?

At Biz Group, we understand the complexity that companies are faced with, especially when preparing businesses and their leaders for a digital future. Our unique learning formula for business results is designed to help develop leaders and get companies the business results they need to be successful in this increasingly complex world.

Below you can find an outline of a LearningJourney™ that is designed to equip leaders for digital transformation.

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Keep learning,

Biz Group