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Digital transformation has become a major focus for CEOs over the last decade. Defined as the adoption of technology to replace manual processes, digital transformation promised to fundamentally change how businesses delivered value to customers.

But for years, digital transformation was more hype than reality, and the vast majority of companies failed to successfully ‘transform’ their businesses. As recently as October 2018, a McKinsey study found less than 30% of companies had succeeded in digitally transforming their businesses. 

One good thing about 2020 is that this year is shaping up to be a transformative one for digital transformation. The pandemic and the resulting economic volatility has accelerated the adoption of the various technologies that are foundational to driving transformation, especially with respect to cloud adoption.

At the beginning of 2020, a KPMG study found 67% of CEOs expressed concern about migrating all of their business to the cloud. Now, that hesitation has nearly vanished. Changing consumer behaviors, work from home, and volatile economic conditions necessitate a new generation of digital solutions for customers and employees alike. 

While digital transformation finally seems to be transitioning from buzzword to reality for many corporations today, CEOs must start preparing for the next big …read more

Source:: Businessinsider – Finance


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