Appetite for digital transformation remains despite economic uncertainty
Today’s macro-economic disruption has failed to dampen digital transformation plans, with 52 percent* of companies stating they will increase their spending on digital transformation, according to a global research study from IFS.
The survey data indicates that during these dynamic times, plans to increase spending on digital transformation tracks closely with concerns about economic conditions disrupting the business. In fact, the survey indicates that people concerned with economic disruption were 20 percent more likely to plan increased spending on digital transformation.
Appetite for digital transformation initiatives is, however, not consistent across all geographies or industry verticals, the study shows.
Looking closer at the latter, the survey places construction in the lead, with 75 percent of respondents in this sector saying they have plans to invest this year. Runners up in this regard are information technology (58 percent) and manufacturing (55 percent) companies. On the other end of the spectrum, the study finds more cautious in industries in energy and utilities at 37 percent, trailed by retail at 35 percent.
-Examining the specific industries, it is clear that the construction industry, which has historically been a laggard when it comes to enabling technology, is investing heavily to catch up with more digitally mature sectors such as manufacturing, IFS Industries Senior Vice President, Antony Bourne, said.
- This disparity in investment levels aligns very well with what we see across our own customer base.
Despite a widespread willingness to invest, the study reveals digital transformation execution as a fraught area for many decision-makers. The ability to deliver a measurable return on technology investment quickly, and to the satisfaction of internal stakeholders, is the number one concern for nearly two-thirds of decision-makers (64 percent).
- The study confirms that many companies are wisely using the global downturn to divert resources to technological renewal and innovation, Antony Bourne added.
The study is based on responses from 3,032 executives in the UK, the US, Australia, France, Germany, and the Nordics. Respondents represent a broad industry scope, including manufacturing, construction, healthcare, IT/Telco, energy & utilities, and travel & transport. Data was collected between April 8–May 5, 2020, by Censuswide.
* The study also found that only 18 percent of companies are planning to spend less on digital transformation.
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