Sneaking a Peek at Business Digital Transformation in 2023
January 20
2min read
During the pandemic, it was a war of resilience for businesses to survive by making a huge transformation to absorb shock and rebound. Businesses, of any size, are relying heavily on their willingness to give in and adapt to digital disruption. Therefore, it is no wonder that there has been a huge leap of growth in business digital transformation.
The investment for digital transformation has grown by 17.5% CAGR from 2020 to 2023 with an estimated $1.5 trillion spent in 2021 alone. There is a prediction that the investment amount will double between 2020 and 2024, with market pressure being the leading driver of this transformation.
However, the chance of failing looms over businesses. There is approximately 70% of failures happen in attempts at digital transformation, even when done right. The ruling cause of these failures is the people; whether the management is unsupportive of the idea of change or the employees are resisting change.
Resilience is the Key to Digital Transformation
Nonetheless, dwelling on bleak statistics in no way will help businesses move forward. With digital transformation failure caused by the people, there is a dire need for good leadership to address the problems. Understanding their reluctance to change and giving them clarity about why the change needs to happen is important. Because at the end of the day, people will always remain the heart of the business.
Meanwhile, the main thing that businesses should pay attention to is giving consumers the best user experience. One way to do it is by accommodating the personalized needs of consumers in the most efficient way possible. To provide that, businesses must innovate and modify their pre-existing strategies. Especially because sticking to things that are familiar may not be the best approach to getting through a crisis.
Though the pandemic had turned into an endemic, 2023 will not be a smooth-sailing journey with its looming potential of global economic slowdown. It may be a huge threat to business; but it also might open up a new opportunity to gear up for digital transformation.
Bahtera’s own journey of transformation had begun back in 2020, right before the pandemic hit. There are definitely challenges that both disrupt and motivate our journey. It still is a long journey ahead, but with the help of our experts and employees, we will face those challenges heads on.
During the pandemic, it was a war of resilience for businesses to survive by making a huge transformation to absorb shock and rebound. Businesses, of any size, are relying heavily on their willingness to give in and adapt to digital disruption. Therefore, it is no wonder that there has been a huge leap of growth in business digital transformation.
The investment for digital transformation has grown by 17.5% CAGR from 2020 to 2023 with an estimated $1.5 trillion spent in 2021 alone. There is a prediction that the investment amount will double between 2020 and 2024, with market pressure being the leading driver of this transformation.
However, the chance of failing looms over businesses. There is approximately 70% of failures happen in attempts at digital transformation, even when done right. The ruling cause of these failures is the people; whether the management is unsupportive of the idea of change or the employees are resisting change.
Resilience is the Key to Digital Transformation
Nonetheless, dwelling on bleak statistics in no way will help businesses move forward. With digital transformation failure caused by the people, there is a dire need for good leadership to address the problems. Understanding their reluctance to change and giving them clarity about why the change needs to happen is important. Because at the end of the day, people will always remain the heart of the business.
Meanwhile, the main thing that businesses should pay attention to is giving consumers the best user experience. One way to do it is by accommodating the personalized needs of consumers in the most efficient way possible. To provide that, businesses must innovate and modify their pre-existing strategies. Especially because sticking to things that are familiar may not be the best approach to getting through a crisis.
Though the pandemic had turned into an endemic, 2023 will not be a smooth-sailing journey with its looming potential of global economic slowdown. It may be a huge threat to business; but it also might open up a new opportunity to gear up for digital transformation.
Bahtera’s own journey of transformation had begun back in 2020, right before the pandemic hit. There are definitely challenges that both disrupt and motivate our journey. It still is a long journey ahead, but with the help of our experts and employees, we will face those challenges heads on.