The majority of executives agree: The digital transformation of business processes stands as their No. 1 priority in 2016, according to a recent survey conducted by the Economist Intelligence Unit. Their motivation: Almost half of executives said competitive forces and customer expectations are driving the change.
Researchers in March asked 282 executives in health, financial and telecommunications verticals to share their experiences, finding that 77 percent identified digital initiatives including Big Data and mobile computing as a leading priority.
For marketers, this emphasis on change represents an opportunity. The prioritization of the customer experience and competitive advantage puts the transformation squarely within their wheelhouse. And the movement, as it exists today, lacks leadership.
Some 40 percent of respondents told researchers that senior leaders need to throw their weight more strongly behind digital transformation. “This answer is especially common among companies that are behind the curve, confirming that when a company falls behind its peers, the fault lies at the top,” researchers wrote. “Respondents from ahead-of-the-curve companies are more likely to identify increased funding as the key requirement for success.”
In 2015, the EIC conducted a similar survey, finding that almost a third of executive respondents thought marketing leaders should join the teams working to change the digital footprint of their organizations.
“It’s never been more important for senior business leaders to carry the torch for digital transformation within their organization,” said Don Schuerman, CTO and VP of product marketing at Pegasystems, which commissioned the study. “The future of many companies now depends on their ability to translate digital potential into a competitive advantage. This is an all-encompassing effort that requires top executives to champion the deployment of flexible, digital technologies that change the way they engage with their customers.”