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UST Global Study: Digitally transformed firms see higher growth in business: UST study


Bengaluru: Digitally transformed firms have witnessed an increase in customer accounts by 11%, while digitally less mature firms saw 2% decrease last year, according to a UST Global study conducted by Forrester Consulting.

Companies or organisations that have successfully transformed their operations digitally benefitted on multiple fronts — including cost savings, improved employee satisfaction, increased revenue, and better brand reputation from their transformation efforts and a slew of other benefits that align to key goals of business leaders.

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According to the study, which saw participation of more than 400 global enterprise decision makers, many enterprises are still in their initial stages of their digital transformation journey. Nearly 42% of the responding organisations are identified as beginners in the digital transformation maturity; while only 20% are advanced.

More than 80% of digitally advanced firms use cloud services for customer and employee-facing digital experiences, and more than 75% of digitally advanced organisations are training for artificial intelligence (AI) and machine learning (ML) and implementing related solutions.

According to the findings of the study:

  • 70% of digital leaders are also industry leaders in terms of revenue growth.
  • 71% of the participants were from companies with revenue more than $1 billion.

“We believe the findings from this Forrester commissioned study reveals that organizations who advanced their digital initiatives excelled in generating customer value during the most difficult of times, demonstrating resilience in their ability to perform and transform,” said Trent Mayberry, chief digital officer at UST.

Mayberry said that this study highlights how organisations are accelerating their digital transformation and provides recommendations for organizations that are on their path to digital maturity.

The power of digital transformation is not lost on advanced firms as they accelerate the adoption of modern technologies like cloud, automation, analytics, and AI or ML, said UST citing the findings.

While no firm finds itself without any issues to tackle, each level of digital transformation maturity has its own specific set of challenges. “For beginners, a conservative and unimaginative culture leads to an over-reliance on legacy tools, impeding progress and innovation. Advanced firms must invest in security, compliance, and ecosystem management,” the company said.



Source : economictimes.indiatimes.com

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I am tech enthusiast and a keen learner, Currently pursuing Bachelors in Computer Science from University of Delhi
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