For companies today, digital transformation poses a "do-or-die" proposition — in many cases, literally.
Two-thirds of organizations are actively pursuing a transformation, as annual worldwide spending on the technologies and services that drive these transformations will reach nearly $2 trillion by 2022, up from $1.25 trillion this year, according to separate research reports from TechTarget and IDC.
The stakes are high because established companies are being pressured by startups that seek to disrupt markets by exclusively promoting mobile apps — instead of physical stores/locations — to target customers. In response, large brands are inventing immersive apps and online services to deliver new features and redefine the customer experience.
They're doing so because they feel they have no choice, as staying on the sidelines could result in their eventual demise: Nearly two-thirds of C-suite, IT, and business decision-makers feel that a failure to launch new digital services will lead to reduced revenue, and 55% say it will eliminate their company's competitive differentiation, according to research from Oracle. Half say a lack of these services will cause both a loss of customers and brand perception/relevance. It's no wonder, then, that 85% believe that the launch of new digital services is critical to their business strategy.
What's more, they're in a hurry to get into the game: Nine of 10 prioritize speed to market, with half of decision-makers believing they should be able t ..