Large corporations continue to struggle moving forward after the initial stage of digital adoption with many experiencing a so-called “digital trough”, according to a new report by outsourcing research and consultancy firm Everest Group. The report shows that 43% have hit a roadblock after adopting an extensive digital transformation programme, with the aim of embracing digital technology, such as the cloud, software products and mobile apps, in order to achieve digital excellence. This digital journey is incredibly important, as businesses must learn to meet new expectations, identify new opportunities, reach new channels and cope with ongoing threats in order to survive and prosper in an increasingly challenging environment.
However, the trough is a reality that firms need to overcome to meet key strategic objectives, Everest Vice President for IT service research, Chirajeet Sengupta explains: “Investments are flowing, everybody believes in this brave new world they are going to create together. However, the second phase is when things change. Suddenly, everybody starts questioning the value of what they are doing. Investments tend to get constrained, organisational capabilities are stretched and tested, and traditional business processes and organisational behaviour are challenged.”
Sengupta believes that firms can overcome these issues by learning how to take advantage of the incredible range of technology they have at their disposal and by ensuring that IT collaborates with the business to create a vision for digital improvement that delivers value. The banking sector and major financial institutions, such as Lloyds Bank, are among those that are struggling to find their new role following digital transformation. Lloyds Bank head of digital transformation, Terry Cordeiro said it is now focusing on mobile apps to improve digital relationships with millions of mobile bankers and is looking at innovative ways to humanise banking using new technology.
One way to unlock digital customers, channels and markets is through big data. As Lloyds has highlighted, the customer remains one of the major catalysts for digital transformation, as they now have high expectations for personalised service. For example, data and analytics platforms offered by vendors such as Salesforce and IBM are enabling firms to extract data driven insights that can help retailers manage their inventory more efficiently by understanding where, how and when their customers want a particular product. Taking advantage of this technology remains the biggest challenge for modern firms, with a recent study from Vodafone UK showing that 90% of business leaders now believe digital is essential for success.
This article has been written by Mitchell Forbes - Digital and E-Commerce Specialist, if you would like to discuss your Digital or E-commerce recruitment requirements, please contact Mitchell Forbes on: +44 (0)20 7014 0231 or send an email to firstname.lastname@example.org.
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