Insufficient funding and legacy systems two of the top four obstacles to digital transformation: Survey

22nd January 2021 (Last Updated January 22nd, 2021 10:39)

Digital transformation is prodding the organisations to change the way things used to work and require greater resource allocation.

Digital transformation is prodding the organisations to change the way things used to work and require greater resource allocation.

GlobalData has conducted a survey to assess how insufficient funding and legacy systems affected companies based across North America, Europe, and Asia Pacific.

Insufficient funding and legacy systems across geographies and business sizes

A Closer Look at Top Four Obstacles: Insufficient Funding and Legacy Systems

Insufficient funding was the main obstacle for digital transformation, according to 49% of the respondents in North America, followed by 36% companies in Europe and 36% companies in Asia Pacific.

Insufficient funding was a bigger obstacle for companies earning revenues less than $100m, as opined by 46% of the respondents. The obstacle concerns 38% of the companies with revenues exceeding $1bn and 37% of the companies with revenue between $100m and $1bn.

Legacy systems was the main obstacle to digital transformation for more companies in Asia Pacific (43%), compared to those in North America (37%) and Europe (33%).

It’s the main obstacle for companies with revenues exceeding $1bn (44%) and for those ranging between $100m and $1bn (43%), while the concern is lesser, at 28%, for companies with revenue of less than $100m.

For many organisations, outdated IT systems and increasing number of mergers and acquisitions remain some of the main barriers to digital transformation.

The analysis is based on the Digital Transformation and Emerging Technology in the Healthcare Industry, 2020 survey conducted by GlobalData between 17 September and 06 October 2020.