Larger and small companies have increased their focus on the prospect of innovating and enabling operations through digital transformation in 2020 following the COVID-19 pandemic.
GlobalData has conducted a survey on companies with revenues ranging from less than $100m to more than $1bn to assess the scope of digital transformation in their organisation in 2019 and 2020.
Obstacles to Digital Transformation – Company Sizes, 2019 vs 2020
Analysis of the survey responses revealed that the importance of operations enablement had the most scope for digital transformation increasing from 67% in 2019 to 79% in 2020 among larger companies, defined as companies with revenues exceeding $1bn.
Among larger companies, the scope for digital transformation in business innovation dropped from 62% in 2019 to 54% in 2020, while the scope in customer engagement dropped from 73% in 2019 to 64% in 2020.
Customer engagement to tackle fierce competition in the industry was opined to have the highest scope for digital transformation in medium-sized enterprises (revenues from $100m to $1bn), increasing from 50% in 2019 to 55% in 2020. Further, the scope for digital transformation for operations enablement and business engagement declined from 64% in 2019 to 49% in 2020.
An increasing number of small companies (revenues less than $100m) considered business innovation to have the most scope for digital transformation. While 48% of the small companies saw scope in business innovation, the percentage increased to 67% in 2020.
Business innovation and customer engagement were the next areas to have the most scope for digital transformation increasing from 48% in 2019 to 52% in 2020 and from 52% in 2019 to 56% in 2020, respectively.
The analysis is based on Digital Transformation and Emerging Technology in the Healthcare Industry, 2020 survey, fielded from 17 September to 06 October 2020.