Bridging the Digital Economy Deficit
Going digital, embracing innovations in technology, and modernizing and transforming business are imperatives for survival in the Digital Economy. Market dynamics mandate businesses to be innovative, flexible, agile and adopt technological advancements at lightning speed, or face obsolescence.
But, ground realities are markedly different. Many businesses are finding it difficult to balance management and digitization of current products with creating new ones to address the growing appetites of a generation of millennials and digital natives.
A study on the Digital Economy, commissioned by Ness SES and conducted by OnePoll, reveals some interesting statistics on the topic.
57% of the 1, 000 business leaders surveyed said they do not fully understand the implications of the Digital Economy on their business, although 42% said a lack of innovation at their companies would harm the company’s future prospects. Companies realize the importance of innovation, but they are unsure about the best path to take. For example:
- 42% do not believe they have adequate technology infrastructure to develop, design, build and market digital products fast enough
- 46% said they do not have the skills or expertise to drive digital transformation projects in terms of developing, deploying, managing and supporting the technology. They are short on expertise in areas including e-commerce (cited by 40%), e-business (44%), and supporting digital infrastructures such as cloud and mobile (48%)
At a time when companies are obliged to harness every available channel to augment their digital capabilities, the survey brings to light the in-house skills and infrastructure deficits many businesses must overcome to prosper in a highly-digitized global scenario.
To make progress, businesses are engaging technology partners who have the skills and expertise to co-innovate solutions that are scalable, robust and reliable. Based on Ness’ experience across thousands of new and existing product releases, organizations achieve much better outcomes with a partner who can ensure continuity and synchronization among front-end customer experience and design, back-end product engineering, and data analytics to deliver user experiences that are intuitive, seamless, and backed by a solid technology platform. From a project management standpoint, the largest proportion of survey respondents (39%) noted it was particularly important for their partner to deliver both on time and on budget.
To learn more about the most common activities companies undertake to modernize their software platforms and achieve successful digital transformation, visit ness-ses.com/areyouready.
