In today’s corporate landscape, executives worldwide are recognizing technological know-how and digital transformation as essential tools to remain competitive in the market. A recent company wire survey reveals that 63 percent of global executives believe technological know-how and digital transformation is their greatest competitive advantage for the future.
Executives understand that embracing technology and digital transformation are no longer just a priority in tech startups but has become the standard for staying afloat in the business world. Companies are now investing in digital transformation strategies from reaching more customers online to automating manual processes.
These strategies have enabled firms to increase their efficiency, reduce operating costs, and stay abreast of industry-wide changes and trends. Digital transformation has made it easier for employees to collaborate on projects, share resources, and receive improved customer support.
At the same time, executives are aware that digital transformation comes with risks. With more data being stored and accessed online, security threats increase exponentially. To combat this, firms are increasingly investing in data management and cyber security solutions that are essential in managing and protecting this information.
Executives are conscious of the importance of investing in digital transformation. This awareness has been made clear in the survey. However, this is not to say that executives are not concerned with non-technological qualities such as employee retention, investing in team development, and offering competitive compensation packages.
It also appears that executives are becoming more cautious in their investments. Approximately 44 percent of respondents indicate they will consider the return on their investments before they make any decisions. By actively monitoring the returns of their investments, it is less likely that money is wasted and initiatives can more easily be tracked and scaled.
Overall, the survey reinforces the importance executives place on technological know-how and digital transformation. A focus on technological modernization can bring firms multiple benefits and help them remain relevant in the business world.
Executives Identify Technological innovation and Digital Transformation as the #1 … Enterprise Wire