Is Every Business a Tech Firm Now?

According to a recent analysis conducted by Deloitte, the consulting business has come to the conclusion that all businesses should now consider themselves to be technology companies in order to stay competitive. Deloitte’s findings suggest that companies that have a sound digital presence have a distinct competitive advantage over their rivals.

According to a survey conducted by Deloitte, organisations that have achieved a higher level of digital maturity have been significantly outperforming their lower-maturity counterparts over the course of the previous calendar year. Analysis of the survey results indicate that these digitally mature organisations have achieved significantly higher net profit margins and annual revenue increases in comparison to the industry average.

Meanwhile, over two-thirds of Deloitte survey respondents believe that firms that do not digitise within the next five years would be “doomed.”

Additional report findings include:

Adapting a digital strategy aided institutions in dealing with the pandemic

A recent study revealed that more than three-quarters of organisations reported that digitalization has helped them to address a variety of challenges that arose during the pandemic. Moreover, these organisations were twice as likely to prioritise digital transformation as a primary objective.

More money comes in and more money is made each year for businesses that have gone digital

Research has found that organisations with a strong digital presence have a competitive edge over their rivals. Consequently, 69 percent of survey participants expressed their desire to enhance their digital transformation initiatives in the next twelve months, from an average investment of US$10.9 million to US$12.6 million, which equates to 0.6 percent of their yearly revenue and is an increase of 15 percent compared to the previous year.

In today’s increasingly competitive business landscape, digital technology is becoming an integral part of any successful strategy. By leveraging digital capabilities, organisations can provide enhanced consumer experiences, deliver innovative products and services, and promote organisational agility. As a result, going digital is becoming a necessity for any organisation seeking to survive in an ever-changing environment. In the future, all strategies must be digital strategies in order to remain competitive and secure long-term success.

Read the entire survey.

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