Benefits of Technology/Digitalization

Goals

To obtain facts/data relating to the revenue and/or profitability improvements that companies achieve as a result of digitalizing their business or incorporating technology into business operations.

Early Findings

  • Accenture research reveals that artificial intelligence "has the potential to boost rates of profitability by an average of 38 percent by 2035 and lead to an economic boost of US$14 trillion across 16 industries in 12 economies by 2035."
  • According to Gartner, 56% of chief executive officers (CEOs) reported that digital improvements increased their profits.
  • McKinsey reports that high-tech business-to-business companies have reported achieving a 10% to 20% reduction in cost through digital transformation in their customer experience processes. These companies also reported 10% to 15% revenue growth.
  • In a PTC survey of executives across various verticals, it was found that the top benefits of digital transformation include improved operational efficiency (40%), "faster time to market [36%]", and meeting changing customer expectations (35%).
  • Eighty percent of executives who have made use of digital transformation technologies such as cloud, IoT, and PLM, "say they are able to deliver new value for smart, connected products throughout their lifecycle."
  • Also, 60% of executives stated that they have created new business models as a result of implementing digital transformation technologies.
  • According to Spiceworks, 52% of businesses invest in new technologies in order "to reinforce business growth," while 46% do this to meet the requirements of a project.

Proposed next steps:

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