Innovation remains a primary goal for business professionals, with digital transformation initiatives leading the way. Digital transformation spending is predicted to hit $1.7 trillion by the end of 2019, as companies continue to allocate funds toward forging better business ecosystems, customer experiences, asset management, and more, according to TIBCO’s 2018 CXO Innovation survey, released on Thursday.
The report surveyed more than 600 business and IT professionals whose titles included CXO, senior vice president, vice president, senior director, and director to determine organizations’ top innovation strategies and challenges. A positive correlation exists with a company’s digital transformation maturity and ability to innovate, the report found, proving how important digital transformation efforts are for the future of the enterprise.
SEE: Digital transformation: A guide for CXOs (Tech Pro Research)
However, organizations continue hitting roadblocks during the digital transformation process. The survey identified the following five major innovation project obstacles, and the number of CXOs facing them:
- Limited time and resources (13.3%)
- Limited or no budget (10.66%)
- Security concerns (10.16%)
- Lack of new skill sets (8.73%)
- User acceptance (adoption) (7.01%)
Companies can combat these obstacles by creating an innovative work culture, aligning resources and budgets with innovation goals, the report suggested. Additionally, the right technologies can help by opening agility in existing architectures and securing innovation initiatives, according to the report. The last two obstacles can be mitigated by looking at people as assets, making them feel valued and intrinsic to the company.
More than two thirds of business professionals reported a lack of confidence in their companies’ digital transformation efforts, noting that they don’t feel as if they’ve reached “expert” status, the report found. By analyzing and attacking these obstacles head-on, however, organizations have a better shot at reaching digital expertise.
Check out this TechRepublic article to learn about digital transformation predictions for businesses in 2019.
The big takeaways for tech leaders:
- The biggest obstacles in digital transformation are limited time and resources, limited to no budget, security concerns, lack of new skill sets, and user acceptance. — TIBCO, 2018
- Companies can overcome these obstacles by aligning business goals with business initiatives. — TIBCO, 2018