Australian businesses have 2 years to digitally transform before facing financial losses

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Australians no longer need to look far into the future to see how the new wave of digital disruption is transforming the business landscape. From customer experience to employee engagement, the acceleration of technology means businesses must innovate to survive, but many organisations continue resisting change.

Released today, the research titled ‘Are businesses really digitally transforming or living in digital denial?’ sheds light on the reality of today’s digital transformation challenges.

The survey of 52 Australian businesses in a global sample of over 700 was commissioned by global cloud-based software provider Progress, in an effort to educate and equip businesses with the information they need to succeed. 

The report found while most Australian businesses recognise the inherent benefits of going digital, the majority of respondents are hitting roadblocks through lack of internal alignment, lack of adequate skills and plenty of cultural resistance.

“Surprisingly 65 percent of Australian businesses leaders say their organisation is in denial about the need to digitally transform processes or services, yet 90 percent see digital transformation as important or critical,” said Craig Law, the managing director of Progress Australia and New Zealand.

The survey results show that more than two thirds of Australian businesses believe they have two years to innovate and embrace digital technologies before suffering financial or competitive consequences. A third said that they have a year or less before this will happen and the vast majority are worried they may already be too late.

Meanwhile, 67 percent said the main driver for digital transformation is optimising customer experiences and engagement. IT is more likely to be the final decision maker/budget holder for digital initiatives for 71 percent of businesses.

The biggest barrier to delivering compelling customer experience for 69 percent of those surveyed is lack of digital leadership.

“There are four fundamentals for success—optimise customer engagement, collaborate with partners, unburden IT and simplify operations,” said Law.

“Digital transformation is driving this shift and while virtually every business understands this, they struggle to know where to begin. Progress wants to partner with Australian businesses during this time of change to provide developers and marketers with the tools necessary to navigating this new environment,” said Law.

Chloe Potvin
Chloe Potvin is a contributing small business writer for Kochie's Business Builders.