According to new research from CI&T, only 7% of businesses are succeeding in meeting or exceeding their digital transformation targets.
The findings come from 100 digital business leaders across European enterprises as part of the firm’s Accelerating Digital Efficiency With The AI Multiplier report, which reveals the key challenges that businesses are facing on their journey to digital.
Nevertheless, CI&T alludes to a positive twelve months ahead, with rising budgets making more room for digital transformation.
Companies are slow to go digital
The study noted that pressure to achieve results is increasing, while pressures to remain operationally and financially efficient are simultaneously on the rise.
Fortunately, three in five (59%) businesses said that budgets have increased this year, and a number of organizations have already expressed the expectation that budgets could rise again in 2024.
Unsurprisingly, the key to unlocking greater efficiency is artificial intelligence – four in five (80%) respondents expect AI to have a positive impact on their business, and three-quarters (76%) have either already started to use generative AI or will do so in the next 12-18 months.
Still, there remain some areas that are in need of an overhaul as part of ongoing digital transformation strategies. CI&T says that IT and data strategies, data management, customer operations and service platforms, cybersecurity, and ecommerce and payment platforms all need to be addressed moving forward.
CI&T Chief Strategy Officer EMEA Ross Sleight said: “What’s important is an alignment of the organisational priorities and a clear understanding of the value that can be achieved to set realistic goals, combined with the right skill sets, processes and people to deliver on this transformational journey.”
Sleight added that AI is not the “magic bullet,” instead implying that the technology is a mere pillar in a more rounded digital transformation strategy.
Looking ahead, Sleight and CI&T believe that digital transformation should consider a range of aspects, including performance, efficiency, and speed, urging businesses to look beyond the potential cost savings.
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With several years’ experience freelancing in tech and automotive circles, Craig’s specific interests lie in technology that is designed to better our lives, including AI and ML, productivity aids, and smart fitness. He is also passionate about cars and the decarbonisation of personal transportation. As an avid bargain-hunter, you can be sure that any deal Craig finds is top value!