While some companies have already embarked on their digital transformation journeys, many more are struggling to get on their way.
Lack of leadership and alignment among management, legacy IT systems, conservative culture, and a lack of talent and skills were all cited among the hurdles in marketers' way.
Read on for more in this week's "Mind-Blowing Stats" roundup-and let us know where you are in your digital transformation journey.
- Twenty-seven percent of senior executives rate digital transformation as now being "a matter of survival."
- Seventy-six percent of marketers think marketing has changed more in the past two years than the past 50.
- Nineteen percent of companies say they will appoint a chief digital officer.
- Marketers are not confident in their digital ability. Only 48% say they feel highly proficient in digital marketing.
- A whopping 78% of marketers believe that marketing will undergo fundamental change over the next five years. Also not surprising: Of the top three changes cited, analytics, digital, and mobile are the key drivers. High-growth companies, in particular, say their investments in these three areas are paying off, especially to improve customer experience.
- While CMOs predict that analytical skills will become a core competency, digital budgets will account for more than 75% of the marketing budget, and mobile will account for more than 50% of the marketing budget, CMOs do not seem to be fully engaged. The proof? Only 21% of CMOs believe their company will be known as a digital business in five years.
- Meantime, one-third (32%) of senior marketing leaders in emerging markets think their company will become known as a digital business in five years. Marketers in emerging countries also are twice as confident in their ability to transform into a digital business (70% vs. 38% in mature economies).
- The majority (87%) of companies think that digital transformation is a competitive opportunity.
- Survey respondents rated current IT systems as the third biggest obstacle to achieving digital transformation.
- Just 36% of CMOs have quantitatively proved the short-term impact of marketing spending; for demonstrating long-term impact, that figure drops to 29%. So the vast majority of CMOs use qualitative measures or have not been able to show an impact at all.
- Marketers that have attained digital transformation have three commonalities. First, they have someone-like a CMO-who is setting the vision and leading the digital tranformation charge. Second, they all have a digital transformation team, or a group of individuals assigned to the task at hand. Third, companies that have reinvented themselves for the digital age are customer-centric in all that they do.
- Over half (52%) of senior executives cite a lack of familiarity with technology to be a barrier to digital transformation.
- Fifty-one percent of senior executives believe it critical to implement digital transformation in the next 12 months.
- Executives estimate that, at best, their companies are 25% of the way toward realizing the end-state vision for their digital programs. And 33% of organizations see digital transformation as a huge challenge.
- Thirty-nine percent of marketers plan to increase their digital budgets without increasing overall marketing spend, essentially reallocating existing budgets into digital channels.