Digital Darkness Consumes 90% Of UK and European Businesses; Digitopia Survey Shows

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In their recent survey of European businesses, the UK-headquartered digital maturity consultancy Digitopia has found that 90% of respondents are not measuring their digital transformation strategy, and remain unaware of the progress that they have made throughout their transformation.

Additionally, the survey also found that 65% of respondents blame their lack of awareness on being too busy with managing the digital transformation itself to monitor its progress.

The cut-throat influence of the pandemic has made one thing very clear – businesses can either fly or die when it comes to digital adoption. As a result, organisations all over the world embarked on a digital transformation journey that would not only benefit businesses in short-term lockdowns, but also create long-term sustainability.

At first, it was simple: better facilitate remote and hybrid working, leveraging the cloud to create a completely flexible working environment. However, with recovery from the pandemic well underway, the next steps in a company’s digital transformation strategy can quickly become unclear.

According to Digitopia’s latest research, this is already the case for the vast majority.

The study – which analysed the responses from 700 executives, ranging across C-Suite, VP, and Director roles in 400 different companies – found that only 4% of organisations are aware of the full extent of their digital transformation progression and can accurately measure it.

Lack of visibility over digital transformation progression isn’t exclusive to one industry, either. The research assessed the position of businesses across several sectors, including retail, consumer goods, automotive and manufacturing, insurance, banking, and finance.

Of these organisations that do not track their digital transformation progress, ‘busy with digital transformation’ was cited as the most common reason for failing to measure digital maturity, with ‘no shared vision’ being the second most popular response at 47%. A deeper insight into the findings of the survey are as follows:

  • Lack of skills and competencies (39%)
  • No sense of urgency (33%)
  • Misalignment in leadership (27%)
  • Disagreement on importance (13%)
Halil Aksu, CEO and co-founder, DigitopiaHalil Aksu, CEO and co-founder, Digitopia
Halil Aksu, CEO and co-founder, Digitopia

“These findings have surprised us following a year where so many organisations have turned to digital transformation to continue operating.” said Halil Aksu, CEO, and co-founder of Digitopia. “You manage what you measure, and it’s concerning that so few businesses are paying attention to such an important aspect of modern business. Digital transformation is more than just technology, and only by measuring, benchmarking, and assessing every aspect of the journey can an organisation know where it is succeeding, and where it needs improvement. Only then can these businesses see a maximum return on investment and deliver sustainable, long-term business success.”

  • Tyler is a Fintech Junior Journalist with specific interests in Online Banking and emerging AI technologies. He began his career writing with a plethora of national and international publications.

https://thefintechtimes.com/digital-darkness-consumes-90-of-uk-and-european-businesses-digitopia-survey-shows/