Today, almost every company is a digital company. On average, a fifth of enterprise revenues come from digital products and services, according to new research by The Economist. This figure is forecast to double within a year and accelerate strongly beyond that.
Rising competition, customer expectations, and social responsibility have been the key drivers of digital transformation, enabled by access to data. Digital transformation backed with data not only optimizes profits but also enhances customer experience. However, cybersecurity, data interoperability, and privacy are still significant concerns. Low perceived levels of maturity in fully leveraging artificial intelligence (AI) and machine learning (ML) add further roadblocks to successful transformation.
