No one could have predicted where 2020 would take us. In these times of unprecedented change it has become even more evident that companies must innovate, digitally transform, and adapt to remain competitive and succeed. If they don’t, they are doomed to fail.
With this field note, we want to share interesting statistics and trends from 2020 involving digital transformation, new technology, digital skills, and the demand for new customer experiences. We’ve collected data we’ve stumbled upon while helping companies take advantage of new opportunities using new technology. These statistics, or at least the underlying trends, are something all companies should know to succeed in 2021 and beyond.
We have divided this 2020 statistics, and trends data dump into four parts; Digital Business Statistics, Digital Skills Statistics, Customer Experience Statistics, and Emerging Technologies Statistics. Read everything or scroll straight to what you think sounds most interesting.
Digital Business Statistics and Trends in 2020
Strengthening the digital business model is a solution to the business crisis in times like Covid- 19 pandemic. Terms like digitization, digitalization, digital technologies are no longer just concepts that businesses have heard of - they have become fundamental strategies for any business to stay ahead of the competition and succeed in a current digital-first world.
Companies need to transform their business models to keep pace with the ever-changing business environment. Otherwise, they will fail to keep up with the changes brought by new technologies or situations like Covid-19. The current market is changing, and the need for new digital services is increasing.
- 87% of senior business leaders say digitalization is a priority. According to Gartner
- 91% of businesses are engaged in some form of digital initiative. According to Gartner
- 51% of digital transformation efforts are fueled by market pressure and growth opportunities. According to Prophet
- Up to 93% of companies agree that innovative technologies are necessary to reach their digital transformation goals. According to Forrester
- 89% of all companies have already adopted a digital-first business strategy or plan to do so. According to IDG
- 70% of companies either have a digital transformation strategy in place or are working on one. According to Tech Pro Research
- Digital-first companies are 64% more likely to achieve their business goals than their peers. According to Adobe
- 87% of companies think digital will disrupt their industry, but only 44% are prepared for potential digital disruption. According to Deloitte
- Only 23% of companies are not dependent on digital products or operations. According to Harvard Business Review
- 45% of companies reporting a positive business impact of digital transformation also reported higher net revenue growth. According to Deloitte
The benefits of digital transformation are exponential. As the stats clearly show you, the benefits of digital transformation are imminent. Digital Transformation helps businesses to communicate, collaborate, and deliver services more efficiently and effectively.
Digital Skills Statistics and Trends in 2020
Digital skills are becoming even more important, if possible. With businesses increasingly adopting new technologies like Artificial Intelligence, cloud platforms, and data analytics, employees will need to continue developing new skills and adapting to change.
Covid-19 has profoundly affected the demand for digital skills across the labor market. We can see that digital tech roles remain in high demand compared to other sectors.
Without access to the right digital skills, employers cannot drive transformation forward. Digital transformation depends heavily on employees’ capabilities and talents. The lack of crucial skills can significantly hinder business growth and innovation.
- Amazon revealed that they will support the future workforce with free cloud-computing skills training for 29 million people worldwide by 2025.
- Microsoft launched an initiative to help 25 million people worldwide acquire digital skills.
- By 2022, everyone will need an extra 101 days of learning. According to World Economic Forum
- 54% of all employees will need significant reskilling by 2022. According to World Economic Forum
- 55% of employers most worried about digital skills say innovation is hampered by a lack of key skills. According to PwC
- Over the next five years, the global workforce can absorb around 149 million technology-oriented jobs. According to Microsoft
- 85% of Americans believe that digital skills will be important to success in today’s workplace. According to Pew
- 42% of organizations have implemented digital skills training initiatives. According to BrainStation
How To Respond to Changes in Your Business
How can you handle changing markets, the demand for new customer experiences, and the need for new skills?
Book a free demo and find out how we can help you adopt a mindset for change and tools to increase your pace of innovation!
Customer Experience Statistics and Trends in 2020
Customers are at the core of the digital transformation. As businesses enhance customer experiences, they will gain a competitive edge to surpass their competitors in an increasingly competitive marketplace. With the help of digital transformation, companies can keep up with changes in the market and provide customer satisfaction and an increase in profitability.
Customers want the best result from your product and services. They seek the best customer experience from your company - if you can’t offer them something good enough, they likely take their business elsewhere.
- Customer experience was marked as the single most exciting opportunity for B2B businesses in 2020. According to Adobe and Econsultancy
- Customer experience will overtake price and product as the key brand differentiator. According to Walker
- Businesses that lead the way in customer experience design outperform late-movers by almost 80%. According to Forrester
- Increasing customer retention by 2% is the same as cutting costs by 10%. According to SuperOffice
- 86% of customers today are willing to pay more for a better experience. According to SuperOffice
- Some 27% of brands improved their CX this year, which is 13% higher than the previous year. They improved by focusing on core CX competencies. According to Forrester
- Digital transformation and a focus on customer experience can generate a 20-30% increase in customer satisfaction and economic gains of 20-50%. According to McKinsey
- 84% of customers say being treated like a person, not a number, is very important to winning their business. According to Salesforce
- 70% of customers say understanding how they use products and services is very important to winning their business. According to Salesforce
- Customers are 2.1x more likely to view personalized offers as important versus unimportant. According to Salesforce
- Customers are 3.7x more likely to view seamless transitions between channels as important versus unimportant. According to Salesforce
New Technologies Statistics and Trends in 2020
The use of digital technologies like AI, cloud computing, big data, automation will help business leaders to make better and faster decisions that result in progression.
- At least 90% of new enterprise apps will insert AI technology into their processes and products by 2025. According to IDC
- Internet of Things (IoT) had the largest share of the overall digital transformation market in 2019, but AR/VR technology is predicted to have the fastest growth until 2025. According to Research and Markets
- 88% of all organizations have accelerated their cloud migration, but only 55% are adding security tools to protect it. According to Trend Micro
Top Takeaways From All These Digital Transformation Statistics and Trends
Digital disruption and transformation are fueling change in the modern economy, as these statistics suggest. Digital-first initiatives have become a top priority for the majority of companies, even during the pandemic. Yet, it has also accelerated the need for digital transformation, helping companies stay more resilient and profitable during such difficult times.
The data demonstrates that companies who invest in digital transformation will have a better chance of succeeding, staying profitable, and even leading in their industries. Companies that fail to keep up with digital trends will have a much more difficult time in the years ahead.
Adopting digital technologies and a digital mindset is not just profitable; it is a necessity. As the economy becomes more digital and more dependent on new technology, every organization will need to become digitally mature, or even digital-first. The digital skills gap is widening, so companies must step up to close that gap to ensure that employees remain proficient and productive.
I hope you found this field note fascinating!
If you have comments, questions or just want to have a talk, do not hesitate to contact me.
Gustaf Ledin
WilburFlow
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