There’s a lot of talk about Digital Transformation these days. In fact, if you Google digital transformation, you can select from 58,800,000 results. But what is digital transformation?
Here’s one definition:
"Digital transformation is the profound and accelerating transformation of business activities, processes, competencies and models to fully leverage the changes and opportunities of digital technologies and their impact across society in a strategic and prioritized way, with present and future shifts in mind."
- Millennials are becoming the majority of B2B purchasers.
- Customers are increasingly younger, online and mobile. The millennial generation is well on its way to becoming the decision-makers in your business. Millennials now outnumber baby boomers in the workplace, taking 34 percent of the positions compared to 29 percent for baby boomers. Further, almost half of all online researchers in the B2B space are millennials.
- Mobile purchasing is the norm.
- 42 percent of B2B buyers use a mobile device at some point during their purchasing process. The digital-first generation requires a seamless omni-channel experience, with 87 percent of them using between two and three technical devices daily. Responsiveness is important for the design, but also for the functionality.
- The Market is skyrocketing but there are laggards.
- According to research by Forrester, in the US alone, B2B e-commerce will grow by over 30% and be a $1 trillion business by 2020. It’s growing nearly four times faster than B2C e-commerce.
- Digital companies grow faster and are more profitable.
- MIT Sloan says that companies with 50% or more of their revenues from digital ecosystems achieve 32% higher revenue growth and 27% higher profit margins.
Will you be a market leader or a laggard?