Across industries, decision-makers consider digital transformation essential, yet many are still hesitant to commit the resources necessary to make it happen. From one point of view—that is, a backward-looking one—you can understand why. A recent BCG report found that only 30% of digital transformation projects achieved their business goals. And 85% of them are plagued with delays and late delivery. Facing those odds, many executives have been loath to commit significant resources to digital transformation efforts.
While their reticence makes sense, they must also consider the enormous risk of inaction. One industry after another is being disrupted by digital-first competitors, as decision-makers in previously “safe” sectors are quickly learning. In fact, digital is not just an enabling technology, according to the authors of a recent Deloitte study. It has become the “lynchpin” of competitive strategy, they argue. In fact, nearly two-thirds of the study’s commercial respondents agreed that businesses are “doomed” if they don’t digitize in the next five years.
Why such a dire prediction for laggards? Largely because digitization has gone far beyond its beginnings as a cost-cutting strategy. “CEOs across industries now realize that digital has far more potential in the realm of revenues,” write BCG analysts. According to their researchers, 90% of recent digital transformations have included customer-facing initiatives, from digital marketing and personalization to streamlining customer journeys.
Even the economic downturn caused by the COVID epidemic has not dampened the drive toward digitization. A BCG survey found that 80% of respondents across industries plan to accelerate their digital initiative efforts, with nearly two-thirds actually increasing their investments.
The good news is, businesses that have sat on the sidelines can take heart. With a no-code application platform, they can dramatically speed and simplify digital transformation—and level the playing field with more advanced competitors far more quickly today than just a few years ago.
Unqork—the world’s first enterprise no-code application platform—is specifically designed to speed the development of sophisticated applications in complex, highly regulated sectors, such as finance, insurance, healthcare, and government. Developers—Unqork calls them Creators—can quickly build customer-facing applications and seamlessly connect them with backend systems. That means businesses can focus their resources on business challenges rather than managing syntax, bugs, and legacy code.
It is time for businesses to reexamine long-held assumptions about the perils of digital transformation. In fact, these assumptions are quickly turning into myths that deserve systematic debunking.