Soul-searching: 43-percent of Progress survey respondents may be too late on their DX journey
Knowing that digital transformation is necessary for your organisation is one thing, actually being able to do anything about it, is another.
During their Asia Pacific Exchange conference in Singapore yesterday, Progress Software released results of a survey by Loudhouse, that businesses have less than two years to make digital inroads before they start to suffer financial and competitive losses.
Respondents for the survey conducted during first quarter of this year, include over 700 individuals from ten countries including Singapore, Australia, United Kingdom and the United States.
The global survey titled, “Are Businesses Really Digitally Transforming or Living in Digital Denial?” also highlighted that there are businesses who are still in digital denial; a reflection of its leadership’s state of mind when it comes to digital, that ultimately permeates across the whole organisation.
Progress’ Product Marketing Manager for Digital Transformation, Gregg Shupe said that the company’s leadership may agree the digital transformation (DX) is important “…but they don’t know what to do. There are so many possibilities to take advantage of, but where to start?
“This is a leadership problem.”
Of note is a Bain and Company statement that “Eighty-percent of CEOs think they have developed superior customer experiences, but only eight-percent of their customers agree.”
More telling perhaps, is that 43-percent of respondents had done enough serious soul searching to admit that they may already be too late.
Shupe described that these respondents are panicking and they understand that a strategy has to be in place. Progress enables their partners to go to these companies to provide them with a strategic plan that can be executed upon.
Also key, is that most digital initiatives die off due to lack of funds. “These companies’ realisation come with them prioritising funds for digital, to ensure they are still in business in the near future,” said Shupe.
Customer engagement is key – but you still need technology
According to Progress Vice President in APJ, Matthew Gharegozlou, customer engagement (as a business outcome) is key but unless companies have backend systems and processes that engage its employees as well, their customer experience will suffer.
Progress Digital Factory which launched last month, is meant to address the digital transformation challenge. It is basically Progress’ suite of solutions to help customers stand up an omni-channel experience for end users, in a shorter span of time.
In Malaysia specifically, Progress Managing Director Benjamin Wong admitted that there have been more and more Malaysian businesses interested in their options when it comes to enhancing their respective organisations’ digital offerings.
This is a trend that is pervading across the Asia region, Wong observed, but Malaysia’s unique challenge is companies’ tech spending budgets which have been impacted by the Ringgit’s decreased value.
Wong said, “We are working with cloud service providers to seed the market via hosted content management system (CMS) solutions. “
This is in preparation for when the Malaysia market is ready again for bigger, on-premise installations, according to Wong.
(This journalist is a guest of Progress Software to their Asia Pacific Exchange conference in Singapore)