What do light bulbs, internal combustion engines, and cloud computing share? They are all examples of disruptive technology — innovations that quickly render earlier solutions obsolete. Once they become accessible to the masses and widely embraced, these transformative solutions can alter businesses, industries, and society in ways that were previously unimaginable. Yet while most people would find it impossible to achieve their goals without leveraging electric lights or engine-powered transportation, many business leaders still have not embraced cloud computing to drive the end-to-end enterprise evolution required to ensure lasting success.
Digital transformation is no longer just recommended but expected — especially given the pace of technological innovation and adoption. This speed only accelerated when the COVID-19 crisis exposed enormous gaps in demand planning and inefficiencies in the supply chain. Generally, organizations that digitized processes and leveraged digital technology before the pandemic overcame disruptions in their supply chains and other production areas. In fact, “digitally mature organizations” were more likely to have increased their profit margins and annual revenue growth during the pandemic than businesses with processes that were not digitally mature.
Digital transformation continues to be a considerable investment for businesses. By 2021, nearly three-quarters of organizations surveyed by Gartner reported actively engaging in digital transformation initiatives, including 48% that were “heavily involved.” Gartner also stated information technology spending was on pace to reach $4.4 trillion in the United States by 2023. Software, such as infrastructure as a service (IaaS), was expected to be the focus of much of that spending. The days of being able to afford not prioritizing end-to-end digital evolution are over.
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