New research from digital transformation acceleration firm DeepSee.ai reveals that the corporate race toward digital transformation and data automation remains a top priority for business leaders, even as existing and emerging toolsets fail to drive actual outcomes.
The study, conducted by strategic research and polling firm The Tarrance Group, presents not only the state of play among companies currently invested in digital transformation efforts, but reveals deeper pressures and psychological drivers for business leaders responsible for operationalizing automation technologies now available to large enterprises.
“Digital transformation is more than a forward-looking initiative, it’s a matter of survival,” said Steve Shillingford, CEO of DeepSee, in a news release. “Business leaders must deliver, and yet many have lost their way along the journey. The findings from this survey reveal the fear, frustrations, and failures that plague so many of these data automation implementations, and hint at a better way forward.”
Key findings include:
- 76 percent of executives have made digital transformation in their companies a top priority
- 71 percent say data automation is “very important” or “extremely important” in how their leadership will be judged
- 60 percent feel neck-and-neck or behind the competition in the race to data automation
- Increasing revenue is the primary objective driving data automation efforts, in both banking and insurance sectors
- The biggest challenge is finding effective solutions that deliver real results
“We surveyed 100 executives in capital markets and insurance industries, with the primary goal of our research to learn the importance of this journey of automating their data operations, and the struggles they face along the way,” said B.J. Martino, partner at The Tarrance Group, in the release. “Going deeper, the survey was designed to get into the heads of these business leaders currently engaged in larger digital transformation. We asked them to reflect on how automating data operations helps them not only achieve business objectives but realize their visions as leaders in their organizations.”
The firm’s new Digital Transformation Survival Guide takes an in-depth look at the DX landscape and the various technologies that comprise it. Incorporating the latest data across a number of sources with findings from the survey, DeepSee lays out key considerations and best practices for executives facing challenges as they drive digital transformation across the enterprise.
“With some sectors facing strict regulation and being locked into legacy processes, it’s still a question of how large enterprises will fare in the journey,” added Shillingford. “This isn’t speculation, it’s what the leaders of these organizations are admitting, themselves. They’re navigating overwhelming terrain with an array of options and innovations in AI, machine learning, natural language processing, algorithmic modeling, and other automation tech. The Survival Guide helps executives move away from the multiple mismatched Lego pieces in an alphabet soup of automation tools, and employ a more curated, composite, and therefore more resilient and integrated approach.”