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4.2.2 How Important is Digital Transformation?

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According to the survey done by IDC (International Data Corporation), the worldwide investment on various technologies which are required for the implementation of digital transformation including hardware, software, and services has reached to $1.3 trillion by the year 2017. Companies dealing with the technology research expect costing to almost double as compared to now and by the year 2021 the overall investment for digitalization will exceed $2.1 trillion globally. A survey has been conducted by IT analyst Gartner regarding business issues of the business leaders as well as some technological aspects. Around 460 business leaders including CEO and senior executives has participated in the survey. Figure 4.1 shows the CEO top business priorities for the year 2018 and 2019. 62% of the executives said that the initiative was taken by the management or the management had a transformation program to transform their business more digitally. More than half (approximately 54%) of the executives said that the objective of their respective digital business is totally transformational, whereas 46% of the executives said that the motive behind the initiative taken by the management is optimization [13]. Above data can be represented and easily analysed with Table 4.1. Approximately half of the executives were agreed for the objective as optimization.


Figure 4.1 CEO Top Business Priorities for 2018 and 2019 Source: Gartner.

Table 4.1 Various objectives of organizations for transformation given by 460 executives.

S. No. Percentage of executives answered No. of executives answered Objective
1 62 285 (Approx) Make their business more digital
2 54 248 (Approx) Business objective is transformational
3 46 212 (Approx) Optimization

Internet of Things in Business Transformation

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