Hopping on the Transformation Train
Global disruption has failed to halt shippers' digital transformation plans: 52% of companies say they will increase their spending on digital transformation, and those concerned with economic disruption are 20% more likely to invest in digital transformation, according to a global research study from IFS.
However, these numbers aren't consistent across all geographies or industry verticals. Construction is in the lead, with 75% of respondents in this sector saying they have plans to invest in 2020. Information technology (58%) and manufacturing (55%) companies come next. On the other side of the coin is the energy and utilities sector at 37%, followed by retail at 35%.
"Examining the specific industries, it is clear that the construction industry, which has historically been a laggard when it comes to enabling technology, is investing heavily to catch up with more digitally mature sectors such as manufacturing," says Antony Bourne, industries senior vice president, IFS. "This disparity in investment levels aligns very well with what we see across our own customer base."
Execution is another story, however. The ability to deliver a measurable return on investment quickly, and meet the expectations of stakeholders, is the No. 1 concern for 64% of decision-makers, the study says.
"Providing the necessary process transparency and analytics to ensure effective and informed decision-making is critical in these trying times," Bourne says. "Nothing less than a considered and resolute attitude toward adopting digital transformation will help companies thrive, now and in the future."