According to new research from IDG Communications, startups (established within 10 years) are ahead of traditional firms when embracing digital transformation.
The report, 2018 IDG Digital Business Survey, shows that 87% of well established companies have digital business plans compared to 95% of startups, whilst 55% of startups have adopted a strategy compared to 38% of more established firms.
IDG states that the major reason for this is integration challenges, with more traditional firms having to completely overhaul and update their culture and operating systems, whilst startups are more readily able to implement and update models in less rigid structures.
Despite this difference, the report, based on 628 respondents across multiple industries, generally reflects that organizations in the majority are embracing digitization.
According to IDG, 89% are looking to adopt or build on their digital-first business strategies. Further, 59% have adopted data analytics and 53% have implemented digital cloud technologies, whilst firms are also actively researching and piloting AI (56%), machine learning (55%) and IoT (50%).
“Technology has been a driving force in business transformation for years, but the pace at which new technologies are launching has reached its fastest speed. Now is the time to create efficiencies and differentiate through the customer experience,” said Brian Glynn, Chief Revenue Officer, IDG Communications.
“Organizations are doing more than simply adopting new technologies, they are adapting culture, while determining roles and responsibilities for this next era of business growth.”