GCC govts, undergoing major digital transformation efforts to adopt emerging technologies – The Peninsula

GCC govts, undergoing major digital transformation efforts to adopt emerging technologies – The Peninsula

Doha: New research published yesterday from Boston Consulting Group (BCG) shows that while 94 percent of companies have big aspirations to deliver substantial and rapid impact from digital transformation, and companies plan to increase investment in digital transformation in spite of global economic headwinds, the majority of these digital transformations fail to achieve their objectives.

Titled “Mind the Tech Gap,” the study is based on a survey of nearly 2,700 executives driving digital transformations in companies across 13 countries and a wide range of industries. Despite a tightening global economy, the survey also finds that 60 percent of companies plan to increase their spending on digital transformation in 2023 vs. 2022, with business model transformation and sustainability as the top two areas for future investments.

“Many CEOs I speak with are grappling with the challenge of delivering their business strategy through major digital transformations. To tip the scales, we are doubling down on BCG X, our nearly 3,000-person tech build and design unit. BCG X will turbocharge BCG’s deep industry and functional expertise to enable innovation at scale and deliver successful end-to-end digital transformations,” said Christoph Schweizer, BCG’s CEO.The survey revealed five key challenges in establishing and executing digital transformations such as