UAE Business: Majority of digital transformations ‘fail to meet objectives’ – Gulf Digital News

UAE Business: Majority of digital transformations ‘fail to meet objectives’ – Gulf Digital News

Whilst 94% of companies have big aspirations to deliver substantial and rapid impact from digital transformation the majority of these digital transformations fail to achieve their objectives, said a new research.

Titled “Mind the Tech Gap,” the study by Boston Consulting Group (BCG) 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% 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.

Innovation at scale

“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:

•Making the right choices among disruptive technologies—top three cited are advanced AI, blockchain, and IoT

•Reaching scale fast with new digital solutions

•Recruiting digital