By surveying 900 C-suite executives and key decision-makers from 9 countries, Fujitsu has found out the socio-economic value of Digital Transformation. Almost 90% agree that digital transformation delivers profitable results that directly add value to society.
Today, digital transformation is a key strategic process to grow and consolidate business operations in the digital age. Digital transformation involves the complete re-engineering of Business Process, Business Models, Domain and Organization Culture. These are called the four pillars of any digital transformation journey. But, why does the digital transformation matter so much in 2020?
Business values are evolving with innovations in industrial machinery and automation technologies. Processes and operational techniques have undergone a complete transformation with the arrival of new-age capabilities such as AI, Robotics, Cloud, and Industrial IoT.
While industrial and technological progress continues to benefit business and society, it has also created significant social challenges including environmental issues and cyberattacks.
According to Fujitsu’s latest survey published in the Global Digital Transformation Survey Report 2020, 92% of respondents agree they must provide value to society to make business more sustainable. Almost 90% also agree that digital transformation delivers profitable results that directly add value to society.
Fujitsu is a leading Japanese information and communication technology (ICT) company offering a full range of technology products, solutions and services in the DX ecosystem.
The 4th edition of the annual Fujitsu Future Insights Global Digital Transformation Survey Report highlights what business leaders perceive as the success factors for digital transformation (DX) and how it can provide value to society.
Driving Digital Transformation in the COVID-19 World
In recent months, the COVID-19 pandemic has threatened many lives and livelihoods, causing fundamental disruption to the global economy. In light of this and other urgent environmental and social issues, people now increasingly expect organizations to contribute to solving social issues. In the context of this growing awareness of social issues, the Fujitsu survey sought to understand how business leaders around the world now perceive the challenges of DX and providing value to society.
This is what the Fujitsu report found out:
Younger Generations are Prime Targets to Measure DX Effectiveness
92% of respondents agree they must provide value to society to make their business more sustainable. The reasons include increasing product and brand value, and appealing to younger generations, who are highly conscious about social issues and whose opinions and activities are impacting policies and business.
Employees and Local Citizens are Equal Shareholders in DX Goals
Additionally, around 80% of respondents agree that delivering value to multiple stakeholders such as customers, employees, partners and local communities, as well as shareholders, is important. The results demonstrate that the pursuit of profit alone is not enough to achieve sustainability. Organizations must provide value for multiple stakeholders.
Where to find the Mojo in DX: Developing and Delivering Practical Projects
More than one-third (35%) of respondents had found it difficult to develop practical projects that provide value to society through business. Almost a similar percentage of respondents (34%) have answers that it was difficult to identify a clear return on investment.
However, most respondents had indicated that aligning their strategy with delivering social value and changing their employees’ mindset are two key success factors for providing value to society.
DX’s Social Value Exceeds Brand Expectations
89% of respondents who have delivered results from DX initiatives said these efforts have allowed them to successfully provide value to society, demonstrating a positive contribution to both to business and to society as a whole.
The social value they have delivered through DX initiatives includes increased personal safety, improved well-being, contributing to smart and sustainable cities and addressing climate change.
Moreover, organizations that deliver successful results from their DX initiatives are able to provide more value to society. Fujitsu is committed to making the world more sustainable by building trust in society through innovation. The findings of this survey will help Fujitsu to continue to serve as a trusted DX partner, simultaneously helping customers to succeed in business and to provide value to society.
Fujitsu also annually publishes its Fujitsu Technology and Service Vision, which sets out ways in which business and society can be innovated with technology. Fujitsu Future Insights, which includes this survey report and whitepapers detailing the state of digital transformation and future trends across industries, analyses the challenges influencing transformation initiatives, including the impact of technology, and offers suggestions for future scenarios and strategies.