While many Canadian businesses are taking steps towards digital transformation every day, experts predict that those who hesitate risk falling behind or worse, becoming extinct.
Innovation-consulting firm, Innosight estimates that at the current rate of tech-savvy digital disruptors entering the market, about 50% of the S&P 500 will be replaced over the next 10 years.
What is DX and why is it so important?
DX is the adoption of advanced, third-platform technologies – such as mobility, cloud, big data, social/collaboration tools and the Internet of Things (IoT) – to reimagine business processes, or in some cases, reinvent business models and disrupt industries.
The benefits of DX include increased efficiency and business productivity, improved customer service, optimized costs and accelerated innovation. Early adopters have reported that spending on digital-first IT investments has increased profitability by 40% compared to traditional IT investments, according to IDC Canada.
In a recent Canadian Business article, Benoit Simard, VP of marketing, strategy and planning at TELUS Business says, “Digital transformation isn’t about automating current processes. It’s about harnessing the full potential of technology to create entirely new ways of doing business.”
Kinark Child and Family Services recognized that their current infrastructure was no longer sufficient. In fact, it was hampering their progress. To move ahead, they needed to review their technological needs and develop a comprehensive plan for the company’s digital transformation.
Working with TELUS, Kinark now has a multi-year strategy in place that encompasses next-generation technologies like cloud, positioning the company for success.
Kinark is not alone. A recent TELUS study found that 75% of Canadian businesses are in the early or developing stages of a transformation as they look to future-proof in a world where disruption is becoming the norm and technology is rapidly changing the rules of operation.
It’s time to take action before it’s too late.
Read the Canadian Business article and learn why Canadian businesses can’t afford to ignore digital transformation any longer.