Many companies are ready to invest more on digital technologies to get the right outcomes, those will address their issues. Of late, they are demanding outcome-based projects. The digital transformation has changed the world and companies are trying hard to get the most from the leveraging technologies. Digital technologies are helping companies to improve their operational efficiency and manage their customers. And, new-age technologies are also helping them to boost their productivity. It doesn’t matter which technology is used to complete the project, ultimately the companies are in need of the outcome.
Digital technologies are not new to us, but we knew them in another name – the new technologies. Currently, companies are spending more on the traditional IT and it is speculated that the spending on the digital technologies – new-age technologies would increase to around 75 to 80 percent, while the share of the budget for the traditional IT to stay at around 25 to 30 percent.
The digital transformation is fueling the demand for outcome-based project. The convergence of technology based business models, internet penetration and IoT has brought digital transformation across the world.
Companies are not worrying about the technology platforms like automation and analytics platforms rather they are asking for the outcome, which would solve their issues and help them increase their productivity and revenue generation. Companies are willing to pay more the new technologies in order to get the right solutions for their process. They are least bothered about the kind of technology is being used to develop the solution for them. They need to get the software solutions those would fit into their business model and boost their sales and efficiency. On the contrary, IT companies have been focusing on the ideation and innovation to give the right solutions to enterprises, companies and industries.
According to a study, in 2015, about 6% of revenue, nearly $364.5 billion, was driven by digital technologies. The revenue from digital technology will touch to $770 billion by 2018.
Gartner, a leading research and advisory firm, predicted that 25 percent of business could lose competitive ranking by 2017 due to lack of digital business competence.
Companies can improve their operations and customer experience by adopting digital technologies. According to Massachusetts Institute of Technology (MIT), 44 per cent of companies use the digital technologies to improve the customer experience and 30 percent of companies to improve their operational efficiencies.