Industrial Automation Magazine India

Only 27 percent of companies able to track digital transformation RoI

Published on : Saturday 04-09-2021

A study by The Keenfolks shows that while the vast majority of companies have accelerated digitally during the pandemic, many still face considerable challenges.

Barcelona, September 2, 2021 – A survey of 100 global executives shows digital gap has widened during Covid-19 75% of companies have advanced digital transformation, but many are struggling to collect and analyse data. Nearly three-quarters of the world's companies are struggling to calculate the RoI of their digital transformation spend, according to a brand-new survey of over 100 multinational C-suite executives. The study, conducted by global digital transformation specialist The Keenfolks, shows that while the vast majority of companies have accelerated digitally during the pandemic, many still face considerable challenges.

These challenges include data shortages, a lack of investment in marketing technology and the relentless change in consumer habits. The findings are contained in a new report, Digital Gap 2021. The study responses are drawn from Europe, the US and Latin America and cover the technology, pharmaceutical and consumer-packaged goods (CPG) sectors. One of the key themes of the study is the use of concrete information, and the challenges many companies face in accessing and analysing it. When asked whether their company can track and calculate digital RoI effectively, only 27.7% said yes.

Furthermore, 60% of business leaders surveyed believe their company does not generate enough data - and only 32% agreed that they know how to use their data in a meaningful and actionable way. It appears that the changes catalysed by the pandemic, such as a rise in e-commerce, are making it even harder for brands to read their customer base. In fact, 55% of executives believe it is increasingly difficult for their company to keep up with the evolution of consumer behaviour.

Yet despite all the evidence surrounding the effectiveness of marketing technology, nearly 50% of executives said that their company has yet to establish a strong MarTech stack and strategy, or establish automation processes for marketing activities. The main barriers to MarTech, automation and data implementation are a lack of competencies, poor awareness of customer data tools and platforms, lack of internal data talent, and inability to manage a consumer database without the aid of a strategic partner.