Although the pandemic disrupted many organizations’ project and digital transformation plans, it also helped businesses focus on innovative projects.
According to a survey from Couchbase, 77% of companies were forced to make major changes to their digital transformation projects due to the current climate. Yet, this led to a spur of innovation which almost doubled from 8% in 2019 to 14% at the end of 2020. Moreover, the research also found out that, during that period, organizations were able to successfully improve end-user experiences.
However, 79% of transformation projects have failed, been delayed, or scaled-back, which represents a major waste of resources for enterprises up to $5.5M.
The pandemic still led to an increase in spending with digital transformation going from $27 million per organization in 2019 to $27.5 million in 2020. However, 55% of organizations made major or better improvements to the end-user experience in 2020, which is less than in 2019. Only 17% gave an excellent end-user experience while responding to COVID-19.
The research also stated that, even despite the pandemic, around 31% of companies are struggling to reach their digital transformation goals. Those organizations were either too focused on responding to COVID-19 challenges, which held them back from giving their full attention to their transformation projects or had to face other technology challenges. Indeed, 55% of organizations were struggling with implementing new technologies, reliance on legacy technology that wasn’t adapted for the new digital era, or had not enough resources or funds to do so.
Moreover, 72% of organizations had to delay their strategic goals or reset them completely due to the delay or cancellation of their digital transformation projects.
Now, organizations have to be prepared to adapt to the challenges of 2021. There is a greater need for enterprises to increase their digital transformation plans in order to be ready and thrive for this post-pandemic world. Hence, they need to possess the technology, skills, and investment that will drive innovation forward.