Workday study forecasts spike in digital revenue
In an announcement made by Workday, the company reported the release of its latest study “Organisational Agility: Roadmap to Digital Acceleration”.
The study explored the state of digital initiatives and organisational agility. Workday surveyed voer 1,000 C-suite executives and business leaders in order to identify key challenges and opportunities in adopting digital best practices for greater organisational agility.
“The survey results indicate that business leaders plan to accelerate digital initiatives, with one-third noting that the single change that would improve organisational resilience with future crises is accelerated rates of digital growth,” stated Workday.
Key findings from the report:
- More than one third of firms expect 75% or more of their revenue to come from digital in three years time - this figure has tripled since 2019 in which one in 10 had the same projection
- While 56% of organisations say that their technology is compatible with their digital transformation goals, only 16% say the same for their company culture
- 77% of firms reported that their organisation is fast to act on falling investments in new technology, up 7% compared to 2019
- With 43% of respondents embracing continuous planning prior to the pandemic, Workday identified three core enablers that signal success: access to data, deployment of smart technologies, and an agile culture
- 31% of CEOs see culture as the biggest barrier when it comes to continuous planning, while 32% believed it to be the biggest barrier for data accessibility
- 64% of the finance industry are focused on highly integrated systems, while 49% are focused on cloud technology to improve the planning/reporting loop as well as mitigate the risk of future crises
- Skills deemed most valuable among IT and operations leaders include: the ability to use smart technologies (33%) and advanced analytics and data visualisation (30%)
“Business leaders now face a harsher reality about the urgency of digital transformation. This study highlights that COVID-19 not only cemented the need for companies to modernise but, as important, to accelerate those efforts. From supporting remote work processes to increasing opportunities for digital revenue and rebuilding supply chains, technology limitations proved to be a challenge for organisations in 2020, creating urgency to embrace and adopt new digital strategies,” commented Leighanne Levensaler, executive vice president, corporate strategy, and managing director and co-head, Workday Ventures, Workday.