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Business Technology: Best Performing Companies are Those Investing in Digitalization
CEOs are prioritizing digitalization as a top tool for helping them to gain advantage and efficiency, according to Gartner. In fact, 42 percent of CEOs say that digitalization is helping them achieve business priorities of increased profit and growth.
Andy Rowsell-Jones, research vice president at Gartner, said that “a digital ecosystem amplifies the reach of a company. It enables scalable connections between known partners and customers, but also provides a platform for unknown parties to connect with one another. Ecosystems blur industry boundaries and give rise to entirely new kinds of companies, products and services.”
Mark Raskino, Gartner vice president, said that “CEO understanding of the benefits of a digital business strategy is improving. They are able to describe it more specifically. Although a significant number of CEOs still mention e-commerce or digital marketing, more of them align it to advanced business ideas, such as digital product and service innovation, the Internet of Things , or digital platforms and ecosystems.”
Gartner found that top performing businesses spend on average one-third of their budgets on digitalization, and these businesses say that they intend to spend even more, as much as 43 percent of their budgets, on digitalization through 2018. Typical businesses spend, on average, only about 18 percent of their budgets on digitalization. Trailing businesses are spending less than seven percent of their budgets.
Gartner found that governments are spending about 20 percent of their budgets on digitalization.
