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Digital Transformation (DX): The Reincarnation of Businesses as Software Companies
The future of businesses in America is information, not just more products and services, says IDC. IDC calls it Digital Transformation (DX), a transformation of traditional business to a digital-centric economy.
Every company will be a software company. For example, Jeffrey Immelt, CEO of GE, said that “On our current trajectory, GE is on track to be a top 10 software company.” You don’t think of a company like GE to be creating massive amounts of software.
IDC recently made predictions about the Digital Economy going forward. The predictions include:
- By 2017, the revenue growth rate of digital/information products will be double the growth of all other products and services for one-third of Fortune 500 companies
- By 2018, 40 percent of CIOs will be leading digital transformation of their businesses
- By 2021, one-third of CEOs and COOs at Fortune 2000 companies will have come from technology leadership roles they had been in for at least five years
- By 2020, 67% of all IT infrastructure and software spending will be related to the cloud
- By 2018, companies that have invested in the Internet of Things (IoT) will see a 30 percent improvement in their cycle times.
- By 2018, 45 percent of CIOs will refocus their primary attention from BPM and process optimization to digital transformation
Frank Gens, Senior Vice President and Chief Analyst at IDC, said that “we are at an inflection point as digital transformation efforts shift from ‘project’ or ‘initiative’ status to strategic business imperative. Every (growing) enterprise, regardless of age or industry must become -digital native’ in the way its executives and employees think, what they produce, and how they operate.”
