Four months ago, IDC launched its IT/OT Convergence Strategies program, and since then both end users and technology vendor engagement around the topic has been outstanding. These engagements have happened across the board: with IT leadership, operational technology (OT) leadership, and relevant business leaders all in some manner participating in the IT/OT convergence enablement ecosystem.
Somewhere along the way of the marketing campaigns and the market hype, the industry has forgotten why we are digitally transforming and what it means. If we rewind, traditional organizations are being disrupted by digital startups; they are seeking ways to innovate more rapidly, be customer-centric, harness data to generate insights at scale, and ultimately transform their operations to compete in the digital economy.
IDC Financial Insights’ latest insurance research uses the IDC MarketScape model to present a 2018-2019 assessment of 13 vendor companies servicing the insurance organizations across the globe in their digital transformation (DX) initiatives. This research is a quantitative and qualitative assessment of a vendor’s ability to enable insurance organizations to succeed in their DX initiatives and help anticipate its ascendancy.
Are you ready to compete in the digital economy? Has your organization strategized and actively pursuing DX technology initiatives? Or is your organization just starting to figure out what it means to be digitally transformed? If you are just starting, you better quicken your pace, because IDC believes by 2020, 60% of all enterprises will have fully articulated an organization-wide digital platform strategy and will be in the process of implementing it.
This past Spring, I spoke with numerous digital leaders who are feeling distraught. They know what needs to be done but feel a lack of empowerment. Either their CEO is not making the difficult organizational moves, or their organization has multiple strategies, or their investors are taking a short-term view when it comes to funding decisions. These are some of the challenges they feel they cannot overcome on their own.
IDC’s research shows that today’s systems of record are being replaced by new systems of intelligence, which layer in new autonomic and predictive intelligence assets. This revolution, fueled by Digital Transformation, is highly visible in the ERP application suite.
IDC calls this enhanced ERP portfolio “intelligent ERP” (i-ERP) and “intelligent applications” (i-Apps). These products are starting to run businesses in an increasingly digital world.
While today’s business environment is already digitally-powered, new technology advances are poised to deliver a radically new system of commerce. In fact, IDC predicts that by 2020, 50% of the Global 2000 will see much of their business depend on their ability to create digitally-enhanced products, services, and experiences. This expansion of Digital Transformation (DX) at a global scale signals a new digital economy.