Valoria survey: 63% of companies say they will change radically in the next 3-5 years due to digitalization

Valoria survey: 63% of companies say they will change radically in the next 3-5 years due to digitalization

Benefits of digitalization

The most important cumulated benefits of integrating the digitalization process in the next 5 years are: process simplification (61% in 2020 vs. 58% in 2018), cost reduction (52% vs. 48%), increased operational efficiency (49% vs. 48%), revenue growth (28% vs. 31%) and better measurement of company performance (26% vs. 28%). In the last place is the facilitation of the recruitment and retention process of employees (2% vs. 3%).

In 2020, 17% of companies strongly influenced by digitalization, 15% of medium-influenced and 18% of the least influenced believe that digitalization will contribute to the operational efficiency of the company. The companies that have been least influenced are those that believe the most that digitalization improves their decision-making process with the help of data analytics (10%). The companies most influenced by digitalization are those that consider that they will benefit from process simplification (24%), competitive advantage (7%) and innovative products (8%).

57% of companies say they have been heavily influenced by digitalization

In 2020, 57% of companies compared to 47% two years ago, say that digitalization has already had a big influence on them and 5%, compared to 2% in the previous study, say it had no influence. Moreover, 63% of companies, compared to 53% in 2018, say they are confident about digitalization because they have the knowledge to navigate this process. On the other hand, 37% still have difficulties related to the digital transformation. Of these, 19% are somewhat skeptical that they will capitalize on this trend. Only 2% of companies say they don’t think digitalization is good for the company.

It is noteworthy that 78% of companies strongly influenced by digitalization are confident and consider that they have the necessary knowledge to go through this process. On the other hand, the percentages of those who are somewhat confident that they will capitalize on this trend are still the highest (57%) among companies that say they were medium influenced by digitalization, almost equal (46%) with the least influenced.

33% of companies say they have competitors very affected by digitalization

Most of the respondent companies (29% in 2020) believe that the companies that are their competitors have been affected to a relative extent by digitalization. On the other hand, 16% believe that they have competitors affected to a very large extent, and 9% that they have competitors affected to a small extent by digitalization. Only 1% believe that those who are their competitors have not been affected at all by this phenomenon.

If 64% of companies said in 2018 that they will change significantly in the next 3-5 years as a result of digitalization, the percentage remains at 63% in 2020. Of the companies strongly influenced by digitalization, 16% believe that they will remain at the level of digitalization to which they are now, but the percentage increases to 25% for medium-influenced companies and to 41% for those least influenced by digitalization.

In 2020, 65% of responding companies say they have leveraged digitalisation to gain a competitive advantage. The percentage increases to 90% in the case of companies strongly influenced by digitalization, decreases to 59% in the case of those medium influenced and to 38% in the case of those slightly influenced by this transformational process.

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