Key Digital Transformation Statistics You Need to Know in 2024

It’s no secret that the GRM team is pretty enthusiastic about digital transformation consulting. The successful integration of tech into your organisation can help with a wide variety of enterprise goals, from expanding your marketing reach to improving innovation. But, don’t let us do all the talking

To show you just how it is to embrace digital transformation, we’ve scoured the web for some of the most interesting digital transformation statistics. 

2024 Digital Transformation Stats: What to Expect

Incorporating technology into a business isn’t a new idea, but digital transformation goes beyond revamping your content management system and CRM. Instead, it’s about using data and analytics to drive crucial decision-making. By understanding your audience, competitors, and market, you can make better choices about where your business is headed and the areas you need to focus on to ensure solid and steady growth.

The facts about digital transformation we’ve put together should start to show you more about how other businesses are using technology, as well as the benefits it can bring to your company. 

Key Digital Transformation Statistics

1. 51% of CEOs report that digital transformation improvements have boosted the revenue for their companies. (Gartner)

2. According to Finances Online, the top benefit of digital transformation was an improvement in operational efficiency, followed by meeting changing customer expectations and improving the quality of new products. (Finances Online)

3. Adding digital tools and software to your business increases the speed at which you reach your overarching business goals by 22%. (Deloitte)

4. It’s expected that companies that adopt the use of AI will see a 25% boost in customer satisfaction. (CMSWIRE)

5. 35% of businesses are already using artificial intelligence (AI) as part of their digital transformation strategy, with a further 42% exploring future adoption. (TechJury)

6. 89% of large businesses around the world already have digital transformation strategies on the go, though they’ve only achieved 31% of the projected revenue increase that experts predict they could. (HBR)

7. Almost 90% of senior executives surveyed by Gartner believe that digital transformation should be a key priority for businesses. (Gartner)

8. In 2023, the global digital transformation market reached a value of $695.5 billion. (MarketsandMarkets)

9. By 2030, it’s expected that a compound annual growth rate of 24.1% will drive the total value of global digital transformation to $3,144.9 billion. (MarketsandMarkets)

Facts About Digital Transformation: A Closer Look

That’s a whole lot of digital transformation statistics from last year, as well as a few that date a little earlier and some that look ahead to the future. But what do they tell us?

For a start, digital transformation is being adopted by more organisations every year. As CEOs, executives, and entrepreneurs clock onto just how important a tech strategy is for their brand, spending on transformation is rising. In terms of how far it’ll go, the sky’s the limit.

There are also some key benefits here that your business should pay attention to, including:

- Improving customer satisfaction

- Boosting your business revenue

- Improving efficiency within your business functions

- Adapting to customer desires

- Better product innovation

In general, it’s clear that digital transformation leads to better business, both from the customer's perspective, your team’s perspective, and in terms of revenue.

It’s interesting, too, that a lot of organisations aren’t getting as much of a profit boost from digital transformation as they anticipated, showing there’s still a lot of learning that needs to happen or there needs to be more defined ways of measuring digital transformation success.

Understanding the Impact of Digital Transformation Statistics

If there’s one thing that you take from the digital transformation facts in 2024, it should be the urgency to start implementing your own digitisation strategy. With changing customer expectations and a constant uptick in competitor businesses that are jumping on the digital bandwagon, there isn’t time to wait around.

Don’t confuse urgency with a need to rush your strategy, though. Digital transformation is all about making conscious, thought-through decisions that are backed by evidence. Start yours soon, but don’t force it through too quickly or you’ll risk missing out on some of those key benefits. 

Tips for Starting Your Digital Transformation Strategy

As a place to start, let’s take a look at the overarching steps of developing a digital transformation strategy. These include:

- Understanding your business objectives

- Identifying areas of your business that can be improved by technology

- Using data to understand customer demands and needs

- Choosing technology that works for your objectives, your processes, and your customers

- Creating a company culture that supports your digital transformation and continuous adoption of new technology

- Training your team on the process changes

- Using data to A/B test your changes and help drive future digital transformation decisions

This is a pretty simplified version of what a digital transformation can look like in an organisation, and we’ve found that key steps can vary from place to place. For a personalised, experienced approach that drives your company into the future, it’s a good idea to bring digital transformation specialists on board. 

Start Your Transformation With GRM Digital

The world of technology is rarely still and consumer behaviour is changing just as quickly. If you want to keep up, you need a focused digital transformation strategy that’ll bring a faster and more cohesive experience to your customer base. That’s where we come in.

With an expert team on your side, we’ll work together to create a roadmap for your transformation based on market data and customer insights. Keen to learn more? Get in touch with us today and let’s talk about your future business transformation.