Broadridge: Fast-tracking digital transformation with next-generation technologies report

Why is digital transformation so important? Broadridge’s survey shows that leaders have a significant advantage. They are 1.5 times more likely to have increased revenue through digital transformation. Leaders also report an increase in digital ROI as they advance in digital transformation. As companies advance in digital maturity, they often find that a focus on data and analytics improves strategic decision making. Leaders plan to increase the percentage of their overall annual IT budget devoted to digital transformation over the next two years. Non-leaders also expect to increase their spending on transformation to a greater percentage as they work to close the gap.

A closer look at company characteristics reveals key differences. As expected, higher digital transformation maturity levels are associated with larger company size. However, in the face of rapid change, companies of all sizes have the opportunity to transform their business models. Large companies were also more likely to accelerate digital transformation during the pandemic, further widening the maturity gap. Companies of all sizes and maturity levels share the same top priorities. Leaders are more unified in ranking these priorities in the top three. Asia Pacific has a higher percentage of companies in the late stages of digital transformation, and maturity levels are relatively consistent across regions.

How are companies leveraging the benefits of digital transformation? Companies are rapidly advancing digital communications and customer experience. More than half of leaders and non-leaders are already in the mid-to-advanced stages of implementation. In both paper and digital communications, companies consider personalization to be the most important to customers. Most leaders are in the late stages of implementing micro-personalization capabilities.

The survey shows that more than 90% of leaders are in the late stages of workflow digitization.

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