Introduction
The COVID-19 pandemic has caused significant disruptions to several businesses across the planet and shifting to digital channels has emerged as an enormous obstacle. Albeit your product or service isn’t as easily marketable online, digitalizing your offering remains crucial. To show the corner, businesses got to realize that shifting to digital channels and e-commerce doesn’t always need to mean just a webshop. It also can mean facilitating a purchase online, enabling a demo, fixing a meeting, and so on. Today, the foremost digitally enabled company gains a number of consumers. Digital transformation forecasts a fundamental change in how organizations deliver value to their customers. The recent global pandemic has been a catalyst for several organizations and industries to speed up their digital transformation plans. But what does this digital landscape appear as within the B2B sector specifically in 2022?
Dig deep to find out more…
Digital Transformation Understanding By B2B Organization
Different corporations look at digital transformation with different viewpoints, but it is strongly inclined towards its use as it makes business processes quicker and more efficient. The survey suggests that 31% of marketers use digital technology to create fundamental changes to learn how to run their business. 25% are making their manual processes automated and 44% look at digital technology to make business processes quicker and more efficient.
If we tend to refer to simplified concepts what percentage of B2B organizations got their digital roadmap in situ, solely 55% confirmed with enterprises with associate e-commerce giving and people operating in money services and IT area unit additional doubtless to be sooner than the curve. As per the calculation, in industries that are growing with a digital transformation roadmap, 38% from SMEs, 68% from enterprises, 62% from E-commerce, 48% from no e-commerce, 76% from financial services, and 67% from IT. In education, 62%, manufacturing 58%, Retail wholesale 57%, Government and public sector are with 56% followed by hospitality with 52% along with construction at 51%. Healthcare is at 49%, business, and professional services at 43%, and left one with 34%.
Budget concern for B2B digital transformation
Of the B2B corporations surveyed, over80% have a budget allotted for digital transformation; but, only20% believe this is often enough for their ambitions. The survey revealed that 29% of companies said yes that a dedicated budget is fine but is lesser than required whereas 34% confirmed that there is some money available but is taken from departmental budgets and 17% said that no budget has been allocated to them.
Now another thing that strikes the head is how digital transformation investment is prioritized. The research revealed that 50% of organizations prioritize digital transformation investment mostly objective criteria based on data, insights, customer needs, and return on investment analysis, and 18% finalize mostly on subjective criteria that are based on opinions of specific individuals/departments whereas 32% opt for the mix of subjective and objective criteria. Within SMEs, the decisions based on subjective are higher by 60% and 44% lower in enterprises whereas 56% of enterprises prioritize investment mostly on objective criteria.
The digital transformation 5 key statistics of B2B projects and plans are-
- 91% are companies that want to feel the thunder of experiments and exploring new ways of working.
- 86% have the support of their digital transformation plans from senior management.
- 82% experience a high level of collaboration between departments for their digital plans.
- 82% are accepting of the fact their plans could fail.
- 78% accept that there are significant digital skills and knowledge gaps.
Where is technology currently being underutilized?
Historically, B2B organizations have prioritized automating the management of direct prices and assessing the money health of the corporate. However, there is a common acceptance that digital transformation needs to move at a quicker pace. Those areas where technology is currently being underutilized and are therefore a key focus for 2022 and beyond include-
- Managing employee skills, staff retention, and talent acquisition
- Locating and targeting new customers i.e., demand generation.
- Understanding the behavior of their customers
- Delivering personalized experiences to their customers.
What role does technology play in different business areas?
Analysis reveals that where ever the technology has been involved it has plate a part in transforming businesses and overall made processes simpler and quicker. . A smaller number of organizations feel it has changed how they operate in certain business areas. Both advantages highlight the opportunities for companies who embrace their digital transformation journeys; creating efficiencies and as a result driving more value to their customers.
Some stats regarding technology involvement in different business areas
- In production processes, 29% of businesses have been affected by the technology fundamentally the way they were operating earlier and 49% found technology merely simple and quicker.
- The new products and services generation found 27% found technology a new way of doing stuff and 45% agreed that it has just simplified the process.
- Monitoring and enforcing quality control goes 27% new method whereas 48% thumbs up for just quicker process.
- In organizations assessing financial health 25% new concepts that are not been used before and 50% said it’s just simple and quicker for them.
- 25% appreciated technology involvement as a new method but 47% called it a bit simpler and nothing else for the demand, trends type of industry.
- 24% liked technology for its fresh path but 49% still look at it as simple and quick help for managing supply chains and suppliers controlling direct costs.
- Technology has opened new aspects of locating new demand generations by 23% and 46% just easy to opt.
- Technology has fundamentally changed the previous process by 19% in making decisions about what can be offered to or how to treat customers meanwhile 45% simplified the process of decision making.
- Technology delivers a personalized experience to customers by 23% with new methods and 44% in an easy way.
- Finalizing the marketing promotions to send customers has been influenced by 23% as a new option and 49% as a quicker option.
Conclusion
Technology may facilitate remodeling how B2B corporations compile and audit their business knowledge. Over seventy-fifth of organizations presently need an associate audit of what business knowledge is required, and they typically should resort to manual ways to bring it.
- 48% of companies do not keep their business data up to date
- 51% do not trust the data they do have
Only 11% of organizations believe they need no improvements to their business data