The vast majority (74%) of businesses across the UK and Europe are still facing major obstacles trying to introduce new digital tools and practices to support their decision making, with nearly three-fifths (57%) of bosses blaming siloed data for their lack of progress.
According to a new study by cloud software firm Domo, which polled senior executives across multiple industries, leaders find it difficult to create a holistic view of their business.
Nearly half (45%) cite organisational complexity as a barrier in getting all the right stakeholders together to agree on decisions that affect the entire organisation.
Meanwhile, 28% say a lack of visibility across the business means that decision makers do not understand the implications of their decisions.
Most firms have not fully embraced digitisation of business processes, products and services. For example, only 4% of ’digital laggards’ have integrated tools to harness the power of their data and accelerate time-to-value. Compared to 67% of ’digital leaders’ who, as a result are able to react quickly and accurately enough to cope with the dynamic market conditions.
However, the research predicts that by 2029, 75% of European organisations will be completely digitally transformed.
Domo senior vice-president and general manager EMEA Ian Tickle said: "Leaders are facing unprecedented amounts of pressure from technological, social and regulatory forces. It’s no longer about driving digital transformation in vertical stacks, but rather horizontally across the entire enterprise.
"However, when data is stuck in silos across the business it hinders new and efficient ways of working, and ultimately stalls digital transformation.
"True digital transformation isn’t just about creating a ’digital outside’ to your organisation: leaders must consider every business element, investing in reinventing their data, expertise and workflows to create advantage. Having effective business decision-making tools that harness all the data available is the key foundational step to advance any digital transformation journey."