More than half of today’s organizations will be forced to change the way they do business due to the impact of disruptions from new competitors armed with digital product delivery and digitized infrastructure and business processes. This clearly indicates that we are looking at a huge opportunity presently to help these organisation adapt to this black swan of a change that is looming and has perhaps even started.
Status of Digital transformation
If five years ago we faced tough challenges in getting through to small and medium clients about the advantages of our product offered them over a long period of time, that problem no longer exists. 8/10 organisations today believe that digital transformation is of critical importance to their organizations. This presents us with an opportunity to fulfill demand that already exists and is going to surge further upward in the next five years.
Digital transformation is no longer a hype. It is very much a reality and for many organisations a bitter realisation of ‘ too little too late.’There are less than 20 months to go to the year 2020 and only 20% of organizations are near their digital transformation targets. The rest of the 80% organisation offer a huge base of potential clients to cater to their digital transformation requirements in becoming market worthy.
Despite major improvements in information management capabilities over the past 10 years, organizations have only marginally kept pace with the new wave of “Big Content” challenges. It’s high time now and these organisations are going to have their hands forced by the new digital order. Such a scenario give us a huge opportunity to help these organisation bridge this critical gap between information growth and capability improvements.
The average number of content systems in use continues to rise; the average number of systems has grown by nearly 30% over the past 5 years. While most organizations continue to increase the number of content systems they use, a rising portion of critical business content
(now 54%) remains OUTSIDE those content management systems. This is an opportunity for us to help them assimilate this huge volume of critical business content into digital form.
Today 8/10 organisation see cloud capabilities as part of the solution in contrast to three years ago when most organisations were undecided about cloud capabilities. We offer cloud based solutions and hence should be able to reach out to these organisations who have become convinced of the effectiveness and inevitability of cloud based solutions.
In a new development pricing and purchase models for organisations are changing dramatically from CAPEX to OPEX — 57% of organizations prefer subscription pricing models as this assures them of the newest version of services and bundled upgrades at no additional cost. This also frees organisations from having to make huge one time purchases and then be stuck with it after 10 months of use when newer version are released. Rev also offers its services via the subscription mode which is another huge advantage for us as our product has all the elements in terms of features and functionality to help organisation realise their digital transformations goals and also fits their prefered spending criteria.
An astoundingly high 86% of organisations see failure to digitize and standardize and automate business inputs as a key transformation bottleneck. They need to ingest and understand information of ALL sorts as early as possible into business processes, and standardize and automate these processes. They need the flexibility to do all of this on-premises, in the
cloud, in a hybrid approach or in whatever combination they choose. The huge demand combined with our product offerings and solutions offer a wonderful opportunity.
Top performing organizations assess their information competency as 80% more effective than a typical bottom performing organization. Only half of these organizations believe they are at least 75% of where they want to be by 2020 in their Digital Transformation journey.