Digital Transformation Efforts Stunted by Lack of Effective Solutions, According to Survey

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By STS News Desk On Mar 31, 2022

Digital Transformation Efforts Stunted by Lack of Effective Solutions, According to Survey

A survey of 100 top executives at large banking and insurance companies reveals the “fears, frustrations and failures” surrounding data automation solutions.

The corporate race toward digital transformation and data automation remains a top priority for business leaders, even as existing and emerging toolsets fail to drive actual outcomes. That’s according to a new independent survey of 100 top executives at large banking and insurance companies in the US and UK.

The study, conducted by leading strategic research and polling firm The Tarrance Group, and commissioned by DeepSee.ai, presents not only the state of play among companies currently invested in digital transformation efforts, but reveals deeper pressures and psychological drivers for business leaders responsible for operationalizing automation technologies now available to large enterprises.

Steve Shillingford, CEO of DeepSee, said: “Digital transformation is more than a forward-looking initiative, it’s a matter of survival. Business leaders must deliver, and yet many have lost their way along the journey. The findings from this survey reveal the fear, frustrations, and failures that plague so many of these data automation implementations, and hint at a better way forward.”

Key findings include:

76% of executives have made digital transformation in their companies a top priority
71% say data automation is “very important” or “extremely important” in how their leadership will be judged
60% feel neck-and-neck or behind the competition in the race to data automation
Increasing revenue is the primary objective driving data automation efforts, in both banking and insurance sectors
The biggest challenge is finding effective solutions that deliver real results

B.J. Martino, Partner at The Tarrance Group, said: “We surveyed 100 executives in capital markets and insurance industries, with the primary goal of our research to learn the importance of this journey of automating their data operations, and the struggles they face along the way. Going deeper, the survey was designed to get into the heads of these business leaders currently engaged in larger digital transformation. We asked them to reflect on how automating data operations helps them not only achieve business objectives but realize their visions as leaders in their organizations.”

In response to the survey findings and to help provide guidance and clarity to leaders navigating the digital transformation journey, DeepSee has produced a free “Digital Transformation Survival Guide.”

Tailored for business users, the guide takes an in-depth look at the DX landscape and the various technologies that comprise it. Incorporating the latest data across a number of sources with findings from the survey, DeepSee lays out key considerations and best practices for executives facing challenges as they drive digital transformation across the enterprise.

Shillingford added: “With some sectors facing strict regulation and being locked into legacy processes, it’s still a question of how large enterprises will fare in the journey. This isn’t speculation, it’s what the leaders of these organizations are admitting, themselves. They’re navigating overwhelming terrain with an array of options and innovations in AI, machine learning, natural language processing, algorithmic modeling, and other automation tech. The Survival Guide helps executives move away from the multiple mismatched Lego pieces in an alphabet soup of automation tools, and employ a more curated, composite, and therefore more resilient and integrated approach.”

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