CMO, Australia, Reports on Cognizant's Digital Transformation Research

“Chief digital officer appointments are set to rise,” writes CMO in a report on the latest Cognizant research Asia Rising: Digital Driving about digital transformation in the Asia Pacific region. “More than half of Australian organizations plan to have a chief digital officer in place within the next two to three years to manage the transition to the “new normal” of digital-first business.” Excerpts:

“Cognizant’s research found 37 per cent of companies across the region are already undergoing digital transformation, with a further 59 per cent planning to embark on the transformation journey within 12 to 24 months.

In Australia, 77 per cent of companies are either already undergoing digital transformation or kicked off a plan this year to do so, compared to the regional average of 70 per cent. In addition, 60 per cent of Australian respondents believed digital will change their company’s business model fundamentally over the next five years.

For most, digital equates to growth: 63 per cent said digital will help improve new products and services, while 60 per cent saw it as increasing revenue. More than half (58 per cent) also said improving sales, new customers, marketing and customer relations was a top goal for digital transformation.

In Australia, companies were found to already experiencing an average 6.7 per cent revenue growth as a direct result of their digital transformation efforts, a figure that’s expected to reach 11.2 per cent by 2017.

What was also notable from the report was who’s executing the strategy now in Australia. While 93 per cent of local respondents said CIOs and CTOs are making and executing digital plans, 86 per cent said the CMO is becoming heavily involved in digital strategy, against a regional average of 72 per cent.

The report also found a technology-led approach to transformation is more prominent in Australia, with mobile apps for customers (74 per cent), advanced analytics (73 per cent) and cloud technology (66 per cent) cited as the top digital transformation initiatives planned for the next 12-24 months.”

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