Digital Transformation now - where businesses stand in 2024 by KPMG & Microsoft

Another week, another opportunity to dive into the realities of digital transformation. The Business Digital Transformation Monitor 2024, prepared by KPMG in collaboration with 微软 , highlights some progress, but there is still a lot to be done. Below are the key takeaways from the report, combined with my reflections on their significance for businesses.

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The 2024 report shows a notable improvement, with the digital transformation index reaching 5.1 out of 10, up from 4.4 last year. This is the first time businesses have crossed into the top half of the scale, indicating that more companies are starting to take digital tools seriously as part of their long-term strategy.

This index is more than a metric—it’s a measure of how deeply companies are integrating digital technologies into their operations, strategies, and customer interactions. It looks beyond just adopting tools and assesses how businesses are leveraging digital capabilities to enhance efficiency and competitiveness. However, a score of 5.1 still reflects that many organizations are just beginning to scratch the surface of what’s possible with digital transformation.

“One-third of companies plan to increase spending on digital transformation in the next year, and 18% are looking to hire new people to support this growing area.”

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The report indicates that 27% of companies now have a formal digital transformation strategy, up from 21% last year, with another 20% planning to implement one by 2024. This rise shows that more organizations are recognizing the need for a cohesive, long-term approach rather than piecemeal technological initiatives.

A formal digital strategy ensures that businesses align their digital efforts with broader organizational goals. It provides a roadmap for not only adopting new technologies but also for driving change throughout the entire business model. Without such a strategy, companies risk falling behind in a world where agility and foresight are becoming essential for survival.

“All organizations with a formal digital strategy achieved much higher scores in all measured areas.”

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According to the report, 28% of companies are already using AI, and another 30% plan to adopt AI solutions within the next year. Beyond AI, technologies such as cloud computing, automation, and big data are becoming increasingly popular, as businesses look to optimize their operations and better serve their customers.

However, it’s not enough to just adopt the latest technologies. The true value of these tools comes when they are fully integrated into the business, enabling faster decision-making, better customer experiences, and more efficient operations. Companies must move beyond experimenting with tech and ensure it becomes a core part of their everyday processes.

“Mobile solutions turned out to be the technology most frequently used by enterprises.”

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As businesses become more digital, cybersecurity has emerged as a critical issue. 72% of companies now have formal cybersecurity management procedures in place, a jump from last year’s 60%. However, 57% of respondents still feel their organizations are vulnerable to cyber threats.

Cybersecurity is no longer just an IT concern—it’s a business imperative. With the increasing prevalence of cyberattacks and the rise of sophisticated threats, companies need to ensure that their cybersecurity frameworks are robust and capable of evolving with the changing landscape. It’s not just about protecting data; it’s about safeguarding business continuity and trust.

“Cybersecurity procedures in companies increased by 12 percentage points, rising to 72%.”

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The financial sector remains at the forefront of digital transformation, scoring 6.2 out of 10. It’s followed closely by the technology sector, with the automotive industry also making significant strides. However, sectors like energy and real estate continue to lag, highlighting the uneven progress across industries.

We should look to the financial sector, which often leads the way in response to regulatory demands, setting an example of proactive adaptation to change. Traditional sectors, in turn, must now accelerate their digital efforts or risk falling behind in a world that is increasingly driven by digital innovation.

“The financial industry led the way in 2024, scoring 6.2 points, significantly above the overall average.”

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The Business Digital Transformation Monitor 2024 offers a snapshot of progress in the digital landscape, but it also serves as a reminder that there is much more to be done. Businesses need to move beyond experimentation and commit to embedding digital tools and strategies deeply within their operations. From adopting formal digital strategies to strengthening cybersecurity, there is no time to waste in the race toward digital maturity.

For those interested in exploring the full insights, you can download the report here - https://assets.kpmg.com/content/dam/kpmg/pl/pdf/2024/06/pl-Business-Digital-Tranformation-Monitor-Edition-2024-KPMG-eng.pdf

Let’s continue to push forward and embrace the future of digital transformation together! :)