Senior business decision-makers understand the importance of digital transformation and future-proofing their organizations. But new research from Wunderman, in partnership with Penn Schoen Berlan, found that despite the importance of investing for what might come next, 72% of companies are limited by short-term expectations.
The study, “Future Ready,” surveyed 250 executives from global brands and found a gap between companies’ abilities to identify the many challenges of digital transformation and their capacity to adopt and benefit from technology and creative investments in their sales and marketing. In fact, the majority of global senior business decision makers are still struggling to bring together their data, creative, and technology.
“There are some gaps in what people say versus what they’re doing, and the data proved that out,” said Jamie Gutfreund, CMO of Wunderman. “When we asked people, of course almost everybody said, ‘I am focused on the future.’ But then we dug in a little bit deeper, and we found that many senior business decision makers said they cannot sacrifice short-term gains in exchange for long-term benefits.”
In addition, 99% of executives said they believe data is key to success, yet the majority (62%) are still not able to turn data into insights or action. Sixty-eight percent of companies still can’t change their creative based on insights from their data, and 73% said their companies operate in silos. Eighty-nine percent said they believe these silos impact their ability to deliver cohesive messaging.
What’s more, the majority of executives surveyed said they are dissatisfied with their current marketing investments. For Gutfreund, this was a surprising finding, considering 74% of the executives said they had access to a full stack of integrated marketing tools.
“When a company is focusing on digital transformation or becoming future-proof, the first reaction is to invest in a technology solution. But that alone is not going to work,” Gutfreund said. “Companies are still set up in silos, and it’s having a really negative impact on their ability to use all this great technology. ... It’s like having a Ferrari in your garage and having someone without the skills to drive the car.”
According to Wunderman, brands can take five key steps to realize the benefits of true digital transformation. Click here for the full study.