Taking the measure of Digital Transformation down under
They say that the only constant in life is change. When we think of Digital Transformation, the same rule holds true. Digital Transformation is here to stay, with existing technologies continually changing how we work and think, and new technologies arriving every day to introduce new approaches and still more change. Because technology is constantly evolving, Digital Transformation, or DX, should be thought of not as a goal or destination, but as a journey. It’s a journey with tremendous rewards for those who can travel the road. But with the proliferation of technologies across every part of business, it’s hard to pinpoint a targeted, workable approach Digital Transformation, and this makes it even harder to implement transformation efforts effectively in any organization.
In Conga’s inaugural global research survey, The State of Digital Document Transformation, we benchmarked progress and explored keys to successful Digital Transformation, both globally and in key regions.
Australia was one of the major geographical areas surveyed, and a new report, The State of Digital Document Transformation: Australia, presents our findings for the region. We gleaned insights from interviewing 300 Australian decision makers and influencers to understand what Digital Transformation means for them and their organizations, where they struggle, where they’ve made strides, and how they look to the future.
Understanding the challenge and benchmarking DX success in Australia
Companies can no longer ignore the importance of continually re-examining and reworking how things get done if they want to stay competitive and grow. The Australian survey data backs this up, with a full 97% of respondents reporting that their organization has a DX strategy. And it’s no surprise that these Digital Transformation initiatives target multiple, diverse areas for transformation. For our Australian respondents, the top areas targeted for DX are:
- Information security
- Data analytics
- The customer experience
At the same time that so many Australian organizations are actively pursuing a DX strategy, the success rate of these initiatives leaves a lot to be desired. Only 51% of Australian DX programs are described as “mostly successful,” meaning that nearly half of DX initiatives are falling short of the mark. This doesn’t sound good, and it isn’t, because it leaves a lot of potential benefits on the table. But it’s true across the global data, as well, so there’s nothing unusual about the state of affairs in Australia. In fact, Australian responses are considerably ahead of survey responses from Europe, where only 43% of DX initiatives are mostly successful.
Yet, even with such a limited level of success and a pretty clear picture of what the barriers are, a full 97.7% of Australian organizations have seen at least one major benefit from their Digital Transformation programs.
To get a more in-depth look at the benefits from and barriers to successful Digital Transformation in Australia, read the full survey report.
Approaching Digital Transformation through everyday documents
When it comes to finding effective approaches to Digital Transformation in Australia, Conga helps narrow the scope and refine the strategy by transforming everyday business documents. This is what Digital Document Transformation means: accelerating business by addressing the entire document and contract lifecycle. Our approach focuses on the data, documents, and processes that organizations work with every day to effect deep, meaningful change that can mean a big difference for an organization’s bottom line. This is a targeted, effective strategy to reap the benefits of Digital Transformation without having to boil the ocean.
Australian survey respondents agree. A full 88% of them said the key to successful Digital Transformation is getting a grip on the way that documents and contracts are created, managed, and stored across the organization.
But when it comes to the nuts and bolts of how Australian companies work with their documents, results are mixed. In our report, we take a careful look at how documents are created, managed, and handled in the region, and some of the results might surprise you:
- 72% of companies surveyed use cloud-based software as a service, but
- 38% still use filing cabinets for paper documents
- 41% automatically create customized sales proposals, but
- 47% manually generate and review every document
If practices around documents are mixed, so are the levels of success that Australian companies report across the main building blocks of Digital Document Transformation. These areas include: data management, document processes, electronic signature, storage in a document repository, and tracking and insights.
For an in-depth look at the areas where Australian companies are strongest, and to see how these results measure up with other global regions, download the report here.
Even with a few speed bumps, DDX is worth it for Australian companies
When it comes to DDX efforts in Australia, it may be hard to pull all of these components together successfully—as it is in any other region of the globe. But an approach that transforms focuses on transforming the entire document lifecycle promises real benefits for any organization. The Australian data shows us that survey takers believe the benefits will outweigh the costs and the difficulties. For example, 86% believe that DDX can help create a solid customer experience—one of the primary benefits of Digital Transformation and one fundamental to success in today’s business landscape. Productivity and efficiency gains are also anticipated benefits of an end-to-end transformation of documents and related processes.
The strongest argument, though, comes when we look at the behaviors of winning companies. Australian companies that report having successful Digital Transformation initiatives also report significant increases in business metrics like revenue, profit, and growth. Plus, they see it as a competitive advantage.
Download the full report to get all of the insights and information on The State of Digital Document Transformation: Australia.