Efficient Plant Jan./Feb. 2023 - 6

column | editorial
Is Digital T
Transformation
Worth It?
Gary L. Parr
Editorial Director
WO QUESTIONS
typically accompany the
topic of whether to invest
in digital transformation: Why
should we? and Is it worth it? Those
questions were answered at a press
roundtable presentation at AVEVA
World 2022 by Bob Parker, Senior
Vice President of Research for IDC,
Needham, MA (idc.com).
Parker gave us an overview of the
role of digital transformation/initiatives
in the global economy:
By 2028, 75% of the value of the
U.S. economy will reside in highinformation-density
goods and
services.
In 2023, $2.1 trillion will be spent
on digital initiatives globally and, by
2026, 40% of G2000 revenue will be
generated by digital products, services,
and experiences.
By 2024, 65% of retailers and consumer
packaged goods companies will
invest in visual commerce to enable
personalization through 3D product
configuration and virtual try-on.
While the economic direction
is clear, do you charge ahead or get
dragged, kicking and screaming?
The answer became quite clear when
Parker showed these two graphs. They
illustrate that operations who embrace
and invest in digital technologies have
much more than just an advantage in
essentially every aspect of business.
To reinforce things, Parker closed
with two predictions:
By 2026, 90% of organizations
that accurately quantify the value of
their digital capabilities and assets will
significantly improve their market
valuation versus their competition.
By 2028, 30% of employers will
use autonomous processes to augment
the shortfall in labor and, by doing so,
will increase the organization's agility,
resilience, and performance.
The answers to those initial questions:
You don't have a choice and It's
more than worth it. EP
gparr@efficientplantmag.com
6 | EFFICIENTPLANTMAG.COM
JAN/FEB 2023
http://www.idc.com http://www.EFFICIENTPLANTMAG.COM
Efficient Plant Jan./Feb. 2023

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