A new report from MNP LLP claims 86% of businesses are experiencing or anticipate a business transformation in the next 12 months.
The report, Capturing the Change Wave: How Canadian Businesses are Transforming, surveyed Canadian business leaders in multiple industries to measure how the digital revolution is changing their business.
According to the survey, 83% of respondents said that at least one technology advancement is currently underway at their organization, with the majority planning to increase investment in a range of technology innovations over the next 12 months.
At the top of the list of digital transformation initiatives is the trend toward platform integration, with nearly 38% of business leaders reporting they are involved in some type of platform effort, particularly cloud-based services (68%). Another 36% of businesses are working on digital enhancements to products and services such as new apps or cloud delivery.
Yet many Canadian businesses are struggling to keep up with the demands of technology. According to the report, 93% of businesses report facing barriers with adopting technology and transformation, with 42% of respondents noting budget as the main inhibitor.
Finally, only 28% of Canadian businesses are currently using data analytics and business intelligence technology to help maximize their business goals.
“Canadian businesses have long been criticized for being digital laggards. Our results indicate the start of an important shift but there needs to be a real sense of urgency. In terms of technological readiness and digital competitiveness, Canada is languishing behind,” Trent Bester, Senior Vice President, Consulting at MNP, said in a press release.
“Being able to adapt in a world where technological breakthroughs are happening at an unprecedented pace is critical to success for Canadian businesses. Technologies are increasing efficiency, cutting costs and improving competitiveness for companies willing and ready to adopt them.”
