Nearly 70% C-suite executives expect more competition from within their own industry than from outside of it, according to a new report from the IBM Institute for Business Value. The study included input from more than 1,800 executives worldwide.
In 2015, a similar study found only 29% of CxOs feared competition from within their industry. Instead, those executives feared competitors with a completely different type of business disrupting the industry.
"Unlike two years ago, CxOs are moving away from urgent reactions toward more methodical, considered approaches. They are carefully defining their go-to-market strategies while reassessing with whom they go to market," said Stephen Marshall, IBM Institute for Business Value, C-suite Program Manager.
The study indicates C-suite executives may now invest more in digital capabilities to drive growth and to try to stay ahead of their more traditional competitors. At the center of digital efforts, CIOs and IT departments now have more responsibility to help drive growth and find new ways for businesses to innovate.
Digital transformation efforts are growing among all sorts of companies as more business realize the benefits and advantages such efforts afford.
International Data Corporation (IDC) recently predicted worldwide spending on digital transformation technologies is expected to reach $1.2 trillion in 2017, an 18% increase over 2016 spending. By 2020, IDC says digital transformation spending could reach $2 trillion.