Only 35% of businesses have a "clearly defined digital transformation strategy," according to a new study from IDT in collaboration with SAP.
That’s despite 80% of businesses citing digital transformation as a priority, according to the study, which involved 81 executives from all over the world.
The study also found cross-functional knowledge is critical to digital transformation success, yet only 58% of IT executives possess the right knowledge for digital transformation.
Tech talent is indeed in demand, and as companies turn to technology to expand their market share, competition in the tech labor market will likely only get worse. Experts recently offered several tips for helping enterprises find and recruit tech talent, but successful recruiting is still a hurdle for businesses to overcome.
A lack of tech talent could be another factor preventing enterprises from making progress when it comes to digital transformation. Only 17% of respondents to IDT’s study said they had a sufficient number of employees to make a successful digital transformation happen.
The Hackett Group released a study as well, similarly finding that hiring talent with the right skills is one of the biggest roadblocks to digital transformation, according to a report from CIO.
"Without the right skills in IT and other business units, companies will not understand the possibilities of what can be accomplished through digital transformation and they won't define a digital transformation strategy," said Scott Holland, principal, Global Advisory Practice Leader at The Hackett Group.