More than half of UK businesses will spend in excess of 100,000 on digital transformation over the next two years, with 69% of firms saying if they don't embrace moving to a digital model, their business will fail.
Vodafone's study into how companies are preparing for digital transformation revealed that the companies that aren't prioritising transformation are less confident about the overall growth in the coming years, while those that are taking change seriously are predicting much more positive outcomes.
Vodafone's study questioned 2,000 decision makers worldwide about their attitudes to digital innovation and more than half of those questioned said they're making good progress in their migration to digital.
Of those that have already made the transition, a quarter said they have managed to reach new customers, while just less than a third have entered new markets as a result of transformation. Other benefits noted by respondents include increased customer satisfaction and higher levels of staff motivation.
The most popular reasons for businesses making the jump are to improve efficiency across the organisation, to improve customer experience and increase productivity.
Vodafone's study revealed that businesses aren't as worried about speeding up the time it takes to bring products and services to market, developing new products and services or reaching new customers.
"It's an exciting time for organisations as they set out on their digital transformation journey," Anne Sheehan, enterprise director at Vodafone UK. "The smallest digital steps can have a real impact on the growth and success of an organisation. Implementing the right new technology is helping businesses become smarter, more creative and more efficient."
