Changing the traditional business models by embracing digital transformation is what most of the CIOs are looking for their businesses nowadays. Gartner's survey on 354 CIOs of the financial sector reflects their views on digital transformation. While 26 percent said that their top priority is to transform their business digitally, there 25 percent said that their top priority is to grow and increase their share in the market. 12 percent, on the other hand, aims to extend their profit margin whereas the rest of the 11 percent are focused on customer satisfaction. According to another survey that took place on over 3000 CIOs revealed that CIOs from financial servicing companies are majorly concentrating on digitally improved tools and techniques to keep abreast with the new age competition prevailing in the market. The survey also saw that about 17 percent of CIOs from other sectors had kept digital transformation in their priority list.
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According to Pete Redshaw, a Gartner analyst, technologies related to digital transformation including APIs [Application Programming Interfaces] are required mostly in the banking sector compared to others. Gartner research analysts also found that 26 percent of organizations are nowadays more intended to implement BI, i.e., Business Intelligence or Analytics. They considered it as the most significant aspect of the competitive technological age. Coming next to it, digitization or digital marketing is considered as the second most important facet of organizational development as per 21 percent of CIOs reviews. However, 11 percent chose mobile applications as next, and 8 percent chose artificial intelligence for their organizational growth and to sustain in the long run.
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