Forrester Study Shows the Benefits of Digital Innovation

By Joanna Valente

Bounteous commissioned a study conducted by Forrester Consulting research in 2022 "to evaluate the state of digital transformation maturity and the benefits companies at varying levels of maturity have realized" through an online survey with 415 respondents and six interviews with customer digital leaders. 

The study, "Co-Innovation Partnerships Drive Digital Transformation Success," discovered "that the most digitally advanced companies experience double digit growth at nearly twice the rate of their less mature peers."

The study concluded that to do this, companies need to "move at the speed of the customer" with digital partners. The report also found that 42 percent of "advanced companies experienced double digit growth this past year compared to only 22 percent of beginner companies." Moreover, advanced companies saw increased "customer satisfaction [at] 72 percent versus 56 percent and improved employee experience [at] 56 percent versus 41 percent.

Further, digitally advanced companies are investing in AI, marketing technology, personalization, commerce platforms, and customer data platforms, with 66 percent seeking to improve "existing IT capabilities to promote agility and innovation" and 60 percent seeking to improve customer service.

The report went on to say that advanced companies "outpaced their peers in experiencing incremental innovation (79 percent versus 67 percent). When companies focus on innovating every day, they heighten their chances of unearthing ideas and products that revolutionize and reinvent their businesses — something we call 'moonshot innovation.' Thirty-eight percent of advanced companies experienced moonshot innovation as a result of their digital transformation efforts."

Essentially, these findings illustrate that companies who not only contend with trends, but take an innovative and agile approach set themselves up for success, in that they also anticipate trends and possibly even create them before they occur. Talk about trendsetting.

Joanna Valente is a director of editorial and content development at ANA.

The views and opinions expressed in Industry Insights are solely those of the contributor and do not necessarily reflect the official position of the ANA or imply endorsement from the ANA.