Companies are not exploiting the potential of their technology investments, according to the study

This is one of the key findings of the "Future Ready" study conducted by the digital agency Wunderman in collaboration with the market research company Penn Schoen Berland. This means that the decisive step towards achieving a return on investment with the technology investments made is missing. 250 managers of global brands were surveyed for the study.

Short-term expectations limit future-oriented development

The majority of the companies surveyed (72%) describe themselves as future-oriented. Nevertheless, the study shows a large gap between the ability to recognize the challenges of digital transformation and the ability to use new technologies profitably in sales and marketing. One of the main causes: 70 percent of companies suffer from a conflict of objectives: they are reluctant to sacrifice short-term profits in favor of long-term goals.

Decision-makers are dissatisfied with investments in technology and marketing

The decision-makers surveyed agree that data is an essential factor for marketing and sales success (99%). However, well over half feel unable to derive insights or even concrete measures from it (62%). Even though three quarters of companies (74%) already have a complete marketing technology stack, data-based insights only influence the design of marketing campaigns in one in three companies (32%).

Corporate structures are a major hurdle for managers. 73 percent stated that the various departments in the company work in isolation. 89% of them are convinced that this undermines consistent company-wide messaging. What remains is dissatisfaction with the output of current marketing investments (59 percent) and investments in data technology (56 percent).

Joachim Bader, CEO Central Europe at Wunderman: "Many brands have already invested heavily in technology to increase their business results. However, too few are able to use these investments to their advantage and realize a corresponding ROI. This requires an integrated technology and data strategy for customer engagement. Those who fail to use digital technologies effectively to offer consumers tangible benefits will sooner or later lose relevance."

Five steps into the digital future

However, short-term actionism is the wrong way to prepare brands and marketing for the digital future. "Experience shows," says Bader, "that the technical implementation of technologies and platforms, whether for customer retention or new customer acquisition, is not enough. The digital transformation concept must be carried through the entire company. In addition to technically excellent connectivity, new approaches and technologies require above all integration into the organization."

Wunderman has five steps that companies should take in order to benefit from the advantages of a genuine digital transformation.

1. Define performance: Define clear key figures and the desired results in terms of business development. Determine how progress is tracked and results are measured.
2. Provide clarity: Communicate a consistent and, above all, clear vision for the company's goal and the role that each team, each person and each discipline plays in achieving it.
3. Record speed: Develop the ability to obtain real-time information and process it promptly, as well as react immediately to changing market conditions and customer needs.
4. Create transparency: Provide end-to-end access to excellent data for all departments and stakeholders, including information on business performance, KPIs and insights.
5. complete the transformation: Cultivate a culture and create an organization that is able to flexibly adapt structures, processes and measures when new opportunities arise.

About the study

The "Future Ready" study was conducted by the digital agency Wunderman and the US market research company Penn Schoen Berland in Q4/2017. 250 decision-makers from global brands were surveyed. Further information on the study at Thinkfutureready.com.