Digital economy is elusive to more than 50 percent of businesses

Moreover, 42% of business leaders claim that a lack of innovation at their companies would harm the companys future prospects, and 42% expect to increase spending on Research & Development (R&D), according to a study issued by OnePoll research agency and commissioned by Ness Software Engineering Services (SES), a provider of software product engineering services.

In terms of leadership, there is a majority view (57%) that business executives in their companies should lead digital transformations, rather than IT. This aligns with a broader industry trend that puts pressure on technologists to find innovative ways to use technology to grow the business, rather than solely focusing on basic IT system maintenance and cost reduction. Lack of in-house skills and suitable technology infrastructure are the biggest factors holding enterprises back from competing in the Digital Economy.

Nearly half (46%) said they do not have the skills or expertise to drive digital transformation projects in terms of developing, deploying, managing and supporting the technology. They are short on expertise in areas including ecommerce (cited by 40%), e-business (44%) and supporting digital infrastructures such as cloud and mobile (48%). The ability to execute change is a key obstacle, with 42% saying they do not have the infrastructure to develop and roll out digital products fast enough.

To close the gap between the digital needs of the business and internal capabilities, many companies are engaging external technology partners. 42% of those surveyed outsource technical engineering services. Their top priority for engaging with a partner is the partners ability to deliver both on time and on-budget (cited by 39% of respondents).

This can be a challenge in practical terms if the company needs to hire one partner for front-end user experience design and development, and another for back-end product engineering and data analytics. Often, the two pieces are not well-coordinated, which leads to time and cost overruns throughout the life of the products and services. This synchronisation becomes increasingly critical in todays fast-paced and innovative markets.