Cybersecurity

59% of companies are investing in improving cybersecurity, according to new research from Modus Create

The Investing in Digital Transformation and Product Development report identifies key challenges and initiatives for companies, including product development, cybersecurity, AI, modernization, and talent retention.

Reston, Virginia, April 4, 2024–(BUSINESS WIRE)–Modus Create, a global digital consulting firm, has released its latest industry research report, “Investing in Digital Transformation and Product Development,” highlighting how companies can We uncovered how initiatives are prioritized and resourced. – Face application and data security. The study, conducted in partnership with independent research firm Ascend2, surveyed 377 product development and business decision makers at organizations in the United States and United Kingdom.

As new technology innovations accelerate, companies are increasingly focused on improving customer experiences through innovative digital products and improved data experiences. However, the report identifies several challenges hindering these efforts, including the need for further strategies, cybersecurity concerns, and talent acquisition and retention.

This study is a resource for digital executives who address these business challenges to remain competitive while demonstrating the ROI of their digital investments. An overwhelming majority (91%) of decision makers reported increased pressure to prove the value of new products and technologies for customers.

Further important findings include:

Cyber ​​security takes center stage: As the threat landscape expands, organizations are prioritizing cybersecurity measures before cyberattacks become the next headline. Preventing security breaches is the biggest challenge for 40% of companies surveyed. Notably, 59% plan to increase their investments in strengthening their cybersecurity posture next year, reflecting a significant increase from the previous year (up from 32% in last year’s report).

Patrick Sheridan, CEO of Modus Create, said: “There are many reasons to prioritize cybersecurity. The simplest reason is customer care. Data security is part of the customer experience. “We will continue to see it become more integrated and integrated.” We embed it into every aspect of our digital initiatives and the entire product development lifecycle. ”

Digital product development is not slowing down, but strategy is a challenge: 44% of respondents said they plan to release new customer applications or features in the next year (up from 22% a year ago). A whopping 95% of organizations said they are increasing their budget for planning, building, and managing digital products for their customers.

However, this report reveals a gap between product offering and strategy, highlighting the critical role of a solid digital strategy to scale your offering. Almost one-third of decision makers say a lack of a digital strategy is the biggest challenge to their organization’s overall success, and 79% say that ensuring the strategic elements of new product development and launches are critical to success. reported to be a barrier.

“Our research reveals that overall strategy remains a significant barrier to scaling product development and digital transformation efforts,” says Sheridan. “As technology leaders, we must strive to bridge the gap between strategy and delivery. We must eliminate silos between leadership and development teams and use the customer journey as the north star for all our efforts. Companies need to integrate strategic thinking with actionable steps and structured learning. Prioritize your own agenda.”

Organizations struggle to find and retain talented digital talent: 43% of decision makers cite hiring the right talent as the biggest barrier to overall organizational success. Many organizations rely on the help of talented partners, with 83% using consultants to develop, deploy, and manage products for their customers. When it comes to outsourcing, decision makers believe that outsourcing cloud infrastructure or migration, application security, and application modernization is most helpful.

As organizations grapple with the talent supply and demand crisis, the importance of improving the developer experience, developing talent, and finding talented partners is becoming increasingly clear.

“If you really want to measure the success of your digital transformation, measure the satisfaction of your knowledge workers,” says Sheridan. “Building a culture of innovation and improving the customer experience comes from the developer’s successful experience and, by extension, the experience of the product team and platform.”

Modus Create remains committed to providing insights and solutions that help businesses navigate complex digital transformations. For more information and to access the full report, please visit moduscreate.com/insights/investing-in-digital-transformation-trends-product-development.

methodology

Ascend2 conducted this study using a custom online survey, surveying a panel of 377 product development decision makers representing a variety of departments and job functions, including management and above. These individuals represent US and UK organizations with 500 or more employees. The survey was conducted during June 2023.

About Modus Create

Modus Create is a digital consulting firm specializing in helping clients build competitive advantage through digital innovation. We support organizations through their transformation journeys with strategic consulting and full-lifecycle product development. Our global team of strategists, designers, and technologists have created powerful digital experiences for some of the world’s biggest brands. For more information, please visit moduscreate.com.

About Ascend2

Companies partner with Ascend2 to create their own research, from research conceptualization to report and content creation to media reach. Ascend2 helps businesses enhance their marketing content, generate leads, engage prospects and drive demand to the middle of the funnel. For more information, please visit ascend2.com.

View source version on businesswire.com. https://www.businesswire.com/news/home/20240404271944/ja/

contact address

Ellie Bering
modus creation
ellie.behling@moduscreate.com


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