A Dell Technologies commissioned an independent survey of 4,300 worldwide business leaders indicates a massive shift toward digital transformation in 2020 accelerated by the pandemic. The survey indicates that 80% of organizations globally have fast-tracked some digital transformation programs this year. But just 41% accelerated all or most of their programs. Dell says that this is the third installment of their Digital Transformation Index (DT Index), designed to show how businesses are adapting to unprecedented uncertainty during a global pandemic.

Incredibly, 79% are reinventing their business model as a result of the disruption caused by the pandemic and 50% of international business leaders worry they didn’t transition fast enough. The study notes that digital transformation is not easy, 94% of businesses surveyed say they are facing entrenched barriers spanning across technology, people, and policy.

According to the 2020 DT Index, the following are the top-3 barriers to digital transformation success:

1. Data privacy and cybersecurity concerns (up from 5^th place in 2016)
2. Lack of budget and resources (#1 in 2016, #2 in 2018)
3. Unable to extract insights from data and/or information overload (a jump of eight places since 2016)

“We’ve been given a glimpse of the future, and the organizations that are accelerating their digital transformation now will be poised for success in the Data Era that is unfolding before our eyes”, says Michael Dell, Chairman, and CEO, Dell Technologies.

Additionally, the survey reveals a huge shift toward remote work. About 25% of employees worked remotely before the pandemic and today it is more than 50% of all employees are remote. According to the survey, remote work has become the new normal.

Top IT Investments Are For Emerging Technologies

Prior to the pandemic, business investments were strongly focused on foundational technologies, rather than emerging technologies. The vast majority, 89 percent recognizethat as a result of disruption this year, they need a more agile/scalable IT infrastructure to allow of contingencies. The DT Index shows the top technology investments for the next one to three years:

1. Cybersecurity
2. Data management tools
3. 5G infrastructure
4. Privacy software
5. Multi-Cloud environment

And recognizing the importance of emerging technologies, 82 percent of respondents envision increased usage of Augmented Reality to learn how to do or fix things in an instant; 85 percent foresee organizations using Artificial Intelligence and data models to predict potential disruptions, and 78 percent predict distributed ledgers – such as Blockchain – will make the gig economy fairer (by cutting out the intermediary).

Despite these findings, only 16 percent are planning to invest in Virtual/Augmented Reality, just 32 percent intend to invest in Artificial Intelligence, and a mere 15 percent plan to invest in distributed ledgers in the next one to three years.