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The need for businesses to be agile, innovative and data savvy to compete and thrive emerges loud and clear, but so, too, do concerns around privacy, security and integration with legacy IT systems.

In its sixth year, Baker McKenzie’s 2020 Digital Transformation & Cloud Survey: The Future of Enterprise Data captures major trends and attitudes toward the use of data through a global lens of respondents in legal, technology and procurement roles, across a large cross-section of major industries.

Some key insights from this year’s survey include:

    • COVID-19 has impacted the speed of digital transformation. Of those surveyed, 58% across all sectors, who have not yet begun a digital transformation program, now say that the pandemic has accelerated their plans toward digitalization.
    • There is greater opportunity for monetization with digital transformation. Survey results show that though more than 60% of respondents have moved ahead with a digital transformation program, the way they harness the benefits of new technology differs. Most have done so to become more operationally efficient rather than to use digital transformation to seize new business opportunities and monetize new offerings.
    • Data privacy and cybersecurity concerns have emerged as drivers to digital transformation, accelerated by COVID-19. Almost half of respondents cited the need to “improve cybersecurity” as one of their top three drivers of accelerating digital transformation, due to the pandemic. This need is further amplified when analyzing where companies are allocating funds: 4 out of 5 businesses surveyed reported that they are investing either heavily or very heavily in cybersecurity.
  • Cloud remains on the top of the list of essential technology for enterprises. Survey results reveal a definite trend in companies moving toward the use of private cloud, highlighting an increase in concerns over data security (which includes cybersecurity) and disaster recovery.
Author

Author

Peter George practices international commercial law and regularly advises clients, both on the buyer and provider side, on domestic and multi-jurisdictional sourcing transactions, complex business process transactions involving human resources, finance and accounting and other web enabled services. Peter is a recognized leader in the areas of electronic contracting, social media, contracting for cloud services, robotic process automation, Internet of Things and other disruptive technologies. He regularly advises clients on the issues these technologies raise, both domestically and from a global perspective. Peter also helps clients manage the complex technology and data rights issues that these technologies raise.

Author

Sue McLean is a partner in the IT/Commercial Practice Group in Baker McKenzie's London office. Sue advises clients on technology, sourcing and digital media business models and deals, as well as the legal issues relating to the implementation of new technologies. Sue has been included in the Women In FinTech Power List for three successive years. She is on the editorial board of the Journal of Digital Banking and is a member of the techUK working group on DLT/blockchain. Sue is an active member of Baker Women and leads Baker Women in Tech, an initiative to encourage the development and promotion of women in the tech sector. In 2017, Sue won the Rising Star Award at the Variety Catherine Awards.