Media, high tech, retail, telecom, and consumer packaged goods (CPG) companies consider their digital initiatives to be more important to company success as compared with other sectors.
Industries vary in the benefits they attach to different business capabilities from their digital initiatives. Banks, insurers, retailers, and travel companies see more benefits from digital ways to improve their sales and delivery channels. Energy, consumer packaged goods, and industrial companies believe benefits in supply chain improvement outweigh others.
Media and entertainment companies spend the most on digital investments (0.7% of revenue), followed by the telecommunications industry, another sector whose core product (phone service) is shifting rapidly to digital form. These two industries are also more likely to have digital offerings.
Three industries – media and entertainment, telecom, and high tech – have a much higher ‘digital intensity’ than the other 10 that we surveyed, meaning more aspects of their businesses are currently digitized. But they also have a long way to go.