Digital Transformation and Tax Compliance

Trends clearly indicate digital transformation (DX) is a top priority for CEOs, CFOs, and CIOs in 2019. Knowing it’s time to cut ties to on-premises technology and move to the cloud is one thing; doing it is quite another. IDG research shows that while 89 percent of companies plan to adopt a “digital-first” strategy, only 44 percent have actually taken the steps to do it.

For many companies, the transition from on-premises to cloud is a big undertaking, often involving multiple stakeholders and business processes. As a result, less than half (45 percent) are still in the information-gathering or early stages of becoming a digital business and only 7 percent have fully transitioned their business to the cloud, according to IDG’s survey.

This is predicted to change — and soon. By 2020, 83 percent of workloads will be in the cloud and by 2025, more than half will have adopted an all-cloud SaaS strategy. Concerns about the cloud that once plagued companies, chiefly regarding security, are no longer hindrances. In fact, Gartner studies show that public cloud infrastructures suffer 60 percent fewer security incidents than traditional data centers.

With barriers removed, cloud solutions are quickly becoming the de facto choice over less agile on- premises solutions. And for good reason: IDG’s CIO survey revealed that one-third of companies with a cloud strategy have seen their revenues grow by 23 percent on average.