We live in an era of industry disruption. New digital-only companies have shaken traditional business models, and it is only a matter of time before today’s technologies transform every industry. It’s time to stop thinking about disruption as a future possibility and start planning how to thrive in the new digital economy.

To explore these challenges and opportunities, DXC Technology commissioned market researcher IDC to survey 518 IT decision makers and influencers across companies in Denmark, Finland, the Netherlands, Norway and Sweden for their views on the challenges and opportunities presented by industry disruption.

The question was simple: How do you perceive digital transformation? How do you define it?

In the survey, one of the available responses was that digital transformation is about replacing old technology with new. Holding this limited view would indicate that many corporations in Northern Europe still lack a comprehensive understanding of what digital transformation is really about, and therefore respondents who believed that digital transformation meant replacing technology were screened out.

The other response option was that digital transformation is about using technology to revise and enhance business processes and operating models. This option is much more in line with current thinking — that digital transformation goes a lot further than replacing technology, is at the very core of a company’s business and should not be undertaken lightly.

Digital transformation is a paradigm, a marketing term with a lot of ambiguity. Is it a matter of perception? Of opinion? Of experience? We’ve defined digital transformation as a process that transforms your business — in essence, digital transformation is business transformation. And business transformation is entering a new phase.

Leaders in this next phase of business transformation will be those who understand the opportunities that come with mastering information flows and data markets. But leaders also understand it’s about much more than that. It’s about using technology as an enabler, to optimise processes and make them more effective. It’s about cost savings and automating repetitive work to free up resources. It’s about delivering a better, richer customer experience. It’s about better employee tools.

It’s about running your business better.

Learn more about what business and IT leaders in Northern Europe had to say about digital transformation. Read the Beyond disruption report.