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Canadian Businesses at a Digital Crossroads

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Oct 24, 2017

In October 2017, Financial Executives International Canada (FEI Canada) released a white paper how the majority of Canadian senior financial executives agree that to stay competitive in an increasingly digital world their businesses must become more digital themselves, but that only a minority of organizations have fully embraced digital technologies to transform the way they work.

A survey of senior financial executives from small, mid-size and large companies across various sectors and industries finds that 79% of respondents agree digital transformation is important to stay competitive and that the digital space will have a major impact on their business in the next three years (78%). Yet only about one quarter have a defined organization-wide strategy for digital transformation and an even smaller group (15%) have implemented that strategy.

Instead, it appears Canada’s businesses are taking an incremental approach to incorporating digital technologies such as big data analytics, mobile, social and the Internet of Things into operations. The overwhelming majority (95%), have digital initiatives underway in some form across their organizations. 

Review the white paper on FEI Canada's website.

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