The database software company, Couchbase, surveyed technology leaders to find out how they feel about digital transformation and found that over 54% of companies expect to be shut down in four years if their digital transformation efforts fail.

Out of the respondents, 80% felt that their company would be left behind if it didn’t achieve digital transformation and 73% of IT leaders believe that they might be fired if their digital transformation projects fail.

The report also found that US$5.7million had been spent by organisations on digital transformation in the past year, with 89% saying that digital technology is going to disrupt their future, if it hasn’t already.

Survey participants added that it is crucial business leaders define the goal of digital transformation with the amount of money being spent. 95% said the “ultimate goal” should be “giving customers and end-users a truly unique experience”.

Matt Cain, CEO of Couchbase, said in the report: “Our study puts a spotlight on the harsh reality that despite allocating millions of dollars towards digital transformation projects, most companies are only seeing marginal returns and realising this trajectory won’t enable them to compete effectively in the future.”

Couchbase surveyed 450 heads of digital transformation at companies in the US, the UK, France, and Germany.

Written by Leah Alger