Must Read | The State of Innovation 2024 TABLE 6: How does your firm ensure compliance with relevant IT governance and data protection regulations? Audits Data Protection Officer Role Employee Training Software Other PPAI 100 Suppliers 59% 49% 73% 31% 28% Suppliers $100M+ 86% 64% 93% 50% 7% Suppliers $50M-$100M 71% 41% 71% 41% 12% Suppliers $25M-$50M 25% 25% 38% 0% 75% Suppliers $5M-$25M 30% 60% 70% 0% 50% Suppliers Under $5M 40% 30% 70% 50% 10% “We strive to stay in compliance, as long as the target doesn’t keep changing,” Ehlert says. TABLE 7: Does your firm have a formal digital transformation strategy? Yes, Documented Yes, Undocumented In Development No PPAI 100 Suppliers 48% 26% 12% 14% Suppliers $100M+ 64% 14% 14% 7% Suppliers $50M-$100M 53% 29% 6% 12% Suppliers $25M-$50M 38% 25% 13% 25% Suppliers $5M-$25M 22% 44% 11% 22% Suppliers Under $5M 36% 27% 9% 27% Clifton is “somewhat surprised” by these results. “Digital transformation is a focus for us across our entire value chain – it’s how we’ll achieve scale,” he says. “However, there’s still a bit of resistance and hesitation around digital solutions. Suppliers and customers are fearful of ‘digital commoditization,’ which isn’t really rational or sustainable. They’re still looking to add value via analog solutions versus building out digital solutions and delivering truly differentiated value.” TABLE 8: What percentage of your total revenue is allocated for IT? Percentage % PPAI 100 Suppliers 3% Suppliers $100M+ 3% Suppliers $50M-$100M 5% Suppliers $25M-$50M 2% Suppliers $5M-$25M 3% Suppliers Under $5M 8% These results are similar to what distributors reported. 34 • OCTOBER 2024 • PPAI
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