While 31% of respondents believe they are ahead of their competitors when it comes to digital maturity, and 2% far ahead, 24% said they were in danger of falling behind. In addition, 44% of respondents believe their digital maturity level is on par with their competitors, says a new report from Copperberg, ecommerce solutions provider Intershop, and digital agency Valtech.

Despite the high percentage of respondents at risk falling behind the competition, respondents showed a willingness to make substantial investments to bring their digital strategies to fruition. A whopping 63% of respondents said they plan to spend up to 20% more than they did the previous year on their digital objectives, and 20% more than 20%.

Another bright spot reflecting manufacturers’ willingness to beef up their digital sales channels is that 58% of respondents have acquired an ecommerce solution, and 59% use EDI and digital marketing tools to generate more leads and sales.

A key driver behind respondents’ willingness to invest in digital commerce is the need to grow their business. Indeed, 41% of respondents cited the need to tap into new revenue streams through value-added products and services such as selling connected machines and metered pay-as-you-use services, the report says.

Enhancing the B2B buying experience

Another 24% are driven by the need for new business models and/or adjacent industry offerings. “This demand for companies to evolve their offerings is based on the shift from traditional solutions towards digital ones, where technologies such as IoT and rich data enable new digital business potential,” says the report.

Technologies that respondents plan to deploy as part of their digital strategies include configure, price and quote solutions, which typically work in tandem with CRM platforms and ERP programs, digital customer portals, and 360-degree customer view data platforms. Such solutions enhance the buyer experience and help streamline sales processes and provide better insights into the customer journey.