Verizon said that traffic on its public IP network grew nearly 300 percent over the past four years, a compound annual growth rate of 44 percent.
The digital transformation and its impact on networks is the subject of a first-of-its kind report from Verizon called “Digital Transformation Powers Your Business.”
The report looks at issues facing enterprises as the digital evolution marches on, then outlines key drivers of digital transformation, encourages CIOs and leaders across organizations to rethink their network, in order to drive results.
More than two-thirds (67 percent) of IT leaders surveyed for the report told Verizon that legacy networks can be a bottleneck to success. Nearly 80 percent of them said that it was IT´s responsibility to ensure the network can support a company´s digital transformation plans, and a vast majority of respondents said that the network is integral to the competitive advantage of a connected business.
And, importantly, preventing network failures is imperative, as it is estimated that just an hour of critical application failure can cost a large enterprise up the USD1 million. 1
The report shows that any network should go beyond just connectivity and align directly with business needs. The technologies and platforms that emerged over the past several years continue to grow on their own, and taken together provide the core of any digitally-focused enterprise.
Eighty percent of businesses said that improving customer experience was a critical or high priority for their business. Seventy-four percent agreed that poor network quality translates to poor user experience. Nothing ruins a customer´s digital experience quite like a timeout, particularly when everything is stored in the cloud.
Cloud, mobile, the Internet of Things, big data and advanced analytics and virtual reality and collaboration solutions are critical considerations when doing network planning. And, the network is arguably the single most important focus for enterprise technology investments in the next five years.
Verizon offered a three-step plan:
Create the right environment;
Leverage new technologies like SDN where it makes sense to benefit the business and customers;
Identify and use strong partners to execute plans.
Verizon commissioned Forrester Research to study attitudes toward business challenges and transformation. The research took place in February 2015, and more than 600 decision makers at large enterprises and multinational corporations took part. Respondents came from North America, Latin America, EMEA and Asia Pacific.
Verizon Communications Inc. (NYSE, Nasdaq: VZ), headquartered in New York, employs a diverse workforce of 178,500 and generated more than USD127 billion in 2014 revenues. Verizon Wireless operates a wireless network with 109.5 million retail connections nationwide.