In its latest Digital IQ study, PriceWaterhouseCoopers comes up with a top ten list of actions for digital transformation.
The 2015 Digital IQ Survey identified 10 critical capabilities that correlate with stronger financial performance. Those organisations that embraced these attributes – our Digital IQ® leaders – were twice as likely to achieve more rapid revenue and profit growth as the laggards in our study.
The Top Ten
- The CEO is a champion for digital.
- The executives responsible for digital are involved in setting high-level business strategy.
- Business-aligned digital strategy is agreed upon and shared at the C-level.
- Business and digital strategy are well communicated enterprise-wide.
- Active engagement with external sources to gather new ideas for applying emerging technologies.
- Digital enterprise investments are made primarily for competitive advantage.
- Effective utilization of all data captured to drive business value.
- Proactive evaluation and planning for security and privacy risks in digital enterprise projects.
- A single, multi-year digital enterprise roadmap that includes business capabilities and processes as well as digital and IT components.
- Consistent measurement of outcomes from digital technology investments.
The CEO is the natural leader as the focus on technology has shifted from operational efficiency to growth, and the stakeholders and conversations have changed. CEOs have ambitious expectations for digital, prioritizing disruption much more highly than the rest of the executive team.
Digital trends and barriers
In addition to establishing the direct linkage between digital investment and corporate performance, our research revealed important trends about the nature of disruption and the barriers organisations face in its wake.
1. Digital for today’s business – not tomorrow’s.
Despite the market fervor, companies are not investing in technology to disrupt their own or other industries. They are almost entirely focused on applying digital to grow their existing business models and the short-sighted view is cause for concern.
2. Yet plenty of disruption inside of organisations.
Leadership’s desire to capitalise on digital technology is so strong that it’s disrupting the enterprise operating model, as evidenced by shifting spending patterns, new digital roles, and undefined working relationships.
3. And companies are held back by a slow-tech approach.
Staying ahead of both market and internal disruption requires thinking and acting more like a nimble startup. Companies need to accelerate productive working relationships, how they learn and partner, and skills-development.
Full Report: http://www.pwc.com/gx/en/advisory-services/digital-iq-survey-2015/campaign-site/digital-iq-survey-2015.pdf