How High Performers Pursue Digital Innovation

 
 
By Dennis McCafferty  |  Posted 11-30-2015 Email
 
 
 
 
 
 
 
 
 
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    How High Performers Pursue Digital Innovation
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    How High Performers Pursue Digital Innovation

    Nearly one-third of surveyed C-level execs said a lack of internal talent for digital projects is a top challenge in meeting digital program priorities.
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    Fiscal Statement
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    Fiscal Statement

    71% of surveyed C-level execs expect digital initiatives to increase top-line revenues over the next three years, and 64% say these efforts will boost profit margins.
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    Top Digital Value Drivers
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    Top Digital Value Drivers

    Digital engagement of customers: 26%. Digital innovation: 23%. Automation/business processes improvement: 21%
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    Top Sponsors of Digital Initiatives
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    Top Sponsors of Digital Initiatives

    CEOs: 46%, CIOs: 35%, CMOs: 32%, Business-unit heads: 23%, CFOs: 19%
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    Major Hurdles, Part I
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    Major Hurdles, Part I

    31% of C-level execs say a lack of internal leadership/talent made available for digital projects represents a top challenge in meeting digital program priorities, while 25% cite an absence of both data and an understanding of how digital trends affect industry and organizational competitiveness.
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    Major Hurdles, Part II
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    Major Hurdles, Part II

    25% say the inability to keep pace with the faster speed of business due to digital creates a top challenge in achieving digital program priorities, while the same percentage cite the failure to adopt an experimentation mindset.
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    Required Review
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    Required Review

    53% of C-level execs at high-performing organizations say their company now reviews its portfolio for digital-related opportunities and challenges more frequently than it did three years ago, compared to 35% of all other respondents who say they do this.
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    Risk-Reward
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    Risk-Reward

    51% of C-level execs at high-performing organizations indicate that they've made significant changes to the risk profile and time horizon of their business portfolio in response to digital trends over the past three years, as opposed to just 21% of all other survey participants who say their company did this.
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    Culture Club
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    Culture Club

    48% of C-level execs at high-performing organizations say appealing levels of culture, energy and morale among digital employees helps them attract and retain these workers, compared to 32% of other respondents who say this is the case.
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    Thrill Ride
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    Thrill Ride

    47% of C-level execs at high-performing organizations say the "cutting edge/exciting" nature of their company's digital work enables them to recruit and retain these employees, as opposed to 27% of all other respondents who claim this.
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    Taking Charge
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    Taking Charge

    31% of C-level execs at high-performing organizations credit their "strong, well-connected" digital leadership team for its success in attracting and keeping these employees, compared to 23% of all other respondents who say this.
 

The speed of digital advancements is separating companies into the haves and have nots: High performers are much better at creating a digital-friendly work culture with cutting-edge project opportunities, while establishing strong tech leadership teams, according to a recent survey from McKinsey and Co. The accompanying report, titled "Cracking the Digital Code," indicates that most survey respondents expect innovative initiatives to increase top-line revenues and overall profit margins over the next three years. The improved engagement of customers will drive much of the financial success here. However, many organizations face formidable challenges, including a lack of needed internal leadership and talent, as well as the failure to adapt a required "experimentation" mindset. "Companies must increasingly adjust their approaches to corporate strategy to align with (and get the most out of) their digital agendas," according to the report. "What's more, they must build stronger test-and-learn capabilities to move fast and learn as they go. Greater speed, continuous experimentation and data-based feedback loops will allow businesses to evolve strategies more rapidly, make bigger changes faster, execute and build competitive advantages and stay in tune with external change." Nearly 990 C-level execs took part in the research.

 
 
 
 
 
Dennis McCafferty is a freelance writer for Baseline Magazine.

 
 
 
 
 
 

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