There’s No Finish Line for Digital Transformations

 
 
By Dennis McCafferty  |  Posted 10-21-2015 Email
 
 
 
 
 
 
 
 
 
  • Previous
    There’s No Finish Line for Digital Transformations
    Next

    There’s No Finish Line for Digital Transformations

    IT departments, take note: The aim of digital transformations, according to a new report, is to never stop transforming.
  • Previous
    Setting Standards
    Next

    Setting Standards

    65% of survey respondents said their organization is either a "pioneer" or a "leader" in overseeing a digital transformation, compared to competitors/peers.
  • Previous
    Slow Start
    Next

    Slow Start

    Despite their high self-evaluations, 31% said their organization is only either developing or just starting to develop its digital transformation strategy, while 27% say they've developed the strategy but haven't implemented it yet.
  • Previous
    Digital Drivers, Part I
    Next

    Digital Drivers, Part I

    50% said evolving customer needs and expectations are driving their organization's digital transformation, and 45% cite rapidly changing competitive dynamics.
  • Previous
    Digital Drivers, Part II
    Next

    Digital Drivers, Part II

    43% said new technologies accelerating the pace of change are driving their company's digital transformation, while 36% cite growth opportunities in existing and new markets.
  • Previous
    Top Goals for Digital Transformation
    Next

    Top Goals for Digital Transformation

    To improve customer satisfaction, loyalty and retention: 53%, To increase operational efficiencies: 52%, To maintain or achieve market leadership within the industry: 48%, To complement or diversify core business: 37%, To disrupt core business before it is disrupted by others: 29%
  • Previous
    Biggest Digital Transformation Challenges
    Next

    Biggest Digital Transformation Challenges

    Establishing the right organizational and governance model: 39%, Evolving the corporate culture: 39%, Funding the necessary investments: 35%, Finding/developing the required talent: 30%, Keeping up with the pace of tech changes: 30%
  • Previous
    Progress Report: Point of Sale
    Next

    Progress Report: Point of Sale

    Only 39% said they've made "strong" progress in being able to enable real-time transactions through a digital transformation, and only 32% said they've made similar progress in improving operations efficiencies.
  • Previous
    Progress Report: Team Assistance
    Next

    Progress Report: Team Assistance

    Only 38% said they've made strong progress in improving collaboration/co-innovation with partners through a digital transformation, and just 33% said they're making the same progress in providing management with real-time decision-making information.
  • Previous
    Executive Action
    Next

    Executive Action

    52% said their CIO or CTO is the primary leader of their company's digital transformation, while 37% said it's the CEO.
  • Previous
    Two Paths
    Next

    Two Paths

    61% said their organization intends to integrate digital business talent and processes into its traditional business, while 33% said they will build a digital business that is separate from traditional business.
  • Previous
    ROI Tracker
    Next

    ROI Tracker

    72% said their digital investment into mobile computing is at least achieving its expected business value, while 60% said the same about social media and big data/analytics investments.
 

While organizations give lofty self-assessments of their digital transformation pursuits, most are essentially "talking the talk" here, according to a recent survey from The Economist Intelligence Unit. Very few, for example, have launched new digital strategies to actually change the way they do business. The survey report, titled "Digital Evolution: Learning from the Leaders in Digital Transformation," reveals that changing customer needs and new technologies are driving digital transformation efforts. However, CIOs and other involved leaders are struggling to establish the right organizational model for such a plan, while facing obstacles in the form of corporate culture and available funding. And thanks to the ever-disruptive nature of ongoing innovation, they also are likely to find that this transition will always remain a work in progress. "As social media, cloud computing, mobile and big data become the norm, other technologies, such as machine learning, virtual reality and cryptocurrencies, are emerging as new sources of disruption," according to the report. "The end goal of any digital transformation should therefore not be a steady state, but an (organizational) structure and culture that can adapt to and accommodate the business implications of any new source of digital innovation. The aim of digital transformation, in other words, is never to stop transforming." Nearly 445 executives from the healthcare, finance and telecommunications industries took part in the research, which was sponsored by Accenture and Pegasystems.

 
 
 
 
 
Dennis McCafferty is a freelance writer for Baseline Magazine.

 
 
 
 
 
 

Submit a Comment

Loading Comments...