Execs and Their Role in Digital Transformations

 
 
By Dennis McCafferty  |  Posted 07-29-2016 Email
 
 
 
 
 
 
 
 
 
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    Execs and Their Role in Digital Transformations
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    Execs and Their Role in Digital Transformations

    Company leaders acknowledge the significance of digital transformation, yet many aren’t taking an active role in its implementation because they lack confidence.
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    Topic A
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    Topic A

    77% of survey respondents said digital transformation has emerged as a top strategic priority for their organization.
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    Digital Transformation Drivers
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    Digital Transformation Drivers

    Increased competitive advantage: 48%, Improved customer engagement/satisfaction: 45%, Achievement of company performance goals: 44%, Expected ROI on digital transformation investments: 36%, Ability to demonstrate success quickly: 31%
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    Continuing Success
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    Continuing Success

    75% of survey respondents said their company met its digital transformation objectives last year, and 69% said it will do so this year.
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    Biggest
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    Biggest "Success Indicators" for Digital Transformation

    Increased revenue: 40%, Improved customer satisfaction: 34%, A more seamless customer experience: 33%, Greater customer engagement: 27%
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    Unattended Area, Part I
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    Unattended Area, Part I

    Only 38% of survey respondents consider internal process optimization as a digital transformation objective.
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    Unattended Area, Part II
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    Unattended Area, Part II

    Just 14% cited the improvement of employee engagement as a digital transformation objective.
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    Unfinished Work
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    Unfinished Work

    61% said their company needs to make significant changes to meet its digital transformation objectives.
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    Improvement Areas
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    Improvement Areas

    With regard to these changes, 40% said increased sponsorship and oversight on the part of senior leadership is needed, while 39% cited the establishment of an effective organizational and governance model for a digital transformation.
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    Top Digital Transformation Tech Investment Areas
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    Top Digital Transformation Tech Investment Areas

    Big data/analytics: 58%, Mobile computing: 36%, Software as a Service (SaaS): 29%, Infrastructure as a Service (IaaS): 26%, Electronic payments/settlement: 21%
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    Fast Lane

    96% of survey respondents said the pace of change as impacted by digital transformation is accelerating, with 62% indicating it's accelerating "significantly."
 

At this point, everybody's talking about the need for a digital transformation. And, fortunately, words are translating to action, according to a recent survey from Pegasystems and The Economist Intelligence Unit. The resulting report, titled "The Digital Transformation Agenda 2016," reveals that most company leaders consider the digital transformation as a strategic priority, and the majority of companies are meeting their digital transformation objectives. However, many of these objectives are focused on revenue and customer-facing goals, as opposed to the improvement of internal processes and employee engagement levels. And while organizations appear to be doing well here, most need to make "significant" changes to continue doing so—especially when it comes to increasing sponsorship and oversight on the part of senior leadership. "While leaders acknowledge the significance of digital transformation, they are not taking as active a role in its implementation as their peers would like," according to the report. "This may be because they lack confidence. Executives in senior positions today may not have had direct experience of digital technology, or the working processes and practices that are associated with it, during their careers. But whether it is through boosting their experience and knowledge or hiring experienced colleagues, executive boards need to find that confidence—and sooner rather than later." More than 280 global business leaders took part in the research.

 
 
 
 
 
Dennis McCafferty is a freelance writer for Baseline Magazine.

 
 
 
 
 
 

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