How Digital Innovation Hones Competitive Advantage

 
 
By Dennis McCafferty  |  Posted 05-18-2016 Email
 
 
 
 
 
 
 
 
 
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    How Digital Innovation Hones Competitive Advantage
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    How Digital Innovation Hones Competitive Advantage

    Businesses cannot move forward without focused digital and mobile strategies, and those with more advanced deployments are jumping ahead of competitors.
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    Work in Progress
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    Work in Progress

    Just 21% of execs consider their enterprise to be "highly advanced" in digital, but 44% said their enterprise will be highly advanced in three years.
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    Digital Dollars
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    Digital Dollars

    33% said their organization derives at least 15% of its revenues from digital channels, and 62% said this will be the case in three years.
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    Moving Target
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    Moving Target

    47% said at least 11% of their workforce is working through mobile devices, and 71% said this will be the case in three years.
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    Stand-Alone Effort
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    Stand-Alone Effort

    Just 25% said their digital initiatives are "highly integrated' with existing efforts.
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    Going to Market
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    Going to Market

    89% of execs at high-performing digital companies said their organization is creating digital-based product lines, compared to just 20% of execs at businesses considered in the early/exploratory stages of digital.
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    New Profit Path
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    New Profit Path

    82% of execs at high-performing digital companies said their organization is altering or creating new revenue models, as opposed to only 51% of those at businesses in the early/exploratory stages of digital.
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    Tuned In
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    Tuned In

    77% of execs at high-performing digital organizations said their company is developing or supporting digital channels, compared to just 10% of those at enterprises in the early/exploratory stages of digital.
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    Most Popular Tech Investments Among High-Performing Digital Companies
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    Most Popular Tech Investments Among High-Performing Digital Companies

    Collaborative tools: 57%, Data analytics of customers and markets: 59%, Data analytics for internet of things: 55%, Data analytics of internal operations: 52%, Cloud services (both internal and external): 52%
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    Top Competitive Advantages of Digital Initiatives
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    Top Competitive Advantages of Digital Initiatives

    Gaining new customers: 29%, Increasing revenues: 29%, Boosting customer satisfaction: 27%
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    Most Important Requirements of Digital Experience
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    Most Important Requirements of Digital Experience

    Highly secure and compliant apps/experiences: 77%, Simple/easy to navigate apps/experiences: 73%, Apps/experiences that produce direct, measurable business results: 68%
 

A minority of executives describe their companies as "highly advanced" in their digital pursuits, according to a recent survey from KPMG. The resulting report, titled "Crossing the Enterprise Digital Divide: How Digital Strategies Can Sharpen Your Competitive Edge," reveals that most businesses do not derive a significant share of revenues from digital channels, for example, and few digital initiatives are "highly integrated" with existing efforts. The result is an increasing state of "haves" and "have nots" when it comes to these efforts, as high-performing companies are doing a better job of creating digital-based product lines while redefining revenue models. They're also more adept at either developing or supporting digital channels, while investing significantly into collaborative solutions and data analytics. "As organizations continue to experience business disruption and the global economy increasingly becomes more intensely competitive, organizations that can successfully execute digital and mobile initiatives create a competitive advantage," said Rick Wright, leader of U.S. digital and mobile solutions for KPMG. "Executives recognize their organizations cannot move forward without cohesive digital and mobile strategies, and those with more advanced deployments are delivering results in terms of revenues and faster time to market … We're at a critical inflection point for moving digital and mobile technologies in the enterprise, and the next few years will be transformative as enterprises embrace smarter and more efficient new ways of working." More than 500 executives in the United States and Canada took part in the research.

 
 
 
 
 
Dennis McCafferty is a freelance writer for Baseline Magazine.

 
 
 
 
 
 

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