Why Companies Can't Keep Up With Digital Changes

 
 
By Dennis McCafferty  |  Posted 05-02-2017 Email
 
 
 
 
 
 
 
 
 
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    Why Companies Can't Keep Up With Digital Changes
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    Why Companies Can't Keep Up With Digital Changes

    While IT and business executives value digital opportunities, many feel as if they're falling behind and want more support from all levels of the enterprise.
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    Shrinking Confidence
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    Shrinking Confidence

    52% of the business and technology executives surveyed rated their organization's digital IQ as strong, but that's down from 67% in 2015.
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    Spotty Results
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    Spotty Results

    Only 52% said their digital projects are delivered within scope and on time, with 76% claiming that a lack of organizational support presents the greatest barrier.
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    Scouting Crew
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    Scouting Crew

    80% of the executives surveyed said that the identification of opportunities to digitize their enterprise is a critical part of their innovation process.
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    Top Benefits of Digital Initiatives
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    Top Benefits of Digital Initiatives

    Revenue growth: 73%, Increased profits: 47%, Reduced costs: 40%
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    Come Together
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    Come Together

    74% of executives from top-performer companies and 65% of respondents from other enterprises said their organization supports digital projects with cross-functional teams of business, tech and user experience specialists.
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    Dedicated Effort
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    Dedicated Effort

    59% of executives from top performers and only 42% of respondents from other companies said their organization has dedicated innovation teams.
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    Nimble Thinking
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    Nimble Thinking

    22% of executives from top performers but just 7% of respondents from other companies said they use agile methodologies for the majority of their non-software projects.
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    Obstacles to Achieving Digital Tech Goals
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    Obstacles to Achieving Digital Tech Goals

    Lack of collaboration between IT and business: 64%, Inflexible or slow processes: 58%, Can't integrate new and existing tech and data: 41%, Outdated technology: 38%, Lack of properly skilled teams: 37%
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    Top Categories of Tech Investment
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    Top Categories of Tech Investment

    Internet of things (IoT): 73%, Artificial intelligence: 54%, Robotics: 15%, 3D printing: 12%, Augmented reality: 10%
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    Contrasting Concepts
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    Contrasting Concepts

    32% of the business and technology executives surveyed said digital "refers to all technology innovation-related activities," while 29% said digital is simply "synonymous with IT."
 

While most business and technology executives feel that their company has a high "digital IQ," their confidence in their organization's tech acumen is slipping, according to a recent survey from PwC. The resulting report, "A Decade of Digital: Keeping Pace With Transformation," reveals that most of the executives believe that the identification of opportunities to digitize their enterprise is a key part of the innovation process. However, a lack of organizational support is leading to shortcomings, including the inability to deliver digital projects within scope and on time. The report distinguishes top-performer companies from the rest of the pack, with top performers identified as those reporting revenue growth and profit margin increases above 5 percent for the past three years, as well as expected revenue growth of at least 5 percent for the next three years. According to the findings, businesses that fail to meet these benchmarks are less likely to support digital projects with cross-functional teams of business, tech and user experience specialists, or to appoint a dedicated innovation team. "Today, you'd be hard-pressed to find a modern organization that doesn't see technology as integral to business strategy as well as operations," according to the report. "Yet despite these notable advances, in some ways, company leaders are no better equipped to handle the changes coming their way than they were in 2007. … Enterprises aren't so much falling behind as struggling to keep up with accelerating standards. And looking ahead, it is clear that most are not ready for what comes next—and after that—as technologies continue to combine and advance, and new ways of doing business go from inception to disruption seemingly overnight." More than 2,200 global business and technology executives took part in the research.

 
 
 
 
 
Dennis McCafferty is a freelance writer for Baseline Magazine.

 
 
 
 
 
 

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