Why Companies Can't Keep Up With Digital Changes

By Dennis McCafferty  |  Posted 05-02-2017 Email

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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