Digital strategy is so important to every business to compete in today’s business landscape. But, as with any change, finding the right combination of actions and approach to make it happen can be a challenge. PWC’s 2015 survey of nearly 2000 business and technology executives asked one simple question to find the answer. The results revealed 10 critical attributes that correlate with stronger financial performance.
It’s brilliant to ask just a single question – rather than a laundry list of questions – to find out what’s critical for businesses to achieve better results. It creates less opportunities for confusion and can help you laser focus on what actions to take to improve results.
That’s why the simple question PWC asked in their survey was successful at ferreting out the key attributes companies must demonstrate to succeed.
So let’s explore the question and the resulting 10 critical attributes that were identified.
What actions can leaders take to confirm their digital investments deliver and sustain value?
- Our CEO is a champion for digital.
- The executives responsible for digital are involved in setting high level business strategy.
- Business-aligned digital strategy is agreed upon and shared at the C-level.
- Business and digital strategy are well communicated enterprise-wide.
- We actively engage with external sources to gather new ideas for applying emerging technologies.
- Digital enterprise investments are made primarily for competitive advantage.
- We effectively utilize all the data we capture to drive business value.
- We proactively evaluate and plan for security and privacy risks in digital enterprise projects.
- We have a single, multi-year digital enterprise roadmap that includes business capabilities and processes as well as digital and IT components.
- We consistently measure outcomes from our digital technology investments.
It’s no surprise that the top four critical attributes reflect actions that are driven from the top of the organization. It’s been proven time and again that change can’t succeed without support and direction from the top. That means consistent leadership and involvement to make things happen.
Discovering innovative opportunities can’t be an “inside only” activity as demonstrated by attributes five and six in the survey results. Companies that excel are continuously looking for opportunities externally to disrupt the digital environment and take the lead with new business strategies.
A roadmap that defines the journey a company will take on its digital path along with distinct activities for keeping tabs on data, security and privacy along the way are declared as the last four key attributes in items seven through ten.
How does your company stack up?
- Take a look at the full report and determine where your organization might land by doing a mini assessment of the ten attributes.
- Then get your leadership team together to discuss where you are, where you should be, and what approach you’ll take to close the gap. PWC advises identifying your company’s digital investments, roles of the leadership team, and any digital disruptions that aren’t being addressed during this discussion.
- Bring the entire organization into the discussion to get people thinking about what could change. Open up a dialogue that gets people excited about creating a digital strategy that serves your market better.
- Start working on a strategy and approach to leverage the 10 critical attributes for improvement in your organization.
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