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Digital Transformation: Half of Businesses Say They Can’t Keep up with Technology
Innovation and new technology. Those are the key elements of digital transformation. But one other key element is people, people who are committed to change and willing to work to shape their organizations both strategically and operationally.
A recent survey by PricewaterhouseCoopers (PwC) found that fewer businesses see themselves as being able to keep up with digital change. 52 percent of them rated this businesses as having a strong “digital IQ”, that’s down from 67 percent from the previous year. Technology changes rapidly and businesses are less confident that they can keep up.
Businesses say that only 52 percent of their digital projects are being executed and delivered within scope and on time. Obstacles to their projects include lack of organizational support (76 percent), lack of clarity on responsibilities (72 percent), ineffective management (71 percent), and ineffective talent (66 percent).
Tom Puthiyamadam, PwC global digital leader, said that “companies are failing at alarming rates in driving business results from digital technology investments.”
Chris Curran, Chief Technologist at PwC, said that “‘Digital IQ has a completely different meaning today than it had when we started this research a decade ago. Today the spectrum and diversity of technologies available to enterprise leaders is immense, and all members of the C-Suite need to understand what technology best fits their strategy and what makes the most sense as an investment. Building a culture of innovation – upping everyone’s Digital IQ – is no small feat, but it’s necessary if a company seeks to compete in today’s highly disrupted and challenging market.”
