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PwC Survey: Only 1 in 5 Companies Claim an Excellent Digital IQ

PwC Survey: Only 1 in 5 Companies Claim an Excellent Digital IQ

Though many organisations lay claim to being a digital enterprise, only a minority – 20% – are truly there, according to the 6th Annual Digital IQ Survey report released by PwC. In the report, PwC explores organisations’ ability to understand, value, and weave technology throughout the enterprise – their Digital IQ.

 

In this year’s study of nearly 1,500 executives – split equally among business and IT executives – PwC has identified the actions and investments that are integral in high-performing digital enterprises today.  Companies that demonstrate these five digital behaviours, as described below, are more than twice as likely to be top-performing companies in revenue growth, profitability, and innovation.

 

•    Behaviour 1: CEO actively champions digital 
A digital CEO sets and steers the company’s digital vision and tackles the inevitable challenges that come with new ways of doing business.  PwC’s analysis reveals that 81% of top performers say their CEO is an active champion in the use of IT to achieve business strategy, compared with 68% of other companies.  

 

•    Behaviour 2:  Strong CIO-CMO relationship 
According to the survey, the relationship between the Chief Information Officer (CIO) and the Chief Marketing Officer (CMO) has become critical: 70% of top-performing companies say they have a strong CIO-CMO relationship, compared with just 45% for non-top performers. The CIO continues to be internally focused and there has been virtually no change in involvement around customer and product innovation during the last six years. The CEO must ensure that marketing and development teams engage the CIO in early discussions around product, service, and customer innovation.

 

•    Behaviour 3: Outside-in approach to digital innovation 
Top performers in PwC’s study are more likely to look to outside sources such as - industry analysts, vendors, universities and labs- to fill their idea pipelines, in addition to internal sources. But all companies tend to rely most heavily on traditional sources like internal planning sessions and workshops. 

 

•    Behaviour 4: Significant New IT platform investments
While investing in disruptive technology is crucial for innovation, top-performing companies realize they need to think bigger. They are innovating how they think about IT and remaking it to better meet the needs of the business. PwC refers to this model as the New IT Platform -- a thorough approach, addressing how IT’s mandate, processes, architecture, organisation, and governance must change to keep up with the business.

 

•    Behaviour 5: View digital as an enterprise capability 
PwC suggests organisations should begin broadening how they think about their digitally-savvy resources, realising that it is becoming essential to have an IT capability that is woven throughout the business rather than only centralised in a single function.

 

With a balanced digital capability that spans the business, what matters more than where the specific skills or resources are located is having a shared understanding of how it all fits together to accomplish the organisation’s goals, who is responsible for each aspect, and a way to keep everyone in the loop.  Achieving this level of collaboration requires IT to fully understand all aspects of the business—and for business to understand IT equally well.

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