IoT practitioners are at the forefront of their company's digital initiatives. But is the rest of your company ready for its digital moment? The expectations are high in the C-Suite for digital transformations, but there's still more talk than action for many companies.
New research by McKinsey Institute suggests only 17% of corporate boards are participating in strategy for big data or digital initiatives. The good news is almost half of big companies have managed to get their CEOs personally involved, up from 23 percent in 2012.
Other findings from the survey include:
-
The most common hurdle to meeting digital priorities, executives say, is insufficient talent or leadership.
-
Across the C-Suite, 71% expect that over the next three years, digital trends and initiatives will result in greater top-line revenues for their business, and large shares expect their profitability will grow.
-
More than half of executives say that, in response to digital, their companies have adapted products, services, and touchpoints to better address customer needs.
-
Executives most often cite analytics and data science as the area where their organizations have the most pressing needs for digital talent, followed by mobile development and user experience.
-
Executives who report ample organizational support for adopting risky digital initiatives are twice as likely to work for a high-performing company as executives reporting resistance to risky initiatives due to fear of failure.
-
Forty-seven percent say cutting-edge digital work helps them attract and retain digital talent.
-
Companies’ priorities vary across industries, reflecting key sources of value in each sector: big data is a top priority in healthcare, for example, while automation is a greater focus in manufacturing (see graphic below).
The digital interconnection of billions of devices is today’s most dynamic business opportunity and at present, the Internet of Things remains a wide-open playing field for enterprises and digital strategy. According to the study, buy-in from the C-Suite and aligning with corporate culture and objectives is key to digital success.
You can read the complete survey here.
