How to boost your company's 'Digital IQ'
Only 12 percent of Fortune 500 business from 1955 still existed in 2016. It's not a coincidence that the 12 percent are still alive. Their creativity, constant innovation and technology-focused mindset is why those companies still thrive today. By studying a company's Digital IQ, we can understand how digital transformations propel both organizations and whole industries forward.
A survey from PriceWaterhouseCoopers, which polled 2,216 executives at companies with annual revenue of more than $500 million, found that leaders are embracing digital transformation – mobile strategies, internet of things, consumer technology, social platforms and more. They recognize what is at the forefront of every executive’s mind - how a digital strategy can influence key business objectives.
Digital transformation involves three areas: technological ability, digital communications and customer experience. We have a short list of questions that organizations can use to measure their progression in the digital transformation journey:
- How is digital transformation defined at your organization?
- Who is leading your digital transformation?
- Is digital transformation being looked at across the entire enterprise or just in individual departments
- How can digital transformation help the business, both financially and with overall employee and customer experience?
- How can you leverage existing assets and technologies in new ways?
- How can data and information have a greater benefit and/or competitive advantage?
One of the best ways to raise a company's Digital IQ is by understanding and improving upon the human experience. Executives must think critically about how their digital initiatives will affect the experience of customers and employees, as even the most well-intentioned initiatives can have negative impacts on people. By prioritizing the user experience, digital initiatives can increase revenue growth and profit margins.
In 2007, roughly 40 percent of Chief Information Officers had a seat at the executive table. Now, CIOs are heavily involved in strategic planning as digital strategies are influencing business goals. Digital no longer simply means the internet. It now touches every business function, from human resources to sales and marketing. IT investments are connected to an organization’s goals. The organizations that make IT part of their overall strategy will be ready to handle the challenges that come with the ever-changing business model.
No company wants to be one of the nine out of every ten Fortune 500 companies around in 1955 that are no longer around today. Now is the time to bring everyone around the table to honestly evaluate your business. Start thinking outside of the box about the future of your business, and its digital transformation.
Image via Istock.com.
Doug Bannister Doug is Chief Executive Officer and Chief Technology Officer of Omnivex Corporation. Doug founded Omnivex after 7 successful years in the LED sign software business to take advantage of the newer screen technologies. Recognizing the potential for a revolutionary signage market, Doug embarked on developing software to capitalize on the graphic potential of the emerging technology.