How can CXOs drive digital transformation success? 90% say retraining is the key
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How can CXOs drive digital transformation success? 90% say retraining is the key

How can CXOs drive digital transformation success? 90% say retraining is the key

Article

Established companies are finally becoming more digitally mature, but that maturity also brings gaps in leadership and skills, according to a Tuesday study from MIT Sloan Management Review and Deloitte Digital.

The seventh annual study found a significant increase in how the 4,300 business executives, managers, and analysts surveyed globally evaluated their companies’ digital maturity. The respondents who reported that their company is in the early stages of digital disruption dropped about 9% since last year, while those who said their company is in the developing stage increased 3%, and those in the maturing stage rose 5%.

“This year’s study shows that executives across industries and around the world are investing in the digital maturity of their organizations,” Doug Palmer, co-author of the report and principal at Deloitte Consulting, said in a press release. “Digitally maturing companies in particular are developing their digital talent at both leadership and employee levels and creating conditions that will enable the organization to experiment, learn, and collaborate in the marketplace.”

Digitally maturing companies are beginning to make the changes needed to shift their organizations from traditional to digital environments, the report found. However, much work remains, particularly in leadership development.

Some 55% of digitally maturing companies reported a need for new leaders to drive digital transformation success. More than 80% of respondents from early stage companies said this was the case, according to the report.

Digitally maturing companies are more likely to be developing leaders internally who can spearhead future digital initiatives (64%), compared to only 14% of early stage companies.

Organizations also recognized the need for reskilling to drive digital transformation, the report found: 90% of respondents said that they need to update their skills at least yearly to work effectively in a digital world, the report found. Some 44% said they need to update their skills “continually” to do their job effectively.

However, relatively few employees have organizational support for digital professional development, the report found. Nearly 30% of those from early stage digital companies said their organization provides little to no support for developing digital skills. And only 34% of all respondents said they were satisfied with how their company is helping them prepare for work in a digital environment, according to the report.

“Education can no longer be viewed through the traditional lens that implies learning only happens in a formal classroom or training setting,” Palmer said in the release. “Companies across the board—even those that are showing significant digital progress—should better orchestrate new ways of learning on and off the job that encourage continuous education and allows individuals’ skills to keep pace with the rapid rate of technological change.”

Building a slide deck, pitch, or presentation? Here are the big takeaways:

  • 55% of digitally maturing companies report a need for new leaders to drive digital transformation success. — MIT Sloan Management Review/Deloitte Digital, 2018
  • 90% of executives, managers, and analysts said they need to update their skills at least yearly to work effectively in a digital world. — MIT Sloan Management Review/Deloitte Digital, 2018

Source by : Techrepublic.com

Author by : Alison DeNisco Rayome

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