Companies routinely invest in technology, and too often feel they get routine results. Technology’s promise is not simply to automate processes, but to open routes of new ways of doing business.
To better understand how business succeed or fail in using digital technology to improve business performance, MIT Sloan Management Review and Capgemini Consulting conducted a survey that garnered responses from 1,559 executives and managers in a wide range of industries. The survey was conducted in 106 countries (the five with the most respondents were: United States (37%), India (11%), Canada (5%), United Kingdom (4%), Australia, Brazil and Mexico (3%each).
Their responses clearly show that managers believe in the ability of technology to bring transformative change to business. But they also feel frustrated with how hard it is to get great results from new technology.
- According to 78% of respondents, achieving digital transformation will become critical to their organizations within the next two years
- However, 63% said the pace of technology change in their organization is too slow
- The most frequently cited obstacle to digital transformation was a permanent fiure on their CEO’s agenda
- Where CEOs have shared their vision for digital transformation, 93 per cent of employees feel that it is the right thing for the organization. But, a mere 36% of CEOs have shared such a vision.
The survey defined Digital Transformation as the use of new digital technologies (Social Media, Mobile, Analytics or Embedded devices) to enable major business improvements (Such as enhancing customer experience, streamlining operations or creating new business models).