Mixing in digital strategies and capabilities into your organization these days is pretty much like finding the perfect, affordable meal on the town. Find the right ingredients, choose a top-notch chef and cooking team and don’t over-indulge.
The Digital Dos
That’s the skinny on going digital in the August global survey report from McKinsey & Company. The survey produced results that indicate companies who have vested C-level involvement in a digital program have greater chances to succeed.
"Increasing C-level involvement is a positive sign, and the creation of a CDO (chief digital officer) role seems to be a leading indicator for increasing the speed of advancement,” according to the report. “These developments must continue if companies are to meet their high aspirations for digital.”
Other signs your digital program is heading down the right path? Your company manages its expectations by setting strong agendas without overexuberance for digital, and it prioritizes talented personnel with technical, functional and business skills.
“Just as important as finding the right leader is setting the right agenda and maintaining an aspirational vision …. and leaders will have to walk this line carefully, given executives’ reports of organizational, technical, and cultural challenges,” according to the report.
Companies are now trending toward “acqui-hiring,” or acquiring small companies largely for their employees rather than their products.
“But finding and hiring talent is only part of the solution; no matter where the talent comes from, development and retention are equally important in a sellers’ market,” according to the report.
C-Suite Interest Piques
More CEOs this year are getting involved in digital initiatives: 31% this year vs. 23% last year said they are supportive and sponsor initiatives. In addition, 24% of companies said their chief executive is supportive and directly engaged.
McKinsey reported that top-level executive involvement is “vital to the success of digital programs” because survey respondents often “cite a lack of senior-management interest as the reason for an initiative’s failure.”
The survey results are in tune with the advice of experts on social media who say C-level involvement in there, too, is crucial. They’re pushing organizations to create roles such as the chief social officer.
Digital Customer Focus
Survey respondents were asked about five digital-enterprise trends: big data and advanced analytics, digital engagement of customers, digital engagement of employees and external partners, automation and digital innovation.
The highest-ranked trend? Customer engagement, where 56% said digital engagement of customers is at least a top-10 company priority. Gaining steam is companies’ use of digital to position material consistently across channels and to make personalized or targeted offers available online. Beyond customers, however, companies have slowly adopted digital approaches to engaging their own employees, suppliers and external partners.
Title image courtesy of discpicture (Shutterstock)