Why a PACT is the key to unlocking your digital future
A new world is coming.
More than half of organisations across the world have already carried out digital transformation projects and seen them have a positive impact, according to our new report.
It’s a promising start. But we’re not there yet.
To fully realise your digital vision you need more than just technology – you also have to put all the right people, processes and partnerships in place.
This is what we call the digital transformation PACT:
- People – having the skills you need across all levels of your organisation, and the right people in the right roles
- Actions – helping people and technology work in harmony by ensuring you have the right processes, attitudes and behaviours across your business
- Collaboration – building an environment of open collaboration, with the flexibility to think beyond the four walls of your own organisation
- Technology – investing in new technologies and technology partnerships that can help you achieve your digital vision
Only through this ‘PACT’ can you ever hope to reach your potential. But how far have organisations come already and how far have they got to go?
To find out, we surveyed 1,600 business leaders across the world.
Here’s what we found out…
The digital skills gap is still a big issue for most companies, although the organisations we spoke to suggested training, recruitment and sharing of expertise could be the best ways to help close it.
Interestingly, artificial intelligence (AI) is expected to completely transform the skills we need within three years. If we don’t start preparing now there’s a danger this could create an even bigger skills gap in future.
But just as important will be building confidence in new technologies. While most companies claim to have a culture of innovation, fear of failure is holding them back when it comes to digital.
Most companies do have a clearly defined digital strategy.
Again, this is promising, but it is somewhat concerning that most digital projects are not linked to this overarching plan in any way.
To become a truly digital organisation, you need a joined-up approach to digital transformation that ensures it’s a fundamental part of the way you do things.
Part of this problem seems to stem from shadow IT, however, with most companies claiming they have to resort to unapproved digital projects in order to innovate.
As for what those partnerships look like, most people choose to co-create with technology experts, while many partner with customers and start-ups.
Perhaps most interesting of all, however, is that most organisations would now be willing to share sensitive business information as part of a co-creation project.
This is a huge cultural change, and shows that businesses are already leaning towards the kind of openness that will be essential to their survival in future.
In fact, many believe technology is the most important factor in realising their digital strategy, and the majority would change their business model in line with emerging technologies.
But most of the business leaders we spoke to fear they’re unable to keep up with technological changes, and they’re worried about digital disruptors to the extent they don’t even know who their competitors will be in a decade’s time.
It seems keeping up with the pace of digital change is what most companies across the world need support with.
Our research uncovered plenty to feel optimistic about when it comes to global digital transformation.
Clearly business leaders understand the importance of digital, and – for the most part – they’ve taken significant steps to make it part their overall strategy.
But there are gaps here that need to be filled if these organisations are to reach their full potential.
The skills gap needs to be addressed sooner rather than later. And this isn’t the sole responsibility of private firms – government and educational organisations have to play their part too.
And companies must get up to speed with innovations like AI now or risk playing catch-up with competitors that got their first. This will likely mean partnering with third-party providers who already have that knowledge and expertise.
It’s essential that we all work together to overcome these issues, because many of them impact not just individual organisations but whole societies.
For the sake of our future, I sincerely hope we get it right.
Download our Digital Transformation PACT report for much more insight
Latest posts by Ravi Krishnamoorthi (see all)
- Why a PACT is the key to unlocking your digital future - November 16, 2017