As you think about your digital transformation, it’s good take a step back and review what other companies are thinking about or doing in their quest to “go digital.” McKinsey released a survey of 987 global executives and their thoughts on this. I like both the insights in the data and McKinsey’s take on the fact that right now, it’s more hope than reality. That means many companies still have time to engage in their digital strategy.
The results suggest that digital’s promise seems more of a hope than a reality. Issues of scale remain a challenge, as they have in previous years.2 Few executives say that their companies’ business activities are more digital than not or that their companies have captured a meaningful share of the potential value that digital could bring their business. The most common hurdle to meeting digital priorities, executives say, is insufficient talent or leadership, which tops a longer list of complex challenges. The companies that are succeeding at digital (our “high performers”) have a more active digital agenda than others, are more effective at attracting and retaining digital talent, and offer other lessons for success
I can’t show every single graph so it’s worth it to read the entire post on McKinsey’s site. That said, here are a few of the more interesting ones:
Note the high expectations implied by executives. They believe that making their companies more able to compete in a digital economy will yield results, especially in revenues and profit margins.
But there remains the seemingly age-old conundrum, where to find the talent to lead these initiatives and unlock the potential. Driving a digital business has man-moving parts, and someone needs to understand digital in general and also be able to juggle the various moving pieces.
