Why Digital Transformation Should Be No. 1 Priority For CEOs

by CXOtoday News Desk    Mar 06, 2018

digital transformation

CEOs not keen on executing digital transformation strategies in their organizations are losing out on key business opportunities, according to a new PwC report, which shows that a skilled CEO can pave the way for a successful digital transformation.

The study notes that the transformation depends on an organization’s leaders and is partly dependent upon the digital skills and understanding of CEOs. However, many CEOs are not eager to improve their own skill set and several others still relying on the out-dated models of artificial intelligence, not having an eye on the improvement and vast development already taken place in the technology world. Eventually, they are losing on a better way to do business. [Read the full report here]

For example, according to the study by PwC, only 23 percent of those surveyed reported that they are interacting with artificial intelligence-powered tools.

Digital transformation can be achieved by a plethora of options, but the need to be skilled and comprehend all the options depends on the senior management team. Examination of the executive teams is a must for a desired success, and many CEOs agree to have taken this casually.

The implementation for a potential transformation is not an easy task to complete and needs a deep understanding on the ability of a technology to perform as a part of a holistic hole, the study notes.

A key fact gleaned is that 70 percent of CEOs stated that they are concerned about the digital skills of their senior leadership team, the PWC survey based on the analysis of 1,230 CEOs from around the world noted.

Companies need to embrace the innovations that are powering the digital economy, the PwC study says. The personal growth and keen interest of the CEOs for the achievement is of utmost importance.

It is believed that for traditional organizations, change has to start from the top. Otherwise, the confidence is shaken in the leadership of the senior leaders and it can be concluded that they do not have the neck to be the exemplar for the new way in the working required for a digital company.

A digital strategy is only as good as the organization attempting to execute it. Leaders need to articulate a broad strategic outline and the purpose and context for change. But they also need to be open to feedback from people in the organization, from customers, and from partners, the report summed up.