A recent Harvard Business Review study found that few organizations – just a fifth of total survey respondents – are well positioned to succeed in today’s hyper-competitive, technology-enabled world.
The report referred to this small group of digitally-savvy organizations as “Digital Leaders.” These are companies that "rate highly in both digital leadership and management," resulting in better business results than their peers. So what do these companies have in common?
Digital Leaders are more likely than their competitors to have:
1. A clear vision – While well over half of survey respondents said their CEO understands digital opportunities and threats, Digital Leader CEOs have also clearly defined and articulated a digital vision and strategy.
2. Execution throughout the organizations – Digital Leaders not only have the vision, but they have the proficient people and processes at multiple levels – from IT, to R&D, to marketing, to finance, and sales – to make that vision a reality.
3. Significant financial gains – The report showed that this group of leaders experienced revenue growth of 10 percent or more over the past two years, and profit margins exceeding the industry average
4. CIO as digital coach – The report underscores the critical role the CIO plays in carrying out a digital vision, and ensuring everyone involved has the resources and know-how necessary to succeed.
According to HBR, Digital Leader CIOs are more likely than their peers to:
- Understand which digital knowledge is important for functional areas
- Provide useful information about technology to their business colleagues
- Support business-led IT initiatives
- Be identified as digital coaches or digital masters
The report highlighted seven strategies that CIOs can implement immediately to embrace the role of coach within their organizations and begin driving digital transformation.
To learn more, download the full report: "Driving Digital Transformation: New Skills for Leaders, New Role for the CIO."
