Digital avenues essential for creating new growth
A recent survey from McKinsey and Company has confirmed that many companies are now moving into digital processes, with an ever greater number choosing to pursue these trends.
The yearly study, this time entitled ‘The Digital Tipping Point’, found that companies are investing heavily in digital-business initiatives, especially within the C-suite level.
CEOs, Chief Information Officers and Chief Marketing Officers are the three executive positions most likely to be enthusiastic about new digital processes.
All three of these categories have also recorded increases over the last three years of the survey, with 23 per cent of CEOs now supportive and directly engaged with business-digital initiatives. A further 38 per cent sponsoring these initiatives within the company.
Among the specific tasks that businesses were turning to in their digital activity was increased engagement, across both staff and customers. Another key area was to introduce digital innovations into business and operating models in order to improve efficiency.
While the study suggested that companies are truly embracing digital options, there were also some hesitations for companies surveyed. In particular, many companies were concerned that they didn’t have the talent pool to pursue digital integration or that their organizational structures are not designed appropriately for digital integration.
This is a concern for companies, especially considering these digital innovations are one of the largest sources of growth within digital business systems over the next three years.
Digital issues are also more of a concern for larger companies (those with more than $1 billion in turnover). Companies in this bracket were nearly twice as likely to be concerned about structural issues than their smaller counterparts.
One solution for these challenges is to invest in business strategy software like that from StrategyBlocks. This can easily be laid over your company’s existing management structures while also tapping into the benefits that come from digital strategy mapping.