Despite 10 years of continued investment and commitment from top executives, PwC's 2017 Global Digital IQ results show enterprises struggling to return value, overlooking fundamental integration of technology with the human experience.
NEW YORK, February 28, 2017— Today, PwC released its 2017 Global Digital IQ® Survey, a comprehensive look at how companies around the world are striving to stave off disruption by elevating their digital acumen and capabilities.
The survey, now in its 10th year of identifying trends in technology and business adoption, examines just how organizations maximize returns on their digital technology investments, or not. Over the past decade, PwC has used this survey to ask corporate leaders a critical question – how are organizations maximizing and profiting from their digital investments? Companies are faced with an ever-growing list of options for technology investment, but whether or not those investments are being put to good use remains an omnipresent problem – that hasn't been alleviated in the last decade.
While tech is important, the role of customers and employees (including employees like the CDO and CIO) and their ability to adapt to change and utilize digital and emerging tech are critical in advancing transformation. 82% of top financial performing companies surveyed reported a better understanding of the human experience that surrounds digital technology, and 74% stated that they were more likely to resource digital projects with cross-functional teams comprised of business, technology and user experience specialists.
The best-performing businesses consider the definition of "digital" to be more expansive – Only 16% of Top Performers say that "digital" and IT are synonymous, while 30% of lower-performing companies view digital and IT as one and the same.
C-Suite engagement in digital investment has grown in the past decade, but a large portion of chief executives are still behind when it comes to being the change agents. In 2007, one-third of companies said their CEO was a champion for digital, but that number remains surprisingly low when CEOs are responsible for staving off disruptors and driving transformation – even in 2017 only 68% of respondents stated their CEO championed digital. On top of that, many respondents said other senior executives remain disengaged from digital transformations.
Whether they have a high Digital IQ or not, most executives do assume that digital initiatives can have a transformative effect – nearly three-quarters (73%) cited revenue growth as the top benefit of their digital initiatives, followed by increased profits (47%) and reduced costs (40%).
While investments in technology have risen, fewer companies today have teams dedicated to exploring emerging technology or innovation and many (49%) still determine their adoption of new technologies by evaluating the latest available tools, rather than proactively exploring new innovations with specific business needs in mind (40%).
To see the full results of the survey, go to pwc.com/digitaliq. To learn more about how PwC brings business strategy, customer experience and technology together for true transformation, visit https://digital.pwc.com/en/bxt.html.
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