A recent study by Capgemini has found most businesses struggle to turn their investment in digital transformation into business success.
The company’s Understanding Digital Mastery Today report surveyed more than 1,300 executives from over 750 businesses on their digital and leadership capabilities required to be ‘digital masters’.
These ‘digital masters’ are businesses with the digital capabilities to “change how the company interacts with customers, operates internal processes, or defines its business model”, and the leadership capabilities to successfully drive digital transformation.
The data found that the percentage of businesses in 2018 who believe they have acquired the necessary digital capabilities to meet this definition is 39 per cent, equal with the results of the business’ 2012 report.
The percentage of businesses who believe they have the necessary leadership capabilities, however, dropped from 45 per cent in 2012 to 35 per cent in 2018, the report found.
“Given the pace of change in technology, new and emerging competition, and the increasing expectations of employees and customers, today’s organisations face significant challenges compared to 2012,” the report said.
One of the challenges organisations face in becoming a ‘digital master’ is the business’ “talent and culture” the report said, adding that many businesses are “failing to ensure their employees feel part of the journey”.
“A renewed focus on the key dimensions for success in digital transformation, such as operations and governance and, in particular, talent and culture, will help organisations revitalise their digital transformations. If organisations do not re-focus, they might continue to lag behind,” the report said.
Other suggestions to help companies become digital masters made by the report included bridging the technology and business ‘silos’, working to empower employees and equip them for the change, and developing a deeper understanding of the business’ client base.