In a recent study, it was found that only one in 20 companies have been doing everything necessary to get payback from the breakneck pace of digital. With Covid-19 pandemic bringing the biggest changes to business and working routines, organisation are realising that this area can no longer take a back or even side seat when when creating and delivering their strategies and operations.
Through its annual Digital IQ research, PwC identified a group of companies that consistently generate payback and obtain significant value on their digital investments.
This value is demonstrated across every area assessed – from growth and profits to innovation, customer experience, people and more.
This is consistent with the approach Rialto has long advocated with its clients to impress upon them the importance of ensuring digital transformation strategies touch every part of an organisation.
These high-performing companies, called ‘transcenders’, spend more on their staff and employee experience whether that is recruiting the best talent or keeping their people skilled-up to weather change.
The report points out that this means not just throwing money at endless training for these top 5 per cent of companies, but they ‘obsess’ about ensuring that training sticks, drives business and motivates employees.
Nearly two-thirds of transcenders (63 per cent) report they have upended their training processes and seen the results of getting it right.
Notably, the report finds transcenders leaders don’t just talk big, they act: 84 per cent mandate, rather than just encourage collaboration and cross-functional work; and digital is their corporate strategy, not a line item or “special effort”.
“Significantly, these companies are putting people, training and reskilling high on their agenda and other companies, large and small, must similarly invest in areas such as employee development and employee experience”
While others are ruminating on ideas, transcender leaders are capturing and acting on them, drawing from all levels to drive their business.
Transcenders also invest one third more than other companies in the so-called plumbing – the technology, processes, operating models, and the ways of working – that will drive their digital supremacy.
Importantly, the digital investments that they make are to help them grow, not just to cut costs by excising expensive legacy setups. This focus on digital ability allows employees at 84 per cent of these companies to spend more time innovating, the report notes.
Nine in 10 transcender leaders say they don’t face pushback when it comes to digital efforts, while a similar amount (91 per cent) say their workers are aware of company transformation efforts (compared to just 69 per cent of others).
Employees are digitally savvy (89 per cent compared to just 63 per cent of non-transcender companies).
Commenting on the findings, Rialto Consultancy director, Richard Chiumento, said: “These companies are leading by example in the digital economy and others must follow.
“Significantly, they are putting people, training and reskilling high on their agenda and other companies, large and small, must similarly invest in areas such as employee development and employee experience.”
Some 2,380 senior executives from across 76 territories were surveyed for PwC’s Global Digital IQ Survey 2020.
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