Maven Wave attended and sponsored the 2017 Forrester Digital Transformation conference in Chicago this week. The event brought together business leaders and technology innovators to collaborate on the re-invention of products, processes, technologies and cultures through digital transformation. The event focused on how to increase efficiency and agility with operational excellence, while creating customer-obsessed experiences that grow revenue and re-invigorate businesses.
During the keynote session on the first day, Martin Gill, Research Director from Forrester, kicked off the day with a dose of reality; many companies are facing an existential crisis. Digital transformation is a requirement facing companies today, not 5 years from now. Achieving digital transformation runs deeper than adopting new technologies — it requires a complete overhaul of the entire business. The cornerstone of a successful digital transformation requires having an extraordinary sense of who your customers are and becoming totally obsessed with meeting and exceeding their expectations.
Another top takeaway from the conference was that digital transformation must be ingrained in everything the company does, starting at the very top. Today, 57% of firms turn to the CIO to lead digital transformation and they often prioritize improving IT capabilities to promote agility. However, this is an inside out strategy that uses digital technology to improve the current operating model. The result is that just 41% of CIO-led digital transformation initiatives achieve double digit growth.
That number increases slightly to 48% for companies that achieve digital transformation that is led by the CMO. However, if the CEO is the driver, they tend to prioritize evolving the entire business model and not just applying digital technology. Today, this results in 55% of companies achieving double digit growth. After all, digital transformation is really business transformation, and you have to rethink the way your business runs.
Gill provided a relatable analogy during his keynote, comparing the CEO of a company to James Bond and the CIO to Q. Q might have all the tools, but you wouldn’t rely on him to lead the mission. The same goes for digital transformation in the enterprise; you need to the leadership of the CEO to successfully execute the mission of digital transformation.
Stay tuned for part 2, where we will discuss the importance of speed and agility in keeping pace with your digital customers and exceeding their expectations.
Maven Wave provides innovation-driven digital transformation for the enterprise. Our digital solutions are agile, mobile, rooted in analytics, and built in the cloud. Contact us for more information.