DX: Most Companies Think Digital Innovation Must be a Core Competency

A study by Deloitte and MIT Sloan Management Review Highlights Digital Transformation Efforts. See the infographic above for details.

The eighth annual study, in its fifth year focusing on digital business, found that 80% of respondents from digitally-maturing companies say their organizations cultivate partnerships with other organizations to facilitate digital innovation. Meanwhile, at developing companies, the number drops to 59%, and at early-stage companies, only slightly more than one-third (33%) do the same.

Based on a survey of more than 4,800 managers, executives and analysts from global organizations, digitally maturing companies are not only innovating more, they’re innovating differently. This group is increasingly driving innovation through collaborations — established externally through digital ecosystems and internally through cross-functional teams — for greater agility. According to the study, 83% of digitally-maturing companies use cross-functional teams to innovate, compared with 55% of early-stage companies.

While 74% agreed or strongly agreed that their organization’s leaders think digital innovation should be a core competency, 34% of said they disagreed or strongly disagreed that their companies put enough resources behind innovation.

The consensus among many is the world is changing thanks to technology. A full 56% of respondents either agreed or strongly agreed that they will have fundamentally different careers in 10 years due to digital trends.

This is a staggering number as it relates to a truly unknown. How could anyone know for certain if their career will be around?

For example, Lotus 123 was credited for making the PC worth buying – the so-called killer-app of the early 1980s. It allowed an accountant to be much more efficient and productive. In theory, a team of five accountants could be replaced with one and an app.

Still, accounting jobs are flourishing. We recently covered the growth of accountants – how could this make any sense if Excel and Quickbooks allow a typical person to do the job of an accountant?

If there is one certainty, it is the future of work will be different – it will evolve. Some jobs will go away, others will just simply evolve – over time, with news apps and assistance from AI.

The good news is companies realize the change is coming and are preparing.

Where do organizations go to learn more about Digital Transformation? The world’s only Future of Work Expo (collocated with the ITEXPO #TechSuperShow) of course. Feb 12-14, 2020 in Fort Lauderdale, Florida. Register now to attend.

 

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