He warns that, currently, businesses seem to fail in terms of turning their digital investments into business results. Therefore, Kerekes, technology advisory partner at PwC, emphasizes that businesses should think over how technological investments can fit into their current and new business models in order to gain successes.

“It is critical that companies today invest in digital solutions if they want to be successful. However, companies are failing at alarming rates in driving business results from digital technology investments. It’s even more important that they think through how their tech investment drive current and new business models and financial results,” said Kerekes.

“Having a high Digital IQ is really all about integration, and requires fitting together the pieces of the puzzle – the business, the customer and employee experience and the technology – to build one cohesive and transformative solution,” he says. This is how a company can gain advantage over its competitors.

“Digital IQ has a completely different meaning today than it had when we started this research a decade ago,” stated Kerekes. “Today the spectrum and diversity of technologies available to enterprise leaders is immense, and all members of the C-Suite need to understand what technology best fits their strategy and what makes the most sense as an investment. Building a culture of innovation – upping everyone’s Digital IQ – is no small feat, but it’s necessary if a company seeks to compete in today’s highly disrupted and challenging market.”

PwC’s Digital IQ Survey shows many companies continue to struggle with raising their Digital IQ.

There is awareness that digital capabilities are a critical component to success, and that emerging technologies have to be explored, but leaders remain challenged by the need to transform their organizations to truly integrate digital into the company’s culture.

Source: BBJ

Republished with permission