This week’s guest blog post is by Tom Puthiyamadam. Tom is an Advisory principal with PwC, and leads PwC’s Digital and Customer practices. His work is focused on co-developing and executing strategies to increase an organization’s growth and operational performance. Tom has significant experience in global transformation services for Fortune 500 companies, specializing in growth strategy, customer strategy, organization design, marketing, sales, and service effectiveness.
Companies that don’t become digitally fluent in the next five years will fall behind. That’s a lot of pressure to put on a CEO, but it seems those who are embracing digital in all parts of the enterprise are already seeing returns.
In our recent survey of 1,500 business and IT executives, we found that 63% of top-performing companies had CEOs who were addressing tough issues like how to effectively collect and interpret and action data driven insights on their products and consumers; by contrast, only 44% were doing this in the lower-performing groups.
Here’s the degree to which CEOs are embracing the champion role by sector:
- CEOs need a strategy fit for the digital age. This would encompass growth, productivity, customer experience, products and services, partnerships, risk and more. Yesterday’s obstacle is a new opportunity for digital.
- CEOs must rethink the planning process. Asking the right questions at the right time is key for maximizing digital potential. Digital is not the question, where to start and accelerate your digital journey is.
- CEOs must own it. From the C-suite down, every leader must have a clear-cut vision of how they will take digital and build it into their strategies. This cannot be left in hands of a single executive who is meant to create change through influencing many. The CMO and the CIO are the best executive examples of executives leading the charge but where is the rest of the C-suite.”