So what exactly makes a business a digital leader? While investments in techs like mobile devices and the cloud are escalating, only a few companies have fully unlocked the potential that lies in leveraging today’s information technologies. These leaders report better financial performance than their competitors report and are better equipped to deliver on key value disciplines.
Characteristics of Digital Leaders
Different companies report a huge range of progress during their digital journey. While there are many other factors to consider, three elements stand out: who is in control of IT and its budget, the perception of IT in the organization, and specific investments the company has made. In the digital world, many CEOs are the leaders of the company’s IT strategy.
In fact, a huge number of people working in digital leading companies are of the opinion that the CEO is a major driver of the IT strategy. This indicates that such companies place emphasis on using technology to achieve their business goals. In such companies, IT is a critical component of running successful business.
On the other hand, IT budgets are a very different matter altogether. IT has more control over its budget at leading digital companies, compared to the average company. Nevertheless, even with digital leaders, IT budget control is slipping as businesses purchase a larger share of cloud solutions, Software as a Service (SaaS) and other resources like Clockspot without involving IT.
Digital leadership helps companies break down their barriers, leading to greater corporate integration and collaboration. While companies report greater collaboration, more than half still struggle with internal barriers to information sharing and communication. Digital leaders are excelling at using IT to improve collaboration in areas that require organizational integration, information sharing and digital-driven operations.
Progress Achieved, But More Needs to be Done
Business strategy and technology are aligning in just about every enterprise, with most of them expecting to achieve global integration and better information sharing in three years. However, even digital leaders understand that investing in technology will not make a business digital or sustain its current market lead. Several obstacles still need to be overcome.
Among the leading concerns companies are dealing with is the issue of talent. Digital transformation in companies requires finding individuals with the right IT skills especially in big data and application modernization. The demand for such skills shows just how critical they are in the business world.
Data analysis serves to satisfy a range of needs, including identification of potential markets and new product opportunities, and serving customers in a more effective manner that helps flag potential risks. Application modernization reflects the businesses need to have their transition core applications adopt today’s flexible infrastructures.
Focus on Healthcare
In the face of many changes in the healthcare industry, executives in companies behind medical advancements understand how critical digital technology is. Healthcare businesses are more likely going to increase IT spending in the next few years. This is in support of finding that IT is a critical business cost, and not a differentiator.
Investments will likely include building technologies and capabilities that improve operations by leveraging on software development platforms, improved mobility and attention to cybersecurity. Customers are on the lookout for better services and more transparency in online and offline tools, as well as apps. Re-examination of the business model will see executives invest in platforms supporting patients and medical practitioners alike.
Healthcare organizations will need to make these investments. Other investments include creating automated processes that will require stampings, moldings, and machined parts from companies like Weiss-Aug to work with the improved technology infrastructure for more accurate results.