Recommendations on how you don’t have to go 100% digital.
Given the number of challenges we’ve seen when in comes to implementing and completing a digital transformation strategy, it’s hardly surprising that recent research from Protiviti showed that globally, C-Suite executives are concerned about their organization’s ability to transform operations and infrastructure to compete with companies that are born digital.
Digital Business Concerns
The 2019 Executive Perspectives on Top Risk survey, conducted by Protiviti in collaboration with North Carolina State University Poole College of Management’s Enterprise Risk Management (ERM) Initiative, assessed the concerns of 825 board members and executives globally across a variety of industries.
This year’s results show a significant increase in digital readiness concerns, jumping from the number 10 position in 2018 to number 1 in 2019 demonstrating that digital agility and scalability are top-of-mind for businesses.
Related to this — notably the risk of succession challenges and the ability to attract and retain talent — moved to No. 2, triggered by a tightening labor market and an increasing need for specialized digital knowledge and subject-matter expertise. There are many other themes that have caused considerable concern, among them:
- Existing operations meeting performance expectations, competing against “born digital” firms.
- Succession challenges and ability to attract and retain top talent.
- Regulatory changes and regulatory scrutiny.
- Resistance to change operations.