How Data Issues Can Stall Digital Transformations
The majority of companies have the data they need to pursue a digital transformation, but very few of them are effectively leveraging that data to ensure successful outcomes, according to a recent survey from Russell Reynolds Associates. The accompanying report, "Digital Pulse: 2017 Outlook and Perspectives from the Market," reveals that organizations are implementing new customer experiences as part of their digital transformation strategy. They're also investing in marketing channels and creating additional business units and revenue sources. However, organizational inertia, functional silos, and a lack of digital expertise and skills have become significant barriers to a fully realized transformation. Whether or not organizations overcome these hurdles will likely define a major turning point in these efforts. "Many, if not most, companies have reached the conclusion that they must embrace digital," said Rhys Grossman, co-leader of the global digital transformation practice and member of the consumer practice for Russell Reynolds Associates. "But after several years of investments in innovation centers, catalyst roles and front-end technologies, leaders are grappling with the challenges of how to successfully scale, embed and operationalize transformation." More than 1,500 global senior executives took part in the research.