Over the past 11 years, PwC’s Annual Digital IQ Study has been a cornerstone of business technology research
Increasing a firm’s Digital IQ means more than merely adopting the latest tools or having a large IT budget; it is about integrating technology into the way a company plans, innovates, measures results, interacts with customers and employees, and ultimately creates value.
Over the past 11 years, PwC’s Annual Digital IQ Study has been a cornerstone of business technology research, providing insight into trends and strategies shaping transformation and the deployment of emerging technologies.
Oxford Economics regularly works with PwC to design, field, and analyze large-scale surveys of executives from more than 60 countries. Our studies assess progress toward digital transformation around the world and across industries, home in on the global and technology trends of the moment, and outline next steps for executives reshaping their company strategies.
For the 2018 edition, Oxford Economics fielded and analyzed a survey of 2,280 executives from over 60 countries to identify the drivers of digital success.
We found there is no single path to digital transformation, and that the pace of change and the threat of disruption continue to intensify.
Oxford Economics worked with PwC on the tenth anniversary of its Digital IQ program, surveying more than 2,200 executives around the globe, to track the scope and scale of digital-driven change.
The results show that although organizations have invested a lot of time and money on digital technology, many are struggling to keep up with accelerating standards.
Built on a survey of over 1,900 business and IT executives around the world, this Global Digital IQ Survey uses economic modeling to identify 10 critical capabilities that correlate with stronger financial performance.
Those organizations that embraced these attributes—Digital IQ leaders—were twice as likely to achieve more rapid revenue and profit growth as the laggards in our study.
Strong executive leadership and collaboration are crucial to building lasting value from information technology.
According to our survey of more than 1,100 senior executives, those companies with strong relationships between the CIO and other C-suite members are four times as likely as those with less collaborative teams to be top performers.
Firms that once stood as icons in the industry have lost considerable market share to new competitors offering sleeker products, more comprehensive customer service, and greater overall value.
What led these and other firms to lose their competitive edge? For one, they fell prey to competitors that were able to deliver innovative new products and services to market faster. But surprisingly, they also forgot to focus on building their digital IQ—a measure of how well companies understand the value of technology and weave it into the fabric of their organization.
By 2012, the rapid adoption of smartphones and tablets puts massive computing power into the pockets of consumers around the globe. Cloud computing provides access to software that once was out of reach. And social media connects friends, colleagues and people with similar interests, allowing them to share ideas, provide real-time product and service feedback, form action groups, and even innovate on new solutions to common problems.
As a result, new technologies and tools are increasingly adopted first in our everyday lives — and often are brought into the business world as a result of employee and customer demand. This is what we refer to today as the “consumerization” of IT.