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Achieving digital maturity: Adapting your company to a changing world

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Take a look at three key practices organizations that achieve digital maturity employ.

To read more and download the full report, visit: http://deloi.tt/2fm3Stq

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Achieving digital maturity: Adapting your company to a changing world

  1. 1. Source: 2017 MIT SMR and Deloitte Digital business researchCopyright © 2017 Deloitte Development LLC. All rights reserved. 1 Achieving Digital Maturity ADAPTING YOUR COMPANY TO A CHANGING WORLD 1
  2. 2. Copyright © 2017 Deloitte Development LLC. All rights reserved. 2Copyright © 2017 Deloitte Development LLC. All rights reserved. 2Source: 2017 MIT SMR and Deloitte Digital business research Introduction to the research
  3. 3. Copyright © 2017 Deloitte Development LLC. All rights reserved. 3Source: 2017 MIT SMR and Deloitte Digital business research Sixth annual research report Undertaken by Deloitte Digital in collaboration with MIT Sloan Management Review (MIT SMR) COUNTRIES: 117 32% UNITED STATES 68% INTERNATIONAL 1/3 @>$1B REVENUE Survey of business executives, managers, and analysts from organizations globally to understand how the digital enterprise is evolving 3,500+ OVER 28 INDUSTRIES EXECUTIVE INTERVIEWS C-suite and other executives, subject matter specialists 15
  4. 4. Copyright © 2017 Deloitte Development LLC. All rights reserved. 4Copyright © 2017 Deloitte Development LLC. All rights reserved. 4Source: 2017 MIT SMR and Deloitte Digital business research Is your company adapting to a digital world? Copyright © 2017 Deloitte Development LLC. All rights reserved. 4
  5. 5. Copyright © 2017 Deloitte Development LLC. All rights reserved. 5Source: 2017 MIT SMR and Deloitte Digital business research For 6 years, we’ve studied how companies are doing business in the digital and social age.
  6. 6. Copyright © 2017 Deloitte Development LLC. All rights reserved. 6Source: 2017 MIT SMR and Deloitte Digital business research We’ve consistently seen specific differences between the organizations that are progressing digitally, and those that aren’t.
  7. 7. Copyright © 2017 Deloitte Development LLC. All rights reserved. 7Source: 2017 MIT SMR and Deloitte Digital business research We attribute these differences to Digital Maturity.
  8. 8. Copyright © 2017 Deloitte Development LLC. All rights reserved. 8Source: 2017 MIT SMR and Deloitte Digital business research dig·i·tal(a) ma·tu·ri·ty(n)1 ˈdi-jə-təl mə-ˈtu̇r-ə-tē Digital maturity goes beyond technology*, and is about how businesses are adapting in a digital environment. To wit: Are they fundamentally changing what they do and how they do it in order to compete effectively? *Any technology: mobile, social, cloud, analytics, AI, blockchain, etc. Copyright © 2017 Deloitte Development LLC. All rights reserved. Source: 2017 MIT SMR and Deloitte Digital business research 1. Source: Merriam-Webster.
  9. 9. Copyright © 2017 Deloitte Development LLC. All rights reserved. 9Source: 2017 MIT SMR and Deloitte Digital business research So, here’s what we learned…
  10. 10. Copyright © 2017 Deloitte Development LLC. All rights reserved. 10Source: 2017 MIT SMR and Deloitte Digital business research OF COMPANIES AGREE THAT DIGITAL BUSINESS IS KEY TO SUCCESS. Becomingadigitalbusinessoftenrequires significantchangeacrosstheorganization. 85%
  11. 11. Copyright © 2017 Deloitte Development LLC. All rights reserved. 11Source: 2017 MIT SMR and Deloitte Digital business research Only25%ofcompanieswouldrate themselvesasdigitallymature. Howdigital isyour organization? S CA L E OF 1 - 1 0 11
  12. 12. Copyright © 2017 Deloitte Development LLC. All rights reserved. 12Source: 2017 MIT SMR and Deloitte Digital business research Why are so many businesses still struggling to make it happen? 12
  13. 13. Copyright © 2017 Deloitte Development LLC. All rights reserved. 13Source: 2017 MIT SMR and Deloitte Digital business research We’vedeterminedthat achievingresultsrequires 3important components: DIGITAL AT THE CORE OF THE BUSINESS AN ENVIRONMENT TO ENABLE DIGITAL MATURITY COMMITMENT & LEADERSHIP 13
  14. 14. Copyright © 2017 Deloitte Development LLC. All rights reserved. 14Source: 2017 MIT SMR and Deloitte Digital business research Thedifferencebetweentalkandaction The role of digital business is: (TOP RESPONSE) DIGITAL AT THE CORE ENVIRONMENT COMMITMENT & LEADERSHIP DIGITAL IS ONLY TALK 34% SUPPORTS SOME DIGITAL OBJECTIVES, BUT IS NOT CORE 30% DIGITAL IS AT OUR CORE 66%
  15. 15. Copyright © 2017 Deloitte Development LLC. All rights reserved. 15Source: 2017 MIT SMR and Deloitte Digital business research Those who make digital core to their strategy see a stronger return OF RESPONDENTS WHO SAY DIGITAL IS CORE TO THEIR ORGANIZATION’S STRATEGY CLAIM THEIR DIGITAL EFFORTS ARE SUCCESSFUL OR VERY SUCCESSFUL 80% DIGITAL AT THE CORE ENVIRONMENT COMMITMENT & LEADERSHIP
  16. 16. Copyright © 2017 Deloitte Development LLC. All rights reserved. 16Source: 2017 MIT SMR and Deloitte Digital business research rather than looking at their business through a digital lens. Less mature companies often see digital as an ✔add-on DIGITAL AT THE CORE ENVIRONMENT COMMITMENT & LEADERSHIP
  17. 17. Copyright © 2017 Deloitte Development LLC. All rights reserved. 17Source: 2017 MIT SMR and Deloitte Digital business research N O T E : C H A R T S D O N O T T O T A L 1 0 0 P E R C E N T D U E T O N / A R E S P O N S E S DIGITAL AT THE CORE ENVIRONMENT COMMITMENT & LEADERSHIP Scale: experimentationisnotenough When my organization implements digital business initiatives, they tend to start as: MOSTLY SMALL EXPERIMENTS MOSTLY BIG, ENTERPRISE- WIDE EFFORTS BOTH SMALL & BIG ENTERPRISE-WIDE EXPERIMENTS
  18. 18. Copyright © 2017 Deloitte Development LLC. All rights reserved. 18Source: 2017 MIT SMR and Deloitte Digital business research Early stage companies are focused mainly on experimenting. They are often not scaling those experiments to enterprise level initiatives. DIGITAL AT THE CORE ENVIRONMENT COMMITMENT & LEADERSHIP The key is to grow successes to have an impact on the broad organization, while learning from failures
  19. 19. Copyright © 2017 Deloitte Development LLC. All rights reserved. 19Source: 2017 MIT SMR and Deloitte Digital business research Structure: organizeyour companyfordigitalmaturity DIGITAL AT THE CORE ENVIRONMENT Our organization is increasingly organized around cross-functional project teams to implement digital business priorities Management structure and practices interfere with our ability to engage in digital business successfully Organizational structure and digital maturity COMMITMENT & LEADERSHIP
  20. 20. Copyright © 2017 Deloitte Development LLC. All rights reserved. 20Source: 2017 MIT SMR and Deloitte Digital business research Cross-functional teams enable digital progress OF MATURING ORGANIZATIONS SAY THEY ARE INCREASINGLY CROSS-FUNCTIONAL 71% DIGITAL AT THE CORE ENVIRONMENT COMMITMENT & LEADERSHIP
  21. 21. Copyright © 2017 Deloitte Development LLC. All rights reserved. 21Source: 2017 MIT SMR and Deloitte Digital business research Talent: people want to work for digitally maturing organizations My organization's embrace of digital is attracting new talent My organization needs a significantly new or different talent base to compete effectively in the digital economy Talent needs v. Ability to attract DIGITAL AT THE CORE ENVIRONMENT COMMITMENT & LEADERSHIP
  22. 22. Copyright © 2017 Deloitte Development LLC. All rights reserved. 22Source: 2017 MIT SMR and Deloitte Digital business research Digitally maturing companies effectively use and develop their talent DIGITAL AT THE CORE ENVIRONMENT Provides its employees with the resources and/or opportunities to thrive in a digital business Effectively utilizes the digital knowledge, skills, and experience held by employees Lacks sufficient talent today to support organization's digital business strategy My organization… COMMITMENT & LEADERSHIP
  23. 23. Copyright © 2017 Deloitte Development LLC. All rights reserved. 23Source: 2017 MIT SMR and Deloitte Digital business research Organizations that invest in acquiring and developing digital talent have what they need OF EARLY COMPANIES SAY THEY LACK SUFFICIENT TALENT 72% ARE DEVELOPING OR UTILIZING THEIR EXISTING TALENT <20% UNTAPPED POTENTIAL OF EARLY STAGE COMPANIES DIGITAL AT THE CORE ENVIRONMENT COMMITMENT & LEADERSHIP
  24. 24. Copyright © 2017 Deloitte Development LLC. All rights reserved. 24Source: 2017 MIT SMR and Deloitte Digital business research Percentage who plan to leave their company in one year or less given digital trends Company does provide opportunities to develop in a digital environment Company does not provide opportunities to develop in a digital environment Lackofdigitalopportunitiesincreasesattrition DIGITAL AT THE CORE ENVIRONMENT VP/DIRECTORS ARE 15xAS LIKELY TO LEAVE IN ONE YEAR COMMITMENT & LEADERSHIP
  25. 25. Copyright © 2017 Deloitte Development LLC. All rights reserved. 25Source: 2017 MIT SMR and Deloitte Digital business research Digitally maturing organizations have a distinct culture ACCEPTS RISK OF FAILURE ACTIVELY INCREASES AGILITY ENCOURAGES EXPERIMENTS & CONTINUAL LEARNING RECOGNIZES & REWARDS COLLABORATION INCREASINGLY ORGANIZES AROUND CROSS-FUNCTIONAL TEAMS My organization… DIGITAL AT THE CORE ENVIRONMENT COMMITMENT & LEADERSHIP
  26. 26. Copyright © 2017 Deloitte Development LLC. All rights reserved. 26Source: 2017 MIT SMR and Deloitte Digital business research Digitallymaturingorganizations intentionallycultivatetheircultures Mandating from management Expecting employees to be motivated to embrace digital business opportunities Cultivating a strong digital business culture that strives for risk taking, collaboration, agility, and continuous learning Percentage who say their organization primarily drives digital business adoption and engagement internally through: DIGITAL AT THE CORE ENVIRONMENT COMMITMENT & LEADERSHIP
  27. 27. Copyright © 2017 Deloitte Development LLC. All rights reserved. 27Source: 2017 MIT SMR and Deloitte Digital business research Successrequirescommitmentandleadership Organization's digital initiatives are multiple times more likely to be successful/very successful when the organization: DIGITAL AT THE CORE ENVIRONMENT 3x MORE LIKELY TO BE SUCCESSFUL LEADERS HAVE VISION 3x MORE LIKELY TO BE SUCCESSFUL PROVIDES EMPLOYEES OPPORTUNITIES TO DEVELOP 2x MORE LIKELY TO BE SUCCESSFUL COMMITS SUFFICIENT TIME, ENERGY, AND RESOURCES COMMITMENT & LEADERSHIP
  28. 28. Copyright © 2017 Deloitte Development LLC. All rights reserved. 28Source: 2017 MIT SMR and Deloitte Digital business research Inordertosucceed,youhavetobe dedicatedtoinvestment,change,and talentdevelopment,andhavecleardirection. Andyouhavetomeanit. DIGITAL AT THE CORE OF THE BUSINESS AN ENVIRONMENT TO ENABLE DIGITAL MATURITY COMMITMENT & LEADERSHIP 28Copyright © 2017 Deloitte Development LLC. All rights reserved. Source: 2017 MIT SMR and Deloitte Digital business research
  29. 29. Copyright © 2017 Deloitte Development LLC. All rights reserved. 29Source: 2017 MIT SMR and Deloitte Digital business research Wanttolearnmore? Read the full report here. www.dupress.com/digitalmaturity Join the conversation: #DigitalEvolution
  30. 30. Copyright © 2017 Deloitte Development LLC. All rights reserved. 30 This presentation contains general information only and Deloitte is not, by means of this presentation, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This presentation is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte shall not be responsible for any loss sustained by any person who relies on this presentation.
  31. 31. Copyright © 2017 Deloitte Development LLC. All rights reserved. 36 USC 220506 About Deloitte Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.

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