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Big Idea: Leadership in the Social Era

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Liz Ericson, Associate Principal, McKinsey
Moderator: Katie Carroll, Senior Editor, Social Media & EMEA, LinkedIn

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Big Idea: Leadership in the Social Era

  1. 1. McKinsey & Company
  2. 2. Leadership in the Digital Age CONFIDENTIAL AND PROPRIETARY Any use of this material without specific permission of McKinsey & Company is strictly prohibited Leadership in the Social Era Liz Ericson Associate Principal McKinsey Katie Carroll Sr. Editor, Social Media EMEA LinkedIn
  3. 3. Leadership in the Digital Age CONFIDENTIAL AND PROPRIETARY Any use of this material without specific permission of McKinsey & Company is strictly prohibited Liz Ericson LinkedIn Talent Connect | 21 October 2015
  4. 4. McKinsey & Company Standing out Common truths Your questions 1|
  5. 5. McKinsey & Company 4McKinsey & Company 4 Digital strategy is not the target |
  6. 6. McKinsey & Company 5 Customer expectations are industry agnostic McKinsey & Company 5|
  7. 7. McKinsey & Company 6McKinsey & Company 6 Digital is (still) all about the physical stuff |
  8. 8. McKinsey & Company 7 Data is only as good as the decisions you make as a result McKinsey & Company 7|
  9. 9. McKinsey & Company 8 Agility is the true killer app McKinsey & Company 8|
  10. 10. McKinsey & Company Standing out Common truths Your questions 6|
  11. 11. McKinsey & Company 10 Digital and disruption are not someone else's problem McKinsey & Company 10|
  12. 12. McKinsey & Company 11 Most transformations fail because of people McKinsey & Company 11|
  13. 13. McKinsey & Company 12 Leaders need to know the right questions to ask McKinsey & Company 12|
  14. 14. McKinsey & Company 13 Success is not guaranteed but there are things to look out for McKinsey & Company 13|
  15. 15. McKinsey & Company 14 Linked to business strategy Bold, long-term orientation Centered around customer needs Strategy Digital Quotient assesses organisations’ digital maturity Risk appetite Test and learn Speed / Agility Internal collaboration External orientation Culture Connectivity Automation Data-driven decision- making Content and digital marketing Customer experience IT architecture CapabilitiesOrganization Roles and responsibilities Talent and leadership Digital investment Governance / KPIs
  16. 16. McKinsey & Company 15 Not all DQ leaders are great at everything The “Digital Souls” (23%) The “Super Stars” (46%) Higher than average score against the majority of management practices The “Digital Hands” (31%) Terrific culture overcoming weak digital capabilities Terrific capabilities overcoming weak external orientation – To be confirmed as dataset increases Culture CapabilitiesOrganizationStrategy 32 64 60 36Total DQ™ dataset average 74 40 83 67 59 34 58 28 73 35 69 69 Note: Digital leaders defined as DQ score equal to or above 50. N=13 for digital leaders, N= 147 for dataset average
  17. 17. McKinsey & Company 16 Strategy: Digital leaders’ strategies are more ambitious, targeted and integrated Companies with a high DQ™ score are… SOURCE: McKinsey Digital Quotient dataset more likely to have a well-defined mobile strategy6x 4x more likely to have fully integrated digital initiatives in the strategic planning process more likely to develop comprehensive digital initiatives that address the most important threats and opportunities to position them as digital leaders in their industry 7x 5x more likely to have defined their digital strategy based on a granular understanding of customer needs at each stage of the CDJ
  18. 18. McKinsey & Company 17 Culture: Digital leaders rally behind bold, calibrated opportunities and move fast to turn them into reality Companies with a high DQ™ score are… more likely to nurture a culture of trust and mutual accountability6x 4x more likely to take bold risks to transform their customer experience 2x more likely to rely on external partners to build new products and services more likely to run strategy by experimentation8x SOURCE: McKinsey Digital Quotient dataset
  19. 19. McKinsey & Company 18 Organisation: Digital leaders are built to support long-term digital efforts Companies with a high DQ™ score are… SOURCE: McKinsey Digital Quotient dataset 6x more likely to have clear distribution of roles and responsibilities for digital more likely to measure ROI of digital initiatives beyond digital marketing6x 6x more likely to have transparency and alignment on priority digital initiatives more likely to have an effective recruitment process for digital talent10x
  20. 20. McKinsey & Company 19 Capabilities: Differentiation between digital leaders and average is weaker for the Capabilities dimension Companies with a high DQ™ score are… SOURCE: McKinsey Digital Quotient dataset 7x more likely to have made digital one of the top priorities for IT investment 6x more likely to understand and answer customer needs when it comes to online/mobile customer service 24/7
  21. 21. McKinsey & Company 20 Capabilities dimension concentrates the “universal headaches” that all companies are trying to figure out  Low level of personalization and connectivity across-channels, driven in part by data challenges - less than 5% of companies have a fully integrated view of internal and external customer data and can turn collected data into breakthrough insights  Constraints from legacy IT architecture – less than 7% of companies have a modern and flexible IT architecture that can support all digital initiatives  Limited automation for purposes non directly related to customer service – less than 3% of companies use digital technology to manage employee performance and capacity and/or to share, coordinate and streamline work DIGITAL LEADERS DO NOT PARTICULARLY STAND-OUT ON THESE DIMENSIONS SOURCE: McKinsey Digital Quotient dataset
  22. 22. McKinsey & Company 21 This is a journey McKinsey & Company 21|
  23. 23. McKinsey & Company Standing out Common truths Your questions 10|
  24. 24. McKinsey & Company | McKinseyDigital.com McKinsey & Company | Thank you | 11

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