Is your business digital? A better question to ask is: Which part of your business isn't digital? Most organizations -- whether they are corporations, government agencies, healthcare organizations, or educational institutions -- are now digital at the core, including their interactions with customers.
Still not convinced? Here's what George Westerman, a researcher at the MIT Center for Digital Excellence, had to say about the companies that his research has found to be "digital masters." For them, "technology is not technology. It's an opportunity to rethink the processes of how they do business."
He discussed his team's research during a panel session on business transformation at last month's MIT Sloan CIO Symposium in Boston. "Digital masters all have a common approach to managing digital and are 26% more profitable than their peers," he said. "They lead differently. For all the talk we've seen [advising us to] 'let innovation happen around your organization,' these leaders drive transformation from the top down."
Westerman and his research partners identify companies as digital masters if they meet the following two criteria:
They invest in technology with the viewpoint that it represents an opportunity to transform their business, and they have leaders who are proactive about finding ways to use digital technology to benefit all aspects of the business. They drive technology innovation across all business departments, marrying a clear digital vision with a strong governance foundation, preparing the company to change, and seeing that change through.
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