The most successful CEOs are recognizing the importance of investing in digital technology and solutions to ensure long-term success. With economic confidence back to pre-pandemic heights, CEOs are seizing the opportunity and focusing on new digital tools and revenue sources to totally revolutionize their businesses.
The nextgen workforce augmented by digital
After successfully navigating their organizations through the abrupt shift to a remote-first approach during the pandemic, CEOs must remain dedicated and driven in order to sustain this digital transformation. This ensures that employees, customers, suppliers and partners can stay connected at all times. But it is also paramount to come to a consensus on what exactly “digital transformation” entails. Although the utilization of modern technology lies at its foundation, digital transformation boils down to optimizing the experiences and expediting processes for individuals - their people - namely, their employees.
Over the last 18 months, CEOs have redirected their growth and transformation objectives towards technology acquisition rather than upskilling their employees. Our most recent DSI CEO Outlook survey has revealed that the disparity between hiring and talent development is closing, with many CEOs now recognizing how important it is to cultivate talent in order to promote growth.
Over the past year, CEOs have been investing substantially in new technology; specifically 60% are committing more capital to such purchases
Over the last few months, CEOs have taken a dramatic leap towards investing in their employees' professional growth - moving from 33 percent to an impressive 40 percent. This landmark shift emphasizes just how important these programs are for businesses and organizations of all sizes
Speed is essential
After the extensive reliance of digital means to fulfill our daily activities for over a year, business owners, customers, personnel and stakeholders have heightened expectations for technology post-pandemic— which is likely not going anywhere anytime soon. In this era of instant gratification, customers anticipate a smooth and uninterrupted digital experience. CEOs must recognize the necessity for increasing and optimizing their company's online capabilities to meet these expectations.
>80% of CEOs recognize the need to make rapid changes in order to invest in digital opportunities and divest from those that are at risk for digital obsolescence
Nearly three-quarters of CEOs are actively investing in digital solutions, aiming to seize a competitive edge as either the first or fastest on board
An impressive 67% of chief executives are being proactive in the realm of disruption and innovation, allocating funds to detect potential disruptions and develop innovative processes
As we continue to navigate through a post-pandemic world, it is essential to swiftly determine the proper speed and scope of digital transformation. Promptness is paramount - waiting two years for projects will no longer suffice in this accelerated age!
CEOs everywhere have moved to a cloud-first strategy, as it grants them the ability to rapidly scale and deploy faster. This view is reciprocated by survey respondents; 50% of participants indicated that they plan on partnering with an outside cloud technology provider in the next three years for their expansion goals.
With the pandemic transforming the digital sphere, here are three key guides to help you join in on the competition:
CEOs all agree - advancing the digitization and connectivity of your business is essential if you want to reach your growth goals in just three years. We couldn't concur more!
Integrate Resilience into your Core Business Values: Since COVID-19, businesses have taken advantage of technology to gain productivity and increased agility. However, this has also raised the risk of cyber threats such as hacking that unfortunately aren't going away in a matter of days. So it's essential to make sure resilience is at the heart of our organization so we can remain secure despite these dangers.
Instead of lingering and waiting to be surprised by their competitors, CEOs are taking an all-out proactive approach: 72% have disrupted the industry they inhabit within the last 18 months—an 11% increase from 61%.
Companies that excel are able to flex both their people and technology in order to attain the desired outcome. By having a highly skilled, tech-savvy workforce with speed and agility, they can go beyond what others think is possible. They will become victorious before anyone else has even seen the victory line!