CIOs embrace digital business, but are they doing enough?
While CIOs are embracing digital transformation around the world, progress of digital business within Australia and New Zealand is considerably slower than the global average, according to Gartner.
Gartner surveyed 2,900 CIOs in 84 countries, and 175 from ANZ. Of these, 52% were found to be leaders of digital transformation, and more than 40% also claimed to be leaders in innovation.
These figures are significantly higher than the global averages of 40% for digital transformation and 30% for innovation.
According to Graham Waller, Gartner vice president, in today’s business world nothing is done without the use of technology.
He says, in order to digitally transform the business platform, CIO’s need to find a suitable way to integrate various technologies into the business mix, and create a competitive platform that will ‘transform’ the way people do business.
Waller says, “CIOs are being given the opportunity to lead digital transformation, but they must adapt their leadership style to exploit platform effects in leadership, building a network of digital leadership inside and outside the enterprise.”
The survey results show that while opportunities to lead the digital revolution are being given to CIOs, they are not adapting their style of leadership to suit the transformation.
In fact, only 9% of CIOs have adapted their leadership style to build and exploit digitalisation both inside and outside the organisation.
Over the next five years, CIOs are predicting a rise in digital processes within the ANZ public sector from 14 to 32%, while globally speaking revenues are expected to grow from 16 to 37%.
Waller says, “Digital business is a reality now, and it is expected to be a significant source of competitive advantage.”
As such, it is imperative that CIOs consider new and innovative technologies, such as reimagined business platforms.
Jodie Korber, Lanrex managing director, says ‘The likely challenge will be in determining exactly what is needed to create wealth and revenue and how to push the boundaries and further engage with the marketplace, creating awareness of this new digital transformation.
“Digital transformation is essential and inevitable. In reality the idea that if organisations do not digitally transform their business platform there is a high chance that they are doomed to fail.”