PA digital expert, Martin Exner and strategy expert, Peter Wardell, have had an opinion article published in Managementbladet. The article outlines how companies need to increase the pace of digital development.
They highlight how a recent PA survey reveals that knowledge among companies of how their operations are affected by digital transformation is very low. “Only 5 percent of the participating companies leverage the value from digital innovation in ongoing business development,” explains Martin and Peter. The survey also shows that the most successful companies are those where the CEO takes the lead on digitisation.
The article goes on to explain that customer experience is seen as the biggest driver of digital development, with the marketing department playing a key role. PA’s experts highlight that a growing number of companies are also investing in the role of a digital director. However, there are still questions about who holds the overall responsibility for digital transformation and how collaboration between the different stakeholders could support a faster pace of transformation.
The article goes on to set out PA’s advice for businesses on how to accelerate the process of digitisation of its operations. This includes a focus on customer needs and ensuring the CEO is a strong sponsor of digital transformation. This should be underpinned by close co-operation between the different functions involved.
PA’s experts underline that ensuring the correct mindset among employees and management is critical, highlighting the survey finding that only 10% of companies have a management that understands the need for a digital transformation. Another critical factor is the need for investment in the right skills. With only a quarter of the companies surveyed believing they have the right people, PA believes HR needs to take a more active role in recruiting the right digital capabilities.
They conclude with the need for companies to be daring in prioritising the company's product and service portfolio between short-term and long-term business opportunities. The understanding is that not all projects will be profitable but it is the portfolio's total return that counts.