Results of a recent survey conducted by the Corporate Board Member Institute shows a majority of respondents see their organizations’ digital transformation efforts aren’t keeping pace with the current business environment.
The survey polled more than 200 directors of public companies in February, before the global COVID-19 pandemic hit the United States, and the results were compared to PwC’s 2020 Global Digital IQ survey. The results show a lack of confidence in digital transformation initiatives—3 out of 5 respondents admitted their company is behind in their digital transformation processes and within the past three years, only 54% had begun their digital transformation processes.
The PwC survey, however, shows the opposite: According to those results, 70% of U.S. executives said their digital transformation is ahead of their competitors. That 70% of executives compared to 35% of directors shows executives are more positive in their company’s progress and maintain a goal-oriented view, said Paula Loop, leader of PwC’s Governance Insight Agency.
The optimism by executives shows that they have confidence in their ability to get things done with digital transformation now, and that they are planning for what is in the present and the near future. The results from directors show a longer-term view—while things currently might not look so good and they say they are behind, they still have the confidence that they can make strides in improving their digital transformation. Directors still believe that they are on or ahead of schedule in other areas such as integrating new technologies into products and services (70%) and training workers for the digital era (67%).
In interviews conducted post-survey, after the pandemic hit, some directors said COVID-19 will accelerate their digital transformation initiatives. “Regardless of where companies were in digital planning, this pandemic has thrust most, if not all, into some form of digital transformation,” Loop said.
Even when faced with a global pandemic, the business continues. Competition isn’t slowing down; it’s time to see whether digital transformation processes will follow suit.