Technology—at least in the abstract—holds a great deal of promise for companies: greater efficiency and even new ways of conducting business. But the flip side is the need for both resource investment and near-constant upkeep to yield results.
The MIT Sloan Management Review and Capgemini Consulting conducted a survey of executives and managers in a variety of industries worldwide to gauge their feelings on technology as it related to their businesses. They found that companies faced a variety of challenges in adopting new digital technologies.
Fifty-three percent of respondents said the top cultural barrier to digital transformation was competing priorities. An almost equal number of respondents, 52%, said they were stymied by a lack of familiarity with digital technologies. Four in 10 named resistance to new approaches as a barrier. Internal politics and aversion to risk were seen as less prominent obstacles to digital transformation.
The study also concluded that companies faced a challenge in determining what returns a digital overhaul might yield. While 26% of respondents said their company had set key performance indicators (KPIs) to measure return on investment, 57% had not, and 17% simply did not know.
But those who had considered the challenge of ROI metrics saw a problem in simply identifying the KPIs that would be useful to them. Other major challenges named by respondents included changing the culture to a degree that would allow KPIs to work properly, and the absence of the management skills necessary to see KPIs through.
Clearly the idea of digital transformation within a company is simpler than digging into the often messy details of such a sea change. But in the digital world, companies need to gird themselves for the effort or risk being left behind.
Thursday, December 4, 1pm ET
Click to Register. Space is limited.
Join eMarketer for a free webinar:
made possible by
You've never experienced research like this.
Nearly all Fortune 500 companies rely on us.
Inquire about corporate subscriptions today.