CEO Today Magazine January 2019 Edition

www.ceotodaymagazine.com 26 special feature Most business leaders I speak to are investing heavily in digital transformation. In today’s world, it’s a given – no-one wants to get left behind. But it’s a complex task and organisations often struggle with it. According to a recent Econsultancy report, only one in five (21%) executives believe their CEO sets a clear digital vision for their business and one in five senior executives think their organisation’s latest digital transformation project is a waste of time. This is a problem. According to McKinsey, turning your company into a top-quartile digital player can increase revenue by 3.5% and drive profits up to 15% higher than the competition. So the difference between an organisation finding its feet digitally – or not – is critical. When a digital overhaul doesn’t land or deliver the returns it’s supposed to, it’s tempting to question the technology. Actually, you can tell a lot about how a major digital programme will stand or fall by how involved the C-suite executives are in the process, or how involved they’re prepared to be. Digital transformation is never just about ticking that box saying you’ve modernised, or you’ve enhanced your website, or got that data on an intranet. It’s about creating a more efficient, consistent way to do business in a way that’s unique to you. That’s why it’s different for every organisation, and a fundamental part of a bigger strategic roadmap for your entire business. The idea that you can’t separate technology and your use of it from how your business lives and breathes is something board- level executives sometimes shy away from. But it’s today’s reality – one that successful disruptors instinctively understand. That’s why leaving digital purely with your tech department is missing a trick, and where many digital Why Success or Failure of Digital Transformation Starts in the C-suite By Neil Svensen, CEO of Rufus Leonard