According to the Forrester 2018 predictions Report there is a digital crisis going on. At least 60% of the companies are lagging behind digital ransformation and 20% of CEOs will fail to act on digital transformation at all and put their firms at risk.
Digital transformation is not elective surgery. It is the critical response needed to meet rising customer expectations, deliver individualized experiences at scale, and operate at the speed of the market.
The results are sobering: Over 60% of executives believe they are behind in their digital transformation. Lagging results have created a loss of confidence in the CIO, driving up the number of chief digital officers and business units creating their own digital strategies.
But that misses the point.
Digital transformation is a CEO issue and an economic question. Digital transformation is expensive; CEOs can’t drive operational savings fast enough to fund it and are cautious about destroying margins.
In 2018, CEOs must show the political will and, with the CIO and CMO, orchestrate digital transformation across the enterprise.
Some CEOs will use their balance sheet to acquire digital assets and buy time. But 20% of CEOs will fail to act: As a result, those firms will be acquired or begin to perish