In order to improve data governance, a firm grasp of technological processes is paramount. And while the vast majority of CEOs rank technology acumen and understanding as a top priority, few claim to be truly proficient, according to a new survey.
Approximately 80 percent of global CEOs in a recent poll said that they considered their company to be a digital enterprise. However, only 1 in 5, on average, said that they believed they had a high digital IQ, professional consulting and advisory firm PricewaterhouseCoopers revealed.
Close to 1,500 business executives participated in the analysis. Those who did profess to have a high digital IQ tended to perform well in business-related activities, such as ongoing innovation, revenue growth and overall profitability.
“Today, all roads lead to digital,” said Chris Curran, chief technologist and principal at PwC. “From business strategy to execution, digital technology has become the foundation for everything we do. Simply put, you can’t afford to underestimate digital.”
He added given the ubiquity of digital, adapting to it and remaining on track could very well be among the top challenges for business leaders in 2014.
The advisory firm noted that CEOs championing digital, a strong relationship between the chief information officer and chief marketing officer, an “outside the box” approach to digital innovation and strong investment in IT are among the best behaviors that can help firms get more out of digital.
According to a separate study of nearly 600 CFOs, executives that succeeded were those that had a thorough understanding of the digital domain. The “Pushing the Frontiers” report revealed that these CFOs, “performance accelerators,” may have been so proficient because they worked in a “seamlessly integrated physical-digital strategy.”