Only 16% of executives believe their teams have the capabilities needed to deliver on their company’s digital strategy
Report: We are Lacking the Skills Needed to Drive the Digital Economy
An article for Tech Trends by Alice Bonsario reveals that only 16% of executives believe their teams have the capabilities needed to deliver on their company’s digital strategy, based on a report by Deloitte.
Despite a significant uptick in investment in emerging technologies in the past 12 months, UK executives lack confidence in their own digital skills. According to a survey recently published by Deloitte as part of its Digital Disruption Index, less than half (45 per cent) of executives are confident in their own digital skills and ability to lead their organisation in the digital economy, while just 16 per cent believe their talent pool has enough knowledge and expertise to deliver their digital strategy.
One hundred and six executives responsible for digital technologies and ways of working from FTSE listed companies, large private companies and large UK public sector organisations participated in the survey. The combined market value of the 106 survey participants is £707.8 billion, which equates to approximately 27 per cent of the UK quoted equity market. This information, which was collected between February and March 2018, has been analysed in aggregate and forms the basis of this publication.
Confidence in digital skills is currently low, almost half (49 per cent) of executives plan to invest more than £10 million in digital technologies and ways of working by 2020. 35 per cent plan to invest more than £10 million in the 2018 alone. 38 per cent of executives who say their organisation will invest in three or more emerging technologies over the next two years say that they do not have a coherent strategy in place.
“The pace of technological change is accelerating, however in the rush to keep up many organisations are yet to develop a coherent strategy for investing in digital technologies. More efforts need to be made to align learning and development alongside strategy and investment,” Explains Oliver Vernon-Harcourt, partner at Deloitte and author of this year’s Digital Disruption Index. “End-to-end digital transformation is not just about advances in technology, but about changing the ways of doing business.”
The full article can be read on Tech Trends.