Solid cooperation between business and IT enables success, PwC concludes in a recent study.
According to the recent study, organizations — and management in particular — do well to invest in ensuring IT and business departments are on the same page. Benefits include the ability to adapt to rapidly changing markets.
Digital IQ Leaders
PwC categorizes well-attuned business and IT managers as ‘Digital IQ leaders’. About one-fifth of the study’s 1,000+ respondents is considered a Digital IQ leader. According to PwC, these managers are more likely to invest in cloud technology, applications and infrastructure that effectively achieves their goals.
Furthermore, the managers often act on a healthy interest in applying various technological solutions to automate processes. The latter enables them to operate more quickly, decide based on insight and spend more time on valuable business.
Ultimately, this provides their companies with financial performance, innovation and productivity.
Three core conditions
PwC advises Digital IQ managers on how they can achieve even more results. To start, managers must meet three core conditions.
Firstly, they must involve the entire organization in the digital strategy. The manager has to get everyone, including security and risk specialists, on the same page. Thereby, security, compliance and governance become ingrained in the transition process to the cloud. This stimulates trust among the ultimate customers.
Secondly, Digital IQ managers must involve the entire ecosystem in their digital transition process: users, suppliers and partners. Scaling up the digital transition is, therefore, essential.
Finally, Digital IQ managers need to develop a ‘value story’ for the cloud strategy, thereby increasing the confidence of stakeholders. According to PwC, companies need to make specific choices about how cloud technology can help them achieve their goals, what digital technology capabilities it will develop, what customer problems will be solved and what role the company will play within the business sector and related ecosystems.