6 out of 10 CIOs feel that limited availability of trained talent and identifying the right technology are two major challenges in this journey
An overwhelming majority of organisations are constantly upgrading their digital capabilities to effectively manage change. According to Grant Thornton Bharat and Dynamic CIO’s report Unlocking innovation: Breaking through inertia, over 75% of CIOs indicated the need for increasing the tech budget and driving businesses toward innovation and digital platforms like AI, machine learning (ML), cloud. The survey report, launched at DynamicCIO’s flagship three-city summit and awards, Enterprise Innovation Summit (EIS) 2022, also revealed that 82% of responding organisations aim to develop consistent processes for the reinforcement of change in digital transformation projects.
Commenting on the report, Jaspreet Singh, Clients & Markets Leader - Advisory Services, Grant Thornton Bharat said, “The commitment of senior management tops the list as the main lever for change in digital projects. According to the survey, 80% of CIOs and tech leaders say they are driving their companies’ innovation efforts for sustainability and growth as they are responsible for high-powered initiatives. With nearly three-quarters of organisations expecting to have an excellent innovative capability in the next two years, CIOs should develop a methodical approach to innovation that can lead to differentiated growth.”
With regards to how quickly organisations are adapting to their digital transformation journey, the survey revealed that 31% of organisations are at the strategic stage (roadmap for digital tech and investment in key technologies is ready), followed by 30% at the converged stage (targeted team has been set to guide the business on the strategic path towards transformation). The two top drivers for the adoption of digital technologies are reduced costs and improved efficiency (27%), and gaining a competitive edge and enabling frontline business (27%).
“With change happening at an accelerated pace in the digital era, the current market mantra is to digitise or die, and companies are rushing to stay up to date in adopting new technologies to add a competitive edge to their operations”, added Raman Shenoy, Partner - dGTL, Grant Thornton dGTL. According to the survey, 70% of change management efforts fail due to employee resistance and a lack of management support. It hints at the fact that conventional change management strategies may not be the best fit for this digital era.
Technology creates powerful business opportunities and contributes to the increase in skill gaps. According to the survey, 32% respondents cited the lack of trained tech talent as a major deterrent to the digital transformation journey. To effectively deal with this problem, 70% of organisations are running periodic assessments to upskill talent to become future-ready. More than 50% of organisations were awarding various non-monetary benefits to their employees for bringing in new ideas, compared to 37% of organisations that were awarding monetary incentives.
Numerous tech, innovation and business leaders were surveyed to understand their approach to the changing digital space and innovation. By looking specifically at the responses of tech leaders and how they differ from other respondents, further insights were developed about how effective CIOs are making an impact. The survey analysis describes the attributes, objectives and practices of organisations that are ahead of their peers and explores the critical dimensions of change for technology leaders.