The PwC New Zealand Global Digital IQ survey shows that companies that have a multi-year digital roadmap are the ones maximising their investments.
The survey aims to highlight the key behaviours which link digital investment to profitability with New Zealand businesses and highlights ten critical digital factors that correlate with stronger financial performance.
PwC digital strategy and data leader Greg Doone says, “While virtually all companies say they are investing more in digital technology, the top-performing organisations understand how to best apply the technology so that it becomes a mind-set.
“Increasingly, the leaders are recognising that digital is far more than technology. It is driving fundamental change in consumer and staff behaviour and this, in turn, has cultural and work practice implications beyond the technology itself.”
He says New Zealand organisations have had a late start compared to global leaders but are catching up fast.
“Where it was noticeably absent three years ago, digital strategy has now become an integral part of everyday boardroom discussions. This leadership engagement in digital is another strong factor contributing to growth. It is now very common for a board or an executive team member to mention a recent trip to Silicon Valley or another technology hotspot to expand their digital outlook.
“Overall, there is a renewed focus by New Zealand businesses on digital strategy and those investments are starting to pay dividends. There is a desire and a drive to embrace digital thinking, as well as a recognition that New Zealand companies need to invest more in this thinking to keep up with organisations around the world – and customer expectations here at home,” says Doone.
10 digital factors linked to stronger financial performance
1. High-level business strategy is set by executives responsible for digital
2. Business-aligned digital strategy discussed and agreed upon at the C-level
3. External sources are consulted with to discover new ideas for applying emerging technologies
4. Competitive advantage is the main reason behind investments in digital enterprise
5. Effectively utilising all the data captured to drive business value
6. A single, multi-year digital enterprise roadmap is followed, complete with business capabilities and processes as well as digital and IT components
7. Digital initiation and commitment comes from CEO level
8. The strategy for business and digital are well communicated throughout the organisation
9. Security and privacy risks in digital enterprise projects are planned for
10. The outcomes of digital technology investments are consistently tracked