From McKinsey & Company: Key initiatives to build digital enterprises

McKinseyHere is a brief excerp from he results of another McKinsey Global Survey indicate that — according to Brad Brown, Johnson Sikes, and Paul Willmott — CEOs and other senior executives are increasingly engaged as their companies step up efforts to build digital enterprises. To read the complete report, check out other resources, and learn more about McKinsey & Company, please click here.

Looking ahead

o Find the right digital leaders. Leadership is the most decisive factor for a digital program’s success or failure. Increasing C-level involvement is a positive sign, and the creation of a CDO role seems to be a leading indicator for increasing the speed of advancement. These developments must continue if companies are to meet their high aspirations for digital.

o Manage expectations. Just as important as finding the right leader is setting the right agenda and maintaining an aspirational vision without straying into overexuberance for digital. Leaders will have to walk this line carefully, given executives’ reports of organizational, technical, and cultural challenges.

o Prioritize talent. Not surprisingly, survey respondents indicate concerns about finding the talent their companies need to realize their digital goals. Technical, functional, and business skills are all critical for digital programs. We have seen some companies begin emulating the high-tech practice of “acqui-hiring” (that is, acquiring small companies largely for their employees rather than their products). But finding and hiring talent is only part of the solution; no matter where the talent comes from, development and retention are equally important in a sellers’ market.

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To read the complete report on the McKinsey Global Survey, please click here.

The contributors to the development and analysis of this survey include Brad Brown, a director in McKinsey’s New York office; Johnson Sikes, a consultant in the New York office; and Paul Willmott, a director in the London office.

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