Heads of Digital Marketing and, more increasingly, Integrated Marketing Departments have been pushing increased digitalization for years. Now that C-suite level executives are fully on board how will their perspective reshape the way companies utilize digital technology?
In their 18th annual Global CEO Survey released in Davos on January 20th PwC revealed shifting attitudes towards topics including growth, competition, and technology. The main feature of the technology section entitled “Creating new values in new ways through digital transformation” focused on driving value to the customer. When asked how strategically important certain categories were, the highest rated categories were mobile for customer engagement with 81%, Data Mining & Analysis with 80%, and Cyber Security with 78%.
Despite this focus on Data Mining and Analysis “UK business executives, who were polled about how they make big decisions, ranked their own intuition and experience, as well as the advice of others, above data and data analytics.” Obviously there is still progress to be made in terms of creating trust in choosing the right data and its implications.
Most tellingly, only 20% of respondents rated their own company as having an “Excellent Digital IQ.” This lack of confidence in digital prowess can be viewed positively since it shows an honest acknowledgement of the effort still needed to integrate digital assets into business processes. The need for those with digital expertise has existed for well over a decade, the desire of the C-suite to integrate this expertise has fully developed as well.