What Is Your Digital IQ? And 6 Simple Steps To Boost It – Forbes
The Digital IQsâa measurement of an organizationâs abilities to harness and profit from technologyâof most companies are getting lower over the last decade according to a PwCâs 2017 Global Digital IQ Survey: 10th anniversary edition. However, in most cases, this isnât for lack of resources devoted to digital pursuits. In fact, there are certainly significant advances from most companies, but according to the PwC survey, just 52% of businesses would rate their Digital IQ as strong in 2017; which is down from 67% in the last survey in 2016. Every company in every industry needs to invest and create strategies to increase their Digital IQ despite the challenges because if they donât the competition will soon surpass them.
Despite Improvements, Digital IQ Still Lags
How can it be that companies have invested in digital assets, training and strategies, but their Digital IQ is falling? The issue isnât a lack of attention or regard to digital transformation, but rather the rapid pace of digital innovation that makes companies struggle to keep up the pace.
While organizations are focused on getting their arms around one aspect of technology, powerful next-generation technologies line up incessantly and require time, attention and resources. So, while most companies have now aligned their business and IT initiatives and have C-suite support of tech investments and programs, the problems and opportunities that are available have become more complex and robust. Companies find themselves in a tango where they take one step forward and two steps back.
Raising Digital IQ Is Important for All Companies
Despite the challenges to raise your Digital IQ, itâs worth the investment for any company. Itâs never been a better time to focus on making tangible progress. If you donât, as Jeff Immelt, CEO of GE said, âanyone who denied âthat digitization is going to impact every corner of the economyâ would get left behind.â Raising your organizationâs Digital IQ will help you gain a competitive advantage.
It doesnât matter your industry or sector, technological transformations are happening in all of them. Think about the last time you went to the hospital for a visit or a stay. They most likely entered vital information into an electronic health record. Southwest Airlines invested in an intensive data analytics initiative to assess all the variables that can impact airplane performance. There are examples in every industry from John Deere that analyze the data from their equipment in the field to specialized retailers like Warby Parker who allow customers to try on glasses at home.
Organizations who embrace policies and practices to improve their Digital IQ are also the top performers financially, according to the PwC survey.