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Digital IQ—Canadian insights
Canadian businesses see themselves as digitally aware but they need to close the say-do gap on digital transformation or risk missing out altogether. According to Digital IQ, Canadian executives are upbeat about their digital IQ, with a score of 70.1, compared to 68.2 globally. Global results show the stronger an organization’s digital IQ, the more likely it is to achieve a better financial performance. We have identified three areas of opportunities for Canadian companies to raise their digital IQ. 1. Workforce of the future 2. Disrupt or be disrupted 3. Be intelligent about digital
Welcome to Digital IQ, Canadian insights
Canadian executives are saying more than they’re doing when it comes to closing the skills gap. Many recognize talent is an issue—27% say the lack of suitably skilled teams is the No.1 barrier to success in digital initiatives—but they aren’t investing to upskill their teams. They think they can hire their way out of the skills gap, or the educational pipeline will fill it in. But their global counterparts are more focused on upskilling, according to the 22nd annual CEO Survey.
Canadian organizations are also failing to close the say-do gap in linking return on investment (ROI) with customer experience (CX) and even more so with employee experience (EX). Of the organizations with the best financial performance, the global Digital IQ Survey results showed that 91% had an executive in charge of EX, compared with 74% of Canadian organizations.Learn more
While Canadian executives were more likely to say “agile” is a top skill important to their organization (32% versus 26% globally), they are less likely than their global peers to adopt agile ways of working. This is another example of how Canadian executives are failing to close the say-do gap when it comes to embracing emerging technologies like artificial intelligence (AI) and methodologies like agile. Most Canadian executives favour achieving operational efficiency through more mature technologies like the Internet of Things (IoT) in order to compete with their peers, rather than be innovative leaders on the global stage with emerging technologies like AI.Learn more
Digital transformation, for the most part, is still a top-down issue in Canada, led by the CEO. In successful businesses, the global results show 75% to 80% of people involved in digital strategy are helping to form their business’s overall strategy. To close the say-do gap on digital transformation, Canadian organizations need to view digital as not just a function of information technology (IT) or improving operations, but as a more balanced, holistic approach that’s equal parts business, experience and technology.Learn more
Canadian executives need to close the say-do gap in the aforementioned three areas by investing in upskilling and employee experience. By focusing on growth and generating new revenue through innovation, they can look beyond their peers and take a global leadership role, viewing digital transformation in a holistic way.
It’s no longer if but how fast businesses digitally transform—Canadian organizations have the building blocks for success but are still seeing digital with a narrower view that’s focused on operations over innovation. It’s essential they change that to become disruptors rather than followers and remain competitive on the global stage.