More than half of global CEOs say that digital improvements have helped increase the profitability of their organisations.
That's according to the latest Gartner CEO survey, which found that 47 per cent of CEOs are being challenged by their board of directors to further digitalise their businesses - with 56 per cent stating that their digital improvements have already helped to improve profits.
Gartner claims that much of this is down to a better understanding of exactly what digital business involves.
"CEO understanding of the benefits of a digital business strategy is improving," said Gartner analyst and fellow Mark Raskino.
He continued: "They are able to describe it more specifically. Although a significant number of CEOs still mention e-commerce or digital marketing, more of them align it to advanced business ideas, such as digital product and service innovation, the Internet of Things, or digital platforms and ecosystems."
Overall, 42 per cent of CEOs said that they had begun ‘digital business transformation'. Meanwhile, one-fifth of CEOs are now taking a ‘digital-first' approach to business change.
"This might mean, for example, creating the first version of a new business process in the form of a mobile app," said Raskino.
However, alarmingly, half of the CEOs surveyed admitted that they had no formal digital transformation success metric.
Of those who are quantifying progress, one-third said they do so by measuring their digital revenue.
Raskino urged CEOs to let CIOs help them to scale up digital business initiatives and track incisive success metrics and KPIs, to better direct business transformation.
"CIOs should also help them toward more-abstract thinking about the nature of digital business change and how to lead it," concluded Raskino.
Gartner surveyed 388 CEOs and senior business leaders in end-user organisations worldwide. The analyst group said that most of the CEOs who participated in the survey were running organisations with annual revenues of $1bn or more.
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