Digital agility is the ability of a company to quickly adapt to and change its business processes, using digital technology and solutions. It's a subset of business agility, and is different from traditional IT, which focuses on long-term stability.
Digital agility can support digital innovation by allowing a company to continuously evolve its digital strategy based on feedback and prior outcomes. Best practices include assessing digital maturity across capabilities, and exploring innovative options to drive growth.
Benefits of digital agility include:
Reducing time to market
Reducing the costs of ongoing innovation
Delivering better and more consistent customer experiences
Creating new possibilities for services, applications, and capabilities
Making change a competitive advantage rather than a threat
Creating a work future that's adaptable and flexible
CEOs are enhancing their organization's digital advantage by creating a more flexible future of work and balancing digital innovation. CEOs are prioritizing flexibility over wholesale changes to office-based work as people return to workplaces and governments look to businesses for a return to normalcy.
According to a recent CEO pulse survey, only 21 percent of CEOs are planning to downsize their physical office space due to the pandemic and changing work habits.
This is a significant decrease from the 69 percent who planned to downsize in a survey conducted in July/August 2020. Additionally, only 37 percent of CEOs anticipate that most of their employees will work remotely for two or more days per week.
However, the survey found that CEOs are prioritizing flexibility. More than half (51 percent) of the surveyed CEOs recognize the need for greater flexibility in the future of work and plan to invest in shared office spaces to accommodate this.
This is a significant increase from the 14 percent who expressed interest in shared office spaces in the January / February 2021 survey. Additionally, 42 percent of CEOs plan to hire talent that primarily works remotely, which will allow them to tap into a wider pool of candidates.
Disrupting the disruptors
CEOs have realized that digital technology is the key to creating new sources of value. However, it also poses a risk as traditional business models can quickly become irrelevant due to the constant evolution of digital technologies. To lower this risk, CEOs are ready to push the limits of their business and question things they've always believed. In order to pursue their growth objectives, almost two-thirds of them intend to invest in disruption detection and innovation processes.
This investment is essential to encourage teams to think disruptively, challenging traditional mindsets and assumptions and brainstorming new ideas to adapt to the rapidly changing market environment. Moreover, rather than waiting to be disrupted by competitors, CEOs are taking an active approach to disrupt their sector of operation. This proactive strategy has increased from 61 to 72 percent in the past 18 months.
Partnering for transformation and resilience
Businesses worldwide are now working together in digital ecosystems, digital networks, collaborating with partners and suppliers to make their operations better, find new ways for digital revenue streams, and provide customers great digital experiences. Approximately 70% of CEOs believe that forming new partnerships is essential for continuing their digital transformation efforts with a collaborative and flexible approach to business.
However, as companies digitally connect their systems and share data with partners, it is important to ensure that all systems and data, especially customer data, remain secure. Cybersecurity threats not only limit growth and create boundaries to digital development but also create exclusion.
Purpose-led and sustainable cybersecurity practices help digital ecosystems thrive, allowing them to bounce back from attacks and instill confidence that businesses are well-governed. Studies have found that CEOs understand how crucial it is to include cybersecurity when working with others in collaborations, networks and ecosystems.
Despite this recognition, only 58 percent of organizations claim to be well-prepared for a cyber-attack. As a result, CEOs are focusing on ensuring that cybersecurity extends beyond the four walls of the enterprise. When asked what they were doing to make sure they can handle digital resilience and protect against cyber threats, their top focus was "making sure their supply chains and the companies they work with are secure and strong."
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