20 senior execs from a wide range of industries as diverse as broadcast television, pharmaceutical, publishing and financial services gathered in New York last November as Econsultancy hosted another Digital Transformation roundtable.
Ever since IBM's seminal 2011 study 'From Stretched to Strengthened – Insights from the Global Chief Marketing Officer Study', CMOs have been reporting a concern that they are underprepared for digital - shorthand for changes in consumer behavior, an explosion in the volume of data, the proliferation of channels and device choices and the effects of social media.
According to a recent Econsultancy study, only 23% of the Fortune 500 could consider themselves to be in any way whatsoever shielded from the effects of digital.
It was suggested that those who might fall into that category are generally companies that dig things out of the ground and process them, but perhaps even they will see soon their industry disrupted by digital technologies.
Everyone who attended on the day agreed that true Digital Transformation is a heavy lift and there is often a greatly delayed gratification from the process.
Nearly all of the organizations represented at the roundtable had experienced significant disruption to their business models from digital.
The attendees told us afterwards that the most valuable part of the day was hearing from their peers in other businesses, learning what had worked for them, what hadn't and how they had overcome the challenges they faced.
Four keys rose to the top of the discussion...
Are marketing and digital having a greater influence on coroprate strategy and its execution?
There can be little doubt that digital leaders within organisations are increasingly finding themselves charged with driving organisational transformation, growth and the development of capability, and are spending more time than ever working with the main boards of their businesses.
So what are the main barriers to securing the backing of senior staff for digital investment and initiatives, and what are the best practices for ensuring not only one-off approval but ongoing support from the C-Suite?
The results of Econsultancy's new research into Securing Board Buy-in reveal both some key challenges but also some smart strategies for success.