By Elise Awwad
December 15, 2021
4 min read
December 15, 2021
4 min read
You’ve likely heard it said before, “every company is a technology company.” This notion has been used by leaders time and time again, over the past decade plus, and the spirit behind this quote is still relevant. Regardless of your industry, you provide a product or service that without technology you likely wouldn’t be able to maintain or grow your market share in.
Fast-forward to today and this quote still holds up. Digital innovation is still at the top of CEO’s priorities. According to a July 2021 Fortune/Deloitte CEO Survey, 82% of CEOs plan to continue or significantly increase their technology modernization spend. And when asked what their expected drivers of business success are over next 12 months, more than half believe that innovation/new products or application of technology will be in their top three. But what’s also interesting is 34% identified increased operational efficiencies as one of their top three drivers.
While technology continuing to drive innovation, one could also argue that for nearly every department across the organization it could also increase efficiency.
First and foremost, “digitally fluent companies are leading the pack in revenue growth,” according to Accenture. They are 5.4 times more likely to project revenue growth over 20% in the next three years, and 61% lead their peers in operational efficiency.
The National Center for the Middle Market (NCMM) designed a framework for middle market companies to help drive digital transformation. Here are the five separate but interrelated areas of focus within this framework:
To harness the new technologies and benefit from digitally fluent teams, companies need to focus on their internal structure and hone their approach to workflow and systems. This transition will require a fresh look at business strategy, a commitment to upskilling current talent, and possibly hiring new talent to transform the department and ultimately business.
When you establish a cultural expectation of working with and driving digital innovation across all departments, you’re helping to future-proof your people and company.
Elise Awwad is the Chief Operating Officer of DeVry University. She has oversight of all student operations to ensure a positive and consistent experience for DeVry students and corporate partners