Templeton’s tech recruitment experts are delighted to present the results of our latest survey of leading CIOs, CTOs and tech leaders.
We asked seasoned IT professionals across the Financial Services, Pharma and Life Sciences, Retail, Manufacturing and Energy & Utilities sectors to share their recent personal experiences on:
- The impacts of Covid-19 on tech projects
- Obstacles and drivers for digital transformation
- Most urgent areas of IT skills gaps
- The role of suppliers in championing digitisation
- Future trends and the ‘New Normal’.
We have complemented this research with the latest data from industry experts such as Gartner and BT, research specialists including the International Monetary Fund and the Office for National Statistics, and global consultancies such as Deloitte and PwC.
In the report, we summarise the latest insights into how executives and managers can drive business transformation in 2021.
Obstacles to Implementing Digital Transformation
Senior tech leaders reported that in previous years and roles, communication across the business formed their biggest obstacle to digital transformation. Prior to 2020, internal communication was twice as much of an obstacle as any lack of budget or resources, security, compliance or digital strategy. Virtual conferencing, cyber security worries and file sharing across locations have not impeded communication during the pandemic but may have impacted the engagement of some employees in culture, business change and new projects.
As digital transformation becomes increasingly supported by Executives and tech leaders are given greater autonomy and resources, employee engagement remains the final frontier in successful large-scale change. 45% of CIOs and CTOs identify engagement and uptake across teams and departments as the most significant obstacle to implementing digitisation.
Leaders across the Board increasingly recognise digital transformation as a positive force for change and real results:
- Companies with high maturity in digital transformation experienced 45% higher net revenue growth and 43% net profit margin growth compared to industry averages. (Deloitte)
- Investment in digital transformation across industries and countries will amount to €4trillion between 2020 and 2030. (Transforma Insights)
However, whilst organisations globally are increasingly championing the importance of digital transformation, more strategic direction and practical support are needed to fully implement successful projects. 27% of leaders ranked a lack of digital vision as the largest hurdle blocking their transformation, with those in the Energy & Utilities sector particularly suffering from support for strategic direction. As Covid-19 shrinks available capital and increased production demands, lack of budget is of particular concern for tech leaders in the Pharma and Life Sciences space.