Extra-condensed knowledge
Digital savviness is the key ingredient in the success of corporate digital transformation.
CONTEXT
- Executive teams that understand how to wield the power of digital technologies are rare, but they deliver huge premiums in corporate growth and valuation.
- Digital savviness is an understanding, developed through experience and education, of the impact that emerging technologies will have on a business’s success over the next decade.
Genioux knowledge fact condensed as an image
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Condensed knowledge
- Digital savviness is the key ingredient in the success of corporate digital transformation.
- CONTEXT
- g-f(2)151 The Big Picture of the Digital Transformation, 3/1/2021, geniouxfacts, How To Succeed At Business Digital Transformation.
- Executive teams that understand how to wield the power of digital technologies are rare, but they deliver huge premiums in corporate growth and valuation.
- Digital savviness is an understanding, developed through experience and education, of the impact that emerging technologies will have on a business’s success over the next decade.
- In the coming months, as the global economy begins to recover from pandemic-induced slowdowns, the digital savviness of top teams will make the difference between the winners and the also-rans across industries and geographies.
- Now is the time to consider the digital savviness of your top management teams and ask yourself what you can do to bolster it.
- Your efforts could be key to your company’s future success.
- Developing a Digitally Savvy Top Team
- Bolstering the digital savviness of senior leaders represents a valuable upskilling opportunity for most companies and a high-return investment in the increasingly digital future.
- We suggest that companies pursuing this opportunity consider the following 4 recommendations:
- Determine the current level of digital savviness on the top team.
- Strengthen the key members first.
- Expand the effort. Once executives in key roles begin to increase their digital savviness, leaders of the effort should aim to develop the capability more broadly, targeting at least 50% of top team members.
- Pursue the 10 performance differentiators. As top teams become more digitally savvy, they can focus their attention on the factors that distinguish the high-performing companies we studied.
Category 2: The Big Picture of the Digital Age
[genioux fact produced, deduced or extracted from MIT SMR]
Type of essential knowledge of this “genioux fact”: Essential Analyzed Knowledge (EAK).
Type of validity of the "genioux fact".
- Inherited from sources + Supported by the knowledge of one or more experts + Supported by research.
Authors of the genioux fact
References
Does Your C-Suite Have Enough Digital Smarts?, Peter Weill, Stephanie L. Woerner, and Aman M. Shah, March 03, 2021, MIT Sloan Management Review, MIT SMR.
ABOUT THE AUTHORS
Peter Weill is chairman and senior research scientist at the MIT Sloan School of Management’s Center for Information Systems Research (CISR). Stephanie L. Woerner (@sl_woerner) is a research scientist at CISR. Aman M. Shah (@aman_m_shah) is a doctoral candidate studying business information systems at Bentley University.
Peter Weill is a Senior Research Scientist and Chair of the Center for Information Systems Research (CISR) at the MIT Sloan School of Management.
His work centers on the role, value, and governance of digitization in enterprises. Weill joined the MIT Sloan faculty in 2000 to become director of MIT Sloan’s Center for Information Systems Research (CISR). MIT CISR is funded by 80 corporate sponsors and patrons, and undertakes practical research on how firms generate business value from information technology (IT). As chair, Weill focuses on globalizing the center’s research and delivery. In 2008, Ziff Davis recognized Weill as #24 of The Top 100 Most Influential People in IT, the highest-ranked academic.
His award-winning books, journal articles, and case studies have appeared in the Harvard Business Review, the Sloan Management Review, and The Wall Street Journal. Weill has co-authored best-selling books published by Harvard Business School Press, including IT Savvy: What Top Executives Must Know to Go from Pain to Gain (2009), Enterprise Architecture as Strategy: Creating a Foundation for Business Execution (2006), IT Governance: How Top Performers Manage IT Decision Rights for Superior Results (2004), and Leveraging the New Infrastructure: How Market Leaders Capitalize on Information Technology (1998). His co-authored book, Place to Space: Migrating to eBusiness Models (2001), was named by Library Journal as one of the best business books of the year, and was reviewed by The New York Times. Weill presents executive and MBA programs on the business value of IT, and in 2007 received an MIT Sloan Outstanding Teacher Award.
Stephanie Woerner is a Research Scientist at the MIT Sloan Center for Information Systems Research. She studies how companies manage organizational change caused by the digitization of the economy. Her research centers on enterprise digitization and the associated governance and strategy implications. Three current studies include i. the amount, allocation, and impact of enterprise-wide digital investments, ii. how digitization is influencing the next-generation enterprise, and iii. the impact of the Internet of Things on company business models and the competitive landscape. In previous National Science Foundation-funded work, she studied distributed work teams and their use of multiple media, electronic communication technologies, and coordination mechanisms to get work done; she was also project manager for the 5-year grant.
Extracted from the website of Aman M. Shah
PhD student and Photographer
Currently a PhD student at Bentley University in Waltham, MA with a focus on Information Systems, with a photographic endeavor on the side. This website was created to showcase both my academic publications as well as my selected photography portfolio.
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