Digital Radar 2023
To compete in these fraught and turbulent times, businesses need to overhaul their strategy and approach. Digital Radar 2023 has identified the three pillars for a company that is fit for the 21st century.
A foundation of live data helps firms become more innovative, sustainable, and human-centric.
Using ESG dashboards and driving decisions through live data doubles the likelihood of a company becoming one of the fastest product creators.
Companies that prioritized high-fidelity data also improved their digital experience and were 60% more likely to improve post-sales customer engagement and loyalty.
However, just 5% of firms have a holistic live data foundation.
Leading firms also organize around product, not process.
Companies organized like this are about 50% more likely to be among the best at delivering products at speed.
An outcome-based business model, a product-centric strategy, is correlated with higher employee retention, with those prioritizing outcomes 17% more likely to have significantly increased employee retention.
However, just half of firms organize around products.
Leading firms create a culture that takes responsible, considered risks, backed by live data.
We’ve found that responsible risk-taking leads to…
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Faster product creation -
Greater employee retention
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Profit increases
However, only 14% of firms have the right culture.
And just 7% are product-centric and have the right culture.
We also identified five culture levers that together increase a company’s chance (up to fivefold) of being a leader in speedy innovation:
- Cascading target commitments throughout the business.
- Data-driven decision making.
- Leadership that encourages risk-taking.
- Leadership and employee diversity.
- Fostering a flexible leadership style.
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