The rapid adoption of digital technologies is putting new pressures on IT organizations. As spending on cloud, mobile, analytics, and social technology soars, CIOs have the opportunity to help drive strategy, innovation, and revenue growth. At the same time, these technologies present major new challenges in the traditional domain of IT.
Business leaders need to transform and boldly lead their digitally powered organizations that are adaptive to change, and able to drive it. “Leadership of digital transformation requires a nuanced set of skills and abilities, some of which may not come naturally to many executives,” says Fred Magee.
Digital transformation is impacting all businesses, functions, and processes. The “people dimension” of digital business transformation is reflected in the available talent pool, and it will impact every enterprise in traditional industries or untried new business models.
By 2030, 410 million more people will be living in the world’s top 750 cities. These cities will account for 35% of the world’s population, 61% of the world’s GDP, and 30% of the world’s jobs. This massive increase in employment will transform cities radically — both developed and emerging.
Large companies face significant hurdles in transforming into digital businesses. McKinsey principal Edwin van Bommel explains how organizations can quickly develop digital business capabilities. Few firms already have the required skills and talent.