Digital transformation has become a reality for many CEOs in 2017, according to a new survey from Gartner.
Some 47% of the 388 CEOs surveyed said they face pressure from their board of directors to make progress in digital business, Gartner found. But this approach is paying off: 56% of CEOs said that their digital improvements have already increased profits.
“CEO’s understanding of the benefits of a digital business strategy is improving,” said Mark Raskino, vice president and Gartner Fellow, in a press release. “They are able to describe it more specifically.
Although a significant number of CEOs still mention e-commerce or digital marketing, more of them align it to advanced business ideas, such as digital product and service innovation, the internet of things or digital platforms and ecosystems.
“Some 20% of CEOs are taking a “digital first” approach to transformation, which may include efforts such as creating a new business process, or a new mobile app, Raskino said in the release.
And 22% of CEOs are taking a “digital to the core” stance—a more dramatic form of transformation where the product, service, and business model change with new digital capabilities, and the technology that supports those becomes a core competency, the release stated.