Expertly Executed IoT Application Development Services

According to a report by the Harvard Business Review, a significant gap exists in the digital proficiency of top executives across software industries. The study reveals that fewer than 25% of CEOs and approximately 12.5% of CFOs can be considered digitally proficient. This shortage of digital expertise extends to technology leadership roles as well, with only 47% of CTOs and 45% of CIOs demonstrating strong digital acumen. This situation calls for a reevaluation of the digital capabilities within senior management teams across companies. Boards of directors also face a similar challenge. An MIT study examined 3,000 companies with annual revenues exceeding $1 billion and found that 76% of these boards lacked digital savvy. This deficiency manifested in various ways, including the backgrounds of board members, the presence of individuals with digital experience, and the effectiveness of board-executive interactions on technology-related matters. Undoubtedly, the digital revolution has reshaped the leadership skills and behaviors required to thrive in today’s post-digital landscape. Forbes conducted a survey that underscores this point, with 95% of organizations concurring that a new, distinct form of leadership is necessary to navigate changes in organizational structures and operating models brought about by digitalization. However, only 37% of these organizations believe they have a capable digital leader in their ranks. The absence of effective, digitally-savvy leadership can lead to unsuccessful digital initiatives, a lack of a coherent corporate strategy, and may even hinder an organization’s ability to attract and retain top talent.