It’s safe to say that technological advancement is key for growth in any industry, but the real question comes when we ask how it can be leveraged to achieve the most success for an organization. In a recent Deloitte study with 1,200 senior executives across six industries, it was found that organizations can achieve higher levels of digital maturity, i.e. experience direct benefits from digital innovations, by strategically using “digital pivots.”
Digital pivots are a set of technological growth concepts that can be applied to an organization’s functions for overall improvement. Each pivot can be applied to an array of functions, from financial analytics to marketing initiatives:
Taking steps toward digital maturity is much like anything else in life, with success resting on how they are applied rather than simply what is applied. Digital pivots must be employed strategically to create positive results, with room to evolve with expansive structures and practices moving forward.
After analyzing organizations through the lens of all seven pivots across nine basic business functions, Deloitte found that “mature” organizations applied pivots twice as often as their less successful counterparts. When more pivots were applied to specific functions rather than widely spread apart, higher maturity was also achieved. Overall, pivots were seen to have a greater positive impact when applied in unison.
It’s important to note the order in which pivots were applied for optimal benefit. The three “foundational pivots” were defined as:
When utilized first, these pivots create a solid foundation for others to follow, building a business system equipped for the ever-changing tech industry. It was also found that when generally applied to background functions first, pivots were more likely to create positive outcomes. Technologically enhancing financial, human resource, and research and development functions created an insight-based foundation for future success with pivots in areas including marketing and sales.
The pivot implementation process has proven difficult for various organizations. When participants were surveyed, they found the top three obstacles to pivot-based innovation were operating structure/model, lack of focus/prioritization, and upgrading legacy systems/processes. These obstacles were rooted in lack of flexibility for both legacy systems and organizational behaviors, making the implementation of digital pivots more challenging.
Organizations with higher levels of digital maturity employed tactics beyond the pivots themselves to promote progress. The top three tactics were:
When technology was made a distinct cultural priority, organizations tended to thrive financially.
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Gurumurthy, R., & Schatsky, D. (2019, March 13). Deloitte Insights. Deloitte Insights. Retrieved from https://www2.deloitte.com/us/en/insights/focus/digital-maturity/digital-maturity-pivot-model.html.2.