In a year that started with a global health crisis triggering economic and geopolitical disruption, agility became a defining hallmark for success, according to the study. Workday surveyed more than 1,000 C-suite executives and business leaders to identify key challenges and opportunities across the offices of the CEO, chief financial officer (CFO), chief human resources officer (CHRO), and chief information officer (CIO) in adopting digital best practices for greater organizational agility. The survey results indicate that business leaders plan to accelerate digital initiatives, with one-third noting that the single change that would improve organizational resilience with future crises is accelerated rates of digital growth.
The report details strategies for organizations to overcome barriers to adopting digital technologies to achieve greater organizational agility. These include creating an adaptable culture, investing in smart technologies to increase digital revenue growth, ensuring real-time data is accessible for decision making, and leveraging cross-functional teams to boost upskilling and reskilling to empower employees.
Key highlights of the survey
- Digital revenues dominate and are accelerating. Over one-third of firms expect 75 percent or more of their revenue to come from digital (either digital products or traditional goods sold via online means) in three years’ time. This has tripled since 2019, where just one-in-10 firms had the same projection.
- Changing tools is easier than changing minds and habits. While more than half of organizations (56 percent) say their technology is compatible with digital transformation goals, just 16 percent say the same about their company’s culture. Without additional emphasis on employees and culture, organizations run the risk of not getting the desired returns on technology investments.
- Agility extends to technology investment. More than three-quarters (77 percent) of firms now report that their organization is fast to act on failing investments in new technology (technology that isn’t successfully deployed or used) – up from 70 percent in 2019.
- Continuous planning emerges as a new best practice. With nearly half (43 percent) the respondents having embraced continuous planning prior to the pandemic, three core enablers signal success: access to data, deployment of smart technologies, and an agile culture.