Our daily lives are shaped by the digital world. Whether it’s banking, shopping, reading or finding the fastest route to your hairdresser, technology has overwhelmingly changed the way we work, live and communicate. Given the digitalisation of our world, the Chief Digital Officer (CDO) is one of the rising marketing roles. The defining characteristic of this role is to make the digital strategy the foundation of the corporate strategy – or in other words to incorporate digital transformation at the core of an organisation. Quoting Joe Payne, former CEO at Eloqua, : “CEOs are from Mars; CMOs are from Venus”, CDOs have the ability to speak commercial lingo with a strong marketing mindset and solid technology understanding. The result is a strong value-adding bond between Finance, Technology and Marketing. The owner of this new C-suite seat is in a prime position to
Compared to other senior management roles, the CDO complements and influences other areas within the organisation as the digital transformation journey evolves. Based on a study from Russell Reynolds Associates the CDO’s psychometric characteristics are likely to be more innovative and disruptive. Investments in CDOs result in business growth Russel Reynolds Associates measured and compared the financial performance of digital-first companies to industry standards. The financial outcome of organisations that have invested in technology and transformation leadership speaks for itself: Unfortunately, due to the lack of major digital innovation hubs such as Silicon Valley, many companies in Australia and Asia are yet to take advantage of this opportunistic transition and create digital C-suite seats, according to Russell Reynolds Associates. Be reminded, digital transformation is here to stay, because customers embrace technologies, demand personalisation and respond to engaging authentic online experiences.
To kick-start the digital transformation journey, the following questions will support the decision making process (originally published by McKinsey&Company):
So, what do your answers look like?
7 Comments
1/7/2016 10:42:51 am
Insightful commentary backed up with valid data on the imperative nature of Chief Digital Officers to maximize marketing potential.
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