Boards Lack Confidence in Digital Transformation Progress, Survey by Corporate Board Member and PwC Reveals
Survey finds majority of public company directors believe their company is behind on the process of digital transformation
In the 2020 Digital Transformation research, a survey of more than 200 public company directors conducted by Corporate Board Member with PwC’s Governance Insights Center, three directors out of five say their company is behind on the process of digital transformation, with 54 percent having embarked on this journey only within the past three years.
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The notion that directors believe their companies are lagging digital leaders reveals somewhat of a disconnect between the board and the senior executive team, with management teams reporting greater confidence in their digital transformation efforts, according to PwC’s 2020 Global Digital IQ survey of 2,380 global executives. More specifically, 70 percent of U.S.-based executives surveyed by PwC say their company is ahead or substantially ahead of its competitors in encouraging rapid innovation across the business, compared to 35 percent of directors in the board survey.
“Executives may be naturally inclined to have a more positive view of their company’s progress than the board,” says Paula Loop, leader of PwC’s Governance Insights Center. “They are in the trenches day-to-day and see the effort and work being expended. They may be used to looking for the positive when it comes to results and goals. And they may rely on a positive outlook to help motivate the organization during these large-scale transformations.”
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