The August edition of Forbes Insights revealed that 65 percent of the C-level executives they surveyed (125 in total) at consumer goods companies indicated their organizations need to do a better job of harnessing digital technology. My query today: Why are they waiting? Time to eat the sushi!
What do I mean by eat the sushi? I acquired the expression from Julie Myers Wood, CEO at Guidepost Solutions. In a Corner Office interview she said: “When I had just graduated from college, I went with my mom to Japan. We had a wonderful time, but I refused to eat sushi. Later, when I moved to New York, I tried sushi and loved it. The point is to be willing to try things that are unfamiliar.”
The Forbes study pointed out that many companies have a long way to go before they realize the full potential of digital marketing. Candidly even those that have been early adapters still have a long way to go. However, at least they have a jump start due to experimenting and learning from their wins and losses. Other key findings:
· Fragmentation – 42 percent of the executives indicated that their companies (47 percent for those companies over $17 billion in sales) had too many products and divisions, subsequently their digital movements were not fully integrated with their overall strategic initiatives and organizational processes.
· Silos – Digital marketing and e-commerce were frequently organized as separate operating units.
As I have shared in previous posts, embracing digital technology is vital for any organization that wants to evolve into a competitive social enterprise. Recommendation: Start now versus waking up in a few years realizing that you have to get on the digital bandwagon.
Are you ready to eat the sushi?