Businesses failing to plug into digital advantages

Nearly 95 per cent of the world’s biggest 1,500 companies risk “losing competitive advantage” through failing to appoint a chief digital officer (CDO) to oversee the internet transformation of their business,” a new report out today says.

Strategy& said only 6% of firms have a senior digital expert 'to oversee the internet transformation of their business'

Only 6 per cent have a senior digital expert to manage a change affecting nearly every industry, said the study from accountants PwC’s strategy consulting business, Strategy&.

The latter said the numbers of CDOs are rising, but “most organisations are still not embracing the chief digital officer quickly enough, despite the huge focus on digitisation”.

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Strategy& said the biggest companies are more likely to be “ahead of the curve”, adding: “The proportion of companies with more than 10,000 employees that have appointed CDOs hovers between 5 and 9 per cent, but falls to 1 to 3 per cent for companies with fewer employees”.

It said the industries at the forefront of CDO appointments are media, food and consumer products.