How Well Are You Prepared for Digital Transformation. Take This Quiz to Find Out
With the rise of digital transformation, some businesses are finding themselves in a dystopian future akin to the one depicted in the movie "The Hunger Games." To avoid this fate, it's important to be prepared for the challenges of the digital age.
The Digital Transformation Quiz can help you determine how prepared you and your organization are for the digital age. See how you compare against industry benchmarks and develop an effective roadmap for achieving digital transformation goals. Scroll to the bottom to get the correct answers.
1. Who is most responsible for the digital transformation initiative?
a. Chief Information Officer (CIO)
b. Chief Technology Officer (CTO)
c. Chief Executive Officer (CEO)
d. Chief Marketing Officer (CMO)
2. For optimum results the scale of transformation should be:
a. 1 function (HR, finance, operations)
b. 1 Business Unit
c. Multiple business units and/or functions
3. What is the most credible way of increasing the chances of success for your digital business transformation initiative?
a. Third-party validation & testing
b. Comprehensive roadmap
c. High-tech tools & gadgets
d. Tech-savvy IT team
4. What is the biggest barrier to digital transformation?
a. Lack of vision among leadership
b. Varying opinions of board members
c. Insufficient budget
d. Inadequate skill force
5. The top benefit of adopting a digital model is:
a. Improved operational efficiency
b. Faster time to market
c. Meeting customer expectations
d. All of the above
6. What is the most important digital transformation lesson that you can learn from “The Hunger Games”?
a. Preparation and planning
b. Having fun
c. Thinking outside the box
d. Digitalization can eliminate hunger
1. Correct Answer: c - Chief Executive Officer (CEO)
According to Harvard Business Review, the success of a digital transformation initiative heavily relies on the CEO. That’s because a business model reinvention necessitates various functions within the organization to work in synergy, a feat that can only be accomplished by making significant changes and investments that start from upper-level management.
2. Correct Answer: d - Enterprise-wide
To reap the value of their technological investments, organizations must opt for strategies that are bold in magnitude and scope. As per a survey conducted by McKinsey & Company, successful digital and analytics transformations are about 1.5 times more likely than others to be enterprise-wide in scale.
3. Correct Answer: a - Third-party validation & testing
Third-party validation enables an organization to see and understand the shortcomings in its digital initiatives. It is one of the best ways to avoid biases and get impartial perspectives. From network security needs to accessing data marketplaces for quick decision-making, third-party validation can provide you with accelerated solutions while enabling you to focus on your core business.
4. Correct Answer: d - Inadequate skill force
Although all the options are barriers to digital transformation, however, inadequate skill force is by far the biggest barrier to digital transformation. According to McKinsey & Company survey, top-performing companies frequently invest in skillful talent. Since the demand for digital talent still outpaces the supply, people with these skills are in high demand.
5. Correct Answer: d - All of the above
The world is becoming increasingly digital, and if a company wants to stay competitive, it needs to embrace digital technologies. As per statistics, the top benefits of adopting a digital model are: it improves operational efficiency (40%), allows for faster time to market (36%), and helps meet customer expectations (35%).
6. Correct Answer: a - Preparation and planning
The Hunger Games trilogy provides several lessons which can be applied to digital transformation; however, the key lesson would be the importance of preparation and planning. The character Katniss Everdeen was able to survive the Hunger Games because she had developed a clear plan for how to make it through the competition, including relying on her strengths and avoiding danger. Similarly, businesses must create a clear strategy for their digital transformation journey and be prepared beforehand to face the challenges that come with it.
UPDATE: If you enjoyed this quiz, try "The Digital Transformation Quiz" here.