Such ecosystems, which include Apple’s App Store, Amazon’s Kindle Store and Facebook, enable connections between partners and customers. Seventy-nine percent of top performers participate in digital ecosystems, distinguishing themselves from the 49 percent and 24 percent for average and trailing performers, respectively.
Spending on digitalization will increase, according to Gartner research.
Top performers can amplify a company’s reach, build platforms and invite others to join them by releasing APIs. Several banks are hosting hackathons to lure developers to build applications based on their programming interfaces. “If you’re early enough to a market and big enough you can create your own ecosystems,” Rowsell-Jones says.
Digital transformations don't lack for obstacles. The chief hurdle continues to be the dearth in IT skills. An average of 34 percent of respondents reported that information-related skills represent the biggest gap, especially skills required to work with advanced analytics systems.
"The skills that have previously been applied to predigital diagnostic analytics are not sufficient for the new real-time data scenarios presented by the internet of things, personal analytics, operational technology and information ecosystems," Rowsell-Jones says. "As a result, newer skills are in short supply and expensive."
Sign up for CIO Asia eNewsletters.