Over the past few years, "digital transformation" has risen to the top of many company agendas driven by either fear of disruption or ambitious plans for the future. The goal of digital transformation is to turn an organization into one that is agile, data-centric, and capable of quick changes. When it comes to executing change, many businesses face failure because they construct their transformation programs from the bottom up, leading to a whopping 70 percent of digital transformation efforts failing to accomplish their intended objectives. These programs should be run from the top down, with significant contributions from each board member.
Why Collective Effort Of C-Suite Is Needed
For Successful Digital Transformation
How C-Suite Roles Have Evolved
CTOs have always been the in-house authorities on the possibilities and constraints offered by emerging technologies. On top of that, CTOs are now expected to drive organizational-wide digital transformations. Other than developing new digital strategies, and discovering expanding business value through emerging technologies, they also play a crucial role in inspiring and influencing other employees to adopt these new projects and technology.
CMOs' core focus is to create and execute the overall marketing strategy for their firms. It included market research, pricing solutions, implementing an advertising plan, and managing public relations. To keep up with the changing consumer landscape from mass marketing to highly personalized and data-driven marketing, CMOs must now anticipate future developments and alter their strategies to stay ahead of the curve in the sea of sameness.