Few doubt that mobility will drive future operational efficiencies and new revenues across nearly every business sector. But according to a recent study of global executives, only four out of 10 companies are aggressively pursuing and investing in mobile so far. Among those that were active, the vast majority of companies have yet to see a return on their mobile investments. In fact, fully 86 percent of survey respondents had not yet seen their mobile initiatives pay for themselves.
Despite a potentially slow payback, most CEOs should probably be accelerating their mobile efforts given the potential benefits. According to the study by Accenture, top initiatives include the opening of new sales or marketing channels (cited by 44 percent as a priority for investment), driving revenue through transactions on mobile devices (43 percent), driving revenue through customer engagement on mobile devices (39 percent) and improving field service/customer service delivery (39 percent).
About one in 10 respondents to the study have generated positive ROI from mobile efforts so far. This small group of early adopters, or “mobility leaders,” view their investments in digital technologies as strategic and pivotal to growth, and provide valuable tips on how other companies can make mobility pay off faster.
Companies identified as mobility leaders are typically “backed by a commitment from senior leadership,” says Stephen Gardiner, managing director of Accenture Digital, Canada. “To stay competitive and become digital disruptors in industries that have gone through years of disruption from new entrants, CEOs need to become more engaged in creating and implementing their digital strategies with their IT teams.”
Mobility is currently high on the agendas of CEOs in about 35% of companies surveyed, with the top executive typically helping to develop strategy in those firms.
CEOs in companies leading in mobility are:
Mobility leaders consider the full range of digital technologies to be among their top five priorities in the year ahead and have a formal enterprise-wide mobility strategy. At these companies, the CEO and leadership team, or the board, ultimately owns the mobility strategy. And these organizations have a formal and robust methodology for developing mobile apps that spans development, testing, distribution and updating.
In addition to the obvious applications for consumer businesses, mobility has the potential to transform industrial industries, as well. GE CEO Jeff Immelt, in a recent interview with Chief Executive magazine underscores the value mobility can bring as a competitive differentiator and the importance of top-down commitment and direction in providing strategic mobile direction. Under Immelt, GE has been betting big on mobile sensors and analytics.
“If you run an industrial company, analytics are going to be a part of your future,” says Immelt. “So if you’re thinking that you won’t have to become astute on data, software and analytics, you’re in the wrong place. It will permeate all our industrial businesses.”
Read the full Accenture report here.
Chief Executive Group exists to improve the performance of U.S. CEOs, senior executives and public-company directors, helping you grow your companies, build your communities and strengthen society. Learn more at chiefexecutivegroup.com.
0
1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
