(Credit: TippaPatt)

A new report suggests that one way a company can improve its return on investments is to improve its digital management. According to a study by West Monroe, a management consulting company, companies with better digital management do better on the market and are more resilient in the face of economic changes than companies with poor digital management. Importantly, the ability of employees to respond to new digital initiatives is a key aspect of a company’s overall digital agility.

The report is based on a survey and 1:1 interviews done with more than 300 leaders across the globe. It identifies four key areas in which successful companies excelled at digital agility. Those four areas are risk-taking, meaning the company has implemented a fail-fast culture in which employees felt safe taking risks; collaboration, meaning the company has measures in place to recognize collaboration between employees; development, meaning there is a defined strategy in place for employees to enhance their digital skills; and retention, meaning the company has or is working towards high employee retention. 

The ability to hire talent, career movement, and a flexible organizational structure are also noted as important factors contributing to digital skills.

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