Director, Strategic Consulting, Marcum Technology Marcum LLP
Columnist
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Sifting through data

How to Measure Your Firm's Digital Maturity

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Measuring your firm's digital maturity goes beyond technology and requires making digital capabilities a priority rather than an afterthought. In this article, Waqqas Mahmood of Marcum Technology offers advice to business leaders who are eager to build a  digital transformation roadmap on the work culture, organizational support, performance metrics and emerging technology that are crucial to success.

Oct 1st 2021
Director, Strategic Consulting, Marcum Technology Marcum LLP
Columnist
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As digital advisors, we get frequent questions from business leaders about how they can measure their organizations' digital maturity. The answer is multifaceted and goes beyond technology. Digital disruption is a clear and present threat to firms that won't change. Leaders must embed digital capabilities into the heart of their businesses and make digital a core competency, not a bolt-on.

But as your firm matures, where do you focus your efforts, and how do you know you're on the right track? Marcum Technology advises clients to look at four key areas: culture, organization, insights and technology.

Culture

It’s important to create a culture that embraces failure and encourages employees to test new solutions rather than reprimanding people for trying something different. Marcum asks clients to consider how dependent they are on digital capabilities to stay competitive. Depending significantly on technology typically means digital capabilities are a key component of the company’s overall strategy and warrant attention from the CEO and the board of directors.

In order to establish the right culture and create a forward-thinking organization, clients should have the appropriate leadership in place. Digital natives and leaders who are innovative and successful with battle cards can make a positive impact on an organization. The other component of a strong culture is communication. How well an organization communicates its digital vision as an integrated part of its overall strategy is indicative of the digital enablement's success.

Organization

When offering advice, we look at an organization's structure and whether customer journeys are prioritized over functional silos. Deploying appropriate resources in the areas of digital strategy, governance and execution shows that digital enablement is baked into the organization. Recently, we worked with a client to implement a “digital center of excellence” approach to digital transformation, which involves creating a an operating model that is federated at scale for organizational support and growth for digital capabilities. This gave the client in-house digital capabilities and a team of digital experts who will continue to build repeatable best practices for managing digital competencies.

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