The and Digital age has accelerated the rate of innovation so quickly that some organizations simply can’t keep up. In fact, Senior Leaders and Chief Executives around the world are “extremely concerned”, as pointed out by a recent PwC survey, “The Anxious Optimist in the Corner Office”, with regards to how their enterprise will compete in a continuously volatile economic climate spurred by technological advancement.
Copyright by Mark Minevich, www.forbes.com
What’s more, a McKinsey survey found that only 20% of companies have been able to achieve advanced analytics capacities, 50% of which are building with about two thirds of them are establishing Center of Excellence. In addition, a Gartner study found that 80% of companies will fail to maximize the full potential of due to a lack of data scientists. As a result, companies have begun to emphasize Centers of Excellence (CoE), which are driven by a group of the company’s experts to enable fast execution of organizational goals like scaling adoption and advice for stakeholders. CoEs are proving to be critical in the digital age while keeping up with the rate of innovation benefiting from growing knowledge and best practices. All of this is boosting business technological transformation while providing essential use cases.
Think of an CoE as a core knowledge platform in your organization. This knowledge platform contains the accumulative learnings from past initiatives and a clear vision for use of in your business strategy. It enables teams to continuously deliver solutions consistent with your business needs. It can drive revenue, create cost efficiencies, enhance customer experience, and give you a competitive edge.
95% of organizations in 2021 with a dedicated COE are forecasted to produce real cloud transformational success, as per a Gartner study. In addition, a Gartner Report entitled “Choose the Right Center of Excellence for Your Artificial Intelligence Strategy” found that 50% of organizations with over three initiatives underway will create an CoE by 2022. Furthermore, Harvard Business School study “How to set up an Center of Excellence” has demonstrated that “37% said they had already established such an organization. Deutsche Bank, J.P. Morgan Chase, Pfizer, Procter & Gamble, Anthem, and Farmers Insurance are among the non-tech firms that have created centralized oversight groups.” This information suggests that there seems to be a correlation between the amount of related initiatives enterprises launch versus their inclination to implement a CoE. The same Harvard Business Review study, alluded to the change management and technical aspects of the CoE. […]
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