PwC: Companies with tech talent and collaboration more likely to succeed

The glory of technology has been sung from the mountaintops across the nation. No matter the industry or sector a business is in, it is now imperative to embrace technology advances like cloud computing, social media and big data that are significantly changing the way businesses operate.

However, businesses that don't have sufficient talent in their technology and information departments and do not encourage IT collaboration with senior management are wasting technology investments. On the other hand, those who do pursue such actions – which can be enhanced with the aid of technical recruiters – are more likely to be successful, says a recent report.

More collaboration leads to better performance
PricewaterhouseCooper recently examined how strong relationships between technology professionals and C-suite level executives foster better business performance. In its Digital IQ survey, PwC found businesses with chief information officers (CIOs) who worked closely with upper management were four times more likely to be a top performing company than those with fragmented relationships.

"Strong collaborators," as PwC termed the top performing firms, likely derived their business success from IT initiatives that were delivered on time, at or below budget and within 100 percent of the planned scope of the project. Non-collaborators could not say they did the same. PwC also noted top organizations reported revenue growth of more than 5 percent and saw themselves as being in the top quartile for revenue, profitability and innovation. The more IT talent a business and technical recruiters work to find, the better a firm's chances are at becoming an industry leader.

"It is no wonder that those firms that have a better Digital IQ can deliver and innovate in a world where the rapid pace of technology is fundamentally reshaping global commerce," said Chris Curran, a PwC principal and chief technologist. "Digital IQ is about the CIO orchestrating rather than owning conversations. Social media, mobile channels and data analytics, along with the cloud, are making new business and operating models possible." 

Strong collaborators were well ahead of other firms in uptake of technology as well. Fifty-six of top performers were on Facebook, while only 35 percent of others were and 83 percent of collaborators saw big data as an opportunity, compared to 63 percent of other respondents.