Businesses need to make nurturing and empowering digital talent a top priority as they prepare to do battle in the digital economy and compete more aggressively on the world stage, according to a recent IDC InfoDoc created in partnership with SAP—especially in Canada, where research found only 17% of Canadian organizations have made digital transformation integral to their strategy, even with 86% of executives having discussed the implications of a digital economy and 60% expecting it to have a major impact on their business within five years.

“The research suggests there is a lack of understanding around what is needed for a business to truly become a part of the digital economy,” says Tony Olvet, Group Vice President, IDC Canada. “This has led to caution in terms of committing to meaningful action to address it. For digital transformation to happen there needs to be a common understanding of the concept within a business and a shared goal to initiate change. Getting there is a matter of developing and unleashing enough digital talent to carry the business into the new economy.”

Despite 83% of Canadian organizations not having a full digital strategy in place, only 26% of executives surveyed cited a lack of relevant workforce skill sets as one of the top three immediate concerns for their business.

“The increasing complexity of technology and business processes, alongside the need for better analysis of data, is rapidly changing the skills a workforce needs to succeed,” John Graham, President of SAP Canada, said. “It’s time for an assessment of what expertise an organization needs to enter the digital economy and thrive in it – whether that talent is being nurtured in-house or brought in more effectively from outside.”