The wave of digital transformation is steadily gripping the world and will embrace it fully in the coming decades. All industries have started to evaluate, identify, and develop digital maturity within the organization to stay competitive in the digital era. And in between the hot and trending is 'digital quotient' or 'DQ'. It may sound like a jargon to many, but those who understand it well, don't define it as a new thing; it's just about doing things in a new way. In simple words, digital quotient represents a person's digitization ability as compared to the expected growth and potential of the digital market.
As digital transformation strides into industries, the young and aspiring professionals are expected to bridge their knowledge gaps. They need to learn and practice consolidated business and technology skills in order to survive in the current enterprise scenario. Companies have already started to measure the digital potential of their businesses and expect the same from their employees. According to a survey conducted by the Technical University of Munich (TUM) in collaboration with SAP, 42% respondents confirmed that the companies they have worked for have already established a vision of digital future and 35% already have a clearly defined digital strategy.
So how do you build your digital quotient?
There are certain outcomes that drive the digital performance within an organization and among professionals. Successful digital professionals build up their DQ with the help of continuous learning. It is important to keep learning by doing things digitally. Another aspect is to acquire new, digitally relevant skills. According to TUM report, companies deem the following skill set important:
- Business Networks: 79% agreed this is a necessary skill.
- Digital Security: Most important skill — over 86% marked it as must-have.
- Business Change Management: Around 84% agreed it is very important.
- Big Data Analytics: 72% think of it as an important digital quotient skill.
- Internet of Things: 66% agreed this is crucial to learn for digital transformation.
Impact of digital quotient on digital economy
Digital economy is increasing at a rate of 10% annually. With such advancement, if professionals don't adapt a digital quotient, there will be an estimated shortage of 8 lakhs plus skilled professionals across all sectors.
Conclusion: Understanding your digital quotient is extremely important to embrace future opportunities proactively. For a real digital success, organizations and individuals must have the capability to scale, make data-empowered decisions, stay connected and have the will to learn.