The McKinsey Global Institute recently published Twenty-Five Years of Digitization, a report offering insights to help business leaders navigate this still relatively new digital world.
McKinsey quantified the pace of digitization in the U.S., Europe and China, and found that, on average, all three economies have achieved only around 20% of their total digital potential. Adoption of complex digital technologies remains slow. One of the reasons cited for this is that:
The typical observation is that technology takes time to spread globally; for instance, it took more than 40 years for the first car to be used in most countries. In general, however, the adoption rates of new technologies have decreased significantly in recent years with the newest technologies only needing a few years to diffuse in all countries. What is more crucial for the impact of technology on productivity is the integration of that technology into new workflow and business practices.
In other words: the problem is us. You and I simply aren’t adopting new technologies fast enough. Makes you wonder how the world can still go around while we remain stuck in our ways.