According to a study by Capgemini Consulting and MIT Sloan Management Review, 63 per cent of the 1500 participating executives claim the pace of technology change within their organisations is too slow.

This is despite the fact that 78 per cent expect digital transformation to be critical to their operations and business within the next two years, with 81 per cent of those pursuing it foreseeing competitive advantage at the end of the tunnel.

In this case, digital transformation refers to the opportunities presented by the convergence of new digital technologies, including social media, mobile, analytics, and embedded devices.

Capgemini claims the results of the 'Embracing Digital Technology: A New Strategic Imperative' research indicate the necessity for C-level leadership.

"There is a clear call to action here for business leaders," Capgemini global practices senior vice-president, Didier Bonnet, said.

"The C-suite plays a critical role in making digital transformation happen as only it is in a position to overcome some of the major hurdles, such as developing and communicating a vision, and governing the change across functional silos."

Although Bonnet claims the only "wrong move when it comes to digital transformation is not to make any move at all," Capgemini said the components of execution are: engaging the organisation; getting leadership aligned and committed to digital transformation; making the case for digital transformation; putting the right governance structures in place.

These are key to correlation; only 36 per cent of leaders claim to have shared a vision for transformation with their employees, and within this figure, 93 per cent of employees support the move.

The 1500 participants in the study represented 106 countries. Thirty-seven per cent of respondents represented the US, 11 per cent India, five per cent Canada, and four per cent the UK. Australia, along with Brazil and Mexico, accounted for three per cent each. A statement outlines that the organisations included a wide range of industries, as well as the full business spectrum.