As leaders of organisations or divisions, our minds are often consumed with fears about the future. We are accutely aware that everything is starting to move faster, customers are becoming more demanding, technologies are rapidly improving and cyber threats are becoming more prevalent and damaging. In order to stay relevant, we understand that we have to keep pace with our competitors, better understand our customers’ needs and keep up with their demands. We recognise that this pace of change needs to be supported by lean agile processes and top notch people across the organisation
And just when we think we have a grip on something, it changes… So how are we even meant to keep up?
You don’t need newer tech, you need a ‘Reboot’
Reboot your leadership thinking by understanding the current technologies, disruptions and innovations. Reboot your business using business model innovation techniques to uncover new growth opportunities. Implement prototypes, test and succeed or fail fast. Iterate this process continuously, there is no time to be complacent, if you are not continuously innovating, you are stagnating and your business will not survive.
Reboot your workforce through education and empowerment. The Career-for-life concept is in the past! We cannot assume that we will hold on to talent for any length of time, unless we ensure that the work environment is exciting, dynamic, agile, flexible, resilient and adaptable and that people adopt a culture of lifelong learning. A behavioral shift is thus an integral part of the needed transformation. Something I have again come across with one of my clients (who are renowned in the market as employing the greatest minds, and have a culture of innovation and creativity), is that people don’t mind change, they even love bringing in change. However, even in that environment of extreme innovation and flexibility, the people don’t like being changed. This results in them not embracing change until the pain of not changing exceeds the pain it takes for the change to take place
Henry Ford famously said that if he had to ask his customers what their needs and requirements were, they would have asked for a faster horse. Sometimes, you need to be ahead of your customer and pre-empt their requirements. Do you know what your customers really want? What do they want today, and what will they want tomorrow? Are you available to them when and how they need you? We can no longer rely on customer brand loyalty. Customers will go where they get the best bang for their buck, or where the quality or service is superior.
Do you know how much of your team’s time is being taken up by mundane, repetitive and manual processes? Does your team critically evaluate every task and seek opportunities for improvement and automation? Do your processes allow you to change direction, respond to market stimuli, or take a product to market quickly? Your team and your customers will move to your competitors in a heartbeat if you drag your feet in any response. You need to ensure that you are robust, flexible and agile in your processes.
Digital business – the numbers:
- More than 75 % of businesses expect to be competing in a new segment of business in the next three years – Accenture
- Digital Transformation is expected to boost the bottom line of companies by 50 % over the next 5 years – McKinsey
- 74 % of CEOs are concerned about new entrants disrupting business models – KPMG
- Over 50 % of executives and 10 out of 13 industries anticipate massive digital disruption in their industry over the next 12 months – HBR
- 54 % of executives believes that their biggest future competition will be from other industries. Only 29 % believe it will be from their same industry – IBM
- 86 % of organisations say that digital business has prompted them to enter or consider entering a new market – Accenture
- According to the ‘CIO Report’, the number 1 challenge of digital transformation is developing new business models to cope with increased connectivity and engagement.
- 67 % of executives believe that digital transformation is a matter of survival for their business – CapGemini
- “Digital” is the main reason why half the companies have disappeared from the Fortune 500 since 2000 – Accenture
- 44 % of executives say know how digital technologies can impact current business processes/models is the biggest missing organizational skill – MIT Sloan
Want to sleep better at night?
Why not do our free readiness assessment? It will give you an indication of where your threat areas are, but take care not to jump to quick-fixes. Without a full ‘Reboot’ of your thinking (and that of your entire team), you can implement various technologies and enhancements, but you will not achieve a competitive advantage. Nor will you be ready for what the future throws at you.
We recommend you speak to an expert who can objectively provide you with the information you need to take your company forward. Change must start with you, at the top, and permeate structure, culture and strategy. Contact Metatrans today, we help companies adapt to the future.
If you have any thoughts or ideas on how companies can evolve and transform, leave a comment below, we would love to hear about them.