The post pandemic are uncommon times for top executives and will continue in the near future. Moreover, the pressure for long-term transformation is higher than ever before and is constantly increasing.
Therefore, a key challenge faced by leadership across companies and sectors is the decision towards reinvestment in technologies and upgrading businesses to equip the organisation for pre-pandemic economic rebound – in terms of business strategy and right timing for reinvestment.
While businesses are struggling to stay afloat and operate on the conservative optimism approach currently, it is vital to factor in readiness for accelerated opportunities expected to arise with economic recovery. Technology with governance is the only ally that will help in bridging this gap.
Regardless of the industry of operations, all CXOs are dealing with this dilemma but it is advisable to invest reasonably and progressively to avoid missing the curve when it is time to capitalise on incoming opportunities.
Hybrid is a complex framework compared to 100% remote or 100% office which is simple to implement. There is no doubt that the future belongs to a hybrid business model.
Leaders have a classic post pandemic challenge of creating the perfect balance between remote and office working environments by factoring benefits and pitfalls of each, as every organisation will have their unique version of this remote model.
However, organisations are struggling because their strategies are split between IT and business. Focus on becoming a fully connected enterprise is the only way to achieve this to overcome several challenges that arise in the form of technological and software hurdles, social barriers, governance difficulties and mindset challenges of the employees and employers.
Data is the only currency that will conquer these challenges if arranged correctly. Therefore, technology executives must create the optimum hybrid model that factors the future of working too in addition to the present times.
To succeed today, entities need to add value quickly by using data to increase operational excellence, include innovative business models to the market quickly to entice the customer and disrupt competition. Disparate, disorganised operations lose the ability to innovate and are left behind, while disruptors forge ahead.
This is precisely what a fractured enterprise is and is the reason for only 5% of companies reaching the digital disruption phase. Therefore, a connected customer experience, digital business excellence and an ecosystem-driven economy are the ultimate requirements for an organisation to instil a culture of change, innovate relentlessly and succeed via a truly connected enterprise.
From macro to micro, every aspect of people’s lives is made better by an enterprise that is truly connected; relying on a fluid flow of data across people, processes, business models and technology. There is enough proof that software has become the ultimate value driver and so organisations that understand this have an ethos of investing in transformational initiatives. This is brought about by agility – the mantra for organisations in present times.
The pandemic has taught this virtue to businesses who have managed to thrive despite unexpected circumstances by staying flexible and adaptive and make quick changes and business decisions. Ideations requiring transformation has risks and therefore rational leaders may find it counter intuitive.
However, foresighted leaders believe that newer ideas tend to succeed and gain with agility as the underlying fabric in business operations. In order to bring together business users and IT, it is important to orchestrate data, align business technology and IT to innovate faster together under a single governance model linking all perspectives, taking the right actions at the right moment, allowing one to monetise your insights. When innovation is the name of the game, risk taking is a primary ingredient for such organisations.
Digital affinity, among other skills, is the most important of all today as priority for any executive at the helm. Executives in any organisation need to be a digitally savvy and have the capacity and profile for a discussion on the digital future.
While financial literacy is a baseline qualification for any top executive, technological and digital literacy needs to be considered at the same level. Leaders today, must have the skill to manoeuvre their organisation with agility.
It is important to be aware that technology adoption has moved three to four years forward in just a matter of few months. Digital transformation is a matter of corporate survival and a top priority for boards. Success in the future for organisations will be dependent on their ability to react and adapt faster.
More than a change in reporting relationship, the digital executive has an increasingly important strategic role to play to secure a board voice to gain strategic influence and vote within the organisations.
These executives, who are influential in shaping business strategy and business models across industries and several organisations, now include information technology integral to their business strategies. A few years back, they could have been enablers, but today they are at the core and helm of an entity’s strategy – shaping and enabling.
The pandemic may have exacerbated burnout among many workforces. It is a strong belief that fostering a positive and politically free environment at workplace will automatically reduce exhaustion levels, negativity, energy depletion or cynicism.
By being open, honest, appreciative and, at the same time, encouraging of activities that rejuvenate employees to unwind and have fun, reduces stress on leadership. In a nutshell, exercise, time management and work-life balance are all steps to alleviate burnout and stress.
- A key challenge faced by leadership is the reinvestment in technologies and upgrading businesses to equip for pre-pandemic economic rebound.
- Leaders have a post pandemic challenge of creating a balance between remote and office working environment by factoring benefits and pitfalls.
- Data is the only currency that will conquer technological and software hurdles, and mindset challenges.
- Disparate, disorganised operations lose the ability to innovate and are left behind, while disruptors forge ahead.
- From macro to micro, every aspect of people’s lives is made better by an enterprise that is truly connected.
- When innovation is the name of the game, risk taking is a primary ingredient for such organisations.
- Digital transformation is a matter of corporate survival and a top priority for boards.
- Executives in any organisation need to be a digitally savvy and have the capacity and profile for a discussion on the digital future.
Organisations that understand software have an ethos of investing in transformational initiatives and make quick changes, and business decisions.