Businesses have adopted greater use of technology to boost not just their revenue but to also make their workflows more efficient. The disruption caused by the global pandemic has forced businesses to transform and set new standards in their operation.
The key role of technology is demonstrated by how large technology companies have adopted it. The most obvious example, of course, is Zoom, which went from a business familiar only to those already tech-savvy to a household name. Last year it saw revenues rise by more than 50% to $4 billion. The greater use of technology also boosted established names, with Microsoft, for instance, seeing revenue increase by nearly a fifth, to $168 billion, last year. The global crisis forced organizations to–at last– bow to the demands of the experts and go digital.
However, Strategy& consultants suggest that the digital aspect is only a part of the process. Businesses have to go through more than just changing the medium of communication to truly transform themselves and cater to the increasingly challenging business environment.
To truly transform, businesses must set out how the leadership teams can meet the demands of the current business environment. Based on the insights gleaned from the studies of 12 companies from around the world that form the core of the book, Beyond Digital, there are four key aspects that leaders should be looking into. These are:
- Identifying the leadership roles needed to transform the company for the future.
- Assembling the right people.
- Focusing the leadership team on driving the company’s transformation.
- Taking ownership of the leadership team’s behavior.
Challenges today require strong leadership that requires a high degree of collaboration and commitment. For a business to truly thrive in the coming years, it must develop a team that knows how to build trust and a culture that powers the organization’s collective success.
* Leads Resources can assist you in developing a program to help you re-evaluate your vendor relationships. Contact our team for more information.