Why thought-forward leadership in today’s economy
A fundamental transformation for business leaders is underway. Today, business leaders are pushed to lead in a world unlike anything anyone has ever encountered in the business world previously. The world requires leaders who can leave a long-lasting impact and force positive change across the globe, while dealing with a global pandemic, talent shortage, and supply-chain issues with global impact, to name a few.
Why now?
COVID-19 has spurred commitments from some executives to concentrate on the workforce, be it embracing hybrid models or establishing more awareness on well-being. As technology becomes increasingly influential, an organization’s success hinges on whether the leader can shift from operational to strategic. The latest technologies that have been at the center of trends have reshaped the competitive terrain and disrupted business standards. For this reason, enterprises need to be tech-forward: technology should drive the business forward.
One of the most significant problems hindering this shift is that many leaders have not accepted the extent to which their role needs to develop beyond cost and performance responsibilities. Furthermore, and most importantly, leaders should not hesitate to embrace digital transformation strategies to deal with such matters. CriticalRiver can demonstrate to you how companies can harness the power of digital transformation to do more with less.
What should leaders do differently?
Overview of the post-pandemic world
The COVID-19 pandemic has driven significant disruption to our working culture. It is likely to alter how we work in the long term. The situation may rev some workforce trends already underway, such as accelerating the adoption of automation, improved demand for contractors and gig workers, and telecommuting. These modifications, in turn, will build a more significant need for workers and technology to fill gaps in areas like health, cybersecurity, data analytics, and much more.
How digital transformation is enabling companies in the post-pandemic world!
Successful DX initiatives make your organization much more competitive and capable of delighting and retaining customers. It distinguishes the leaders from the laggards. New organizational muscle and the revived technology from the transformation build a new starting line. Businesses can further and more quickly innovate.
Challenges
Moving to new and innovative digital technologies and services looks distinct for every enterprise. Not every deployment will convey the same level of success. Despite the nuances of each implementation, DX is hindered by specific barriers.
The indecisiveness encircling the future of work can be a significant hurdle for businesses devising new aspects of their digital transformation.
Businesses are better served by concentrating on particular deployments and considering how unique tools will play together within the company’s long-term plans. Today’s enterprise technologies move too quickly for there to ever be a flawless and complete tech stack.
While today’s digital transformations certainly look more diverse than those of a decade ago, one crucial challenge remains constant; getting employees to buy in and adjust to new digital solutions. Humans are inherently conditioned to fall into routines and depend on tried-and-true solutions.
What do companies/industries need to do to transform?
Your digital transformation strategy determines what business objectives you desire to accomplish through digital transformation. A practical digital transformation approach will develop a framework for you to pursue throughout this ever-evolving process. But before you commence, it’s essential to know what you wish to execute to establish KPIs to track along the way. Transformations are a transition, so leveraging tools that can adjust fast, like digital adoption platforms, could conserve your time and effort down the line. As anticipated, business leaders primarily focus on sustaining business continuity, especially the core. They must weigh cutting expenses, pushing productivity, and enforcing safety measures against innovation-led growth.
Rapid learning and adoption to change
Experts and leaders can’t precisely know what will transpire or how to tackle the new scenario – pretending to comprehend is the worst blunder they can make. Instead of speculating how the future will be, they ought to discover, investigate, and adjust. This will be a significant challenge because the context is entirely unknown. Since they won’t rely on past experiences, they will require to learn on the fly.
Agility & Resilience
Agility and resilience have been the critical elements for success during this pandemic. They will help business leaders fuel growth in the post-pandemic environment. Leaders need to swap gears quickly, adjust to a new truth, and be open to renewed working methods and business standards.
Closing Thoughts!
CEOs are gearing up to grab the business opportunities that originate in the post-pandemic economy. Their preferences haven’t altered significantly, but there is an obvious sense of haste to act and redefine pre-COVID ideas. DX and talent are top prerogatives for businesses preparing for their subsequent wave of growth. An agile perspective and a resilient company will help them future proof their enterprises.
At CriticalRiver, we empower our customers, equipping them with purpose-built solutions that solve their most significant challenges. Uncover what you can achieve by choosing us.
