Digital technology is finally realizing some of the promise and hype we’ve been hearing about for years. And with it comes a change in thinking and necessary abilities.
Leveraging today’s emerging technology goes beyond simple technological dilemmas. It calls for most facets of a company to be questioned, including the roles of executive boards and upper-level management. This can be a scary change, exceptional in both scope and speed, and there is no one-size-fits-all digital solution.
Below are some of the emerging best practices for effective leadership in the digital age.
Best Practice #1: Strategies Should be in Constant Evolution
Not long ago, massive business trends were few and far between, while strategic decisions were small and discrete. There was a solid time window for companies and their boards to come up with strategies. Leadership could take years to change their focus, put plans into action and review results.
In the digital business ecosystem, an overall company strategy might be reviewed every few years. Big technology trends arrive quickly, creating numerous tactical choices and possibilities, while the decision-making process is getting shorter.
Therefore, leaders should consider adapting their method of strategy development to one that approaches constant evolution.
Best Practice #2: Understand the Business Impact
New technologies are coming from everywhere inside a company, not just from the IT department. Therefore, decision makers need a strong and deep understanding how their company functions, how employees work, and the way consumers interact with the business.
When they have a solid, holistic view of the company and how technology fits into the picture, leaders have the essential information needed to create an effective strategy that aligns new technologies with business needs.
Best Practice #3: Understand Levels of Employee Engagement
Many recent studies and surveys show a disparity among the degree of organization-wide engagement in digital technology. In particular, the degree of engagement that companies have towards digital transformation is not the same as the level of engagement in essential areas. When decision makers understand these inconsistencies, they can more precisely confront issues and challenges from each essential area and better promote the advantages of digital technology.
Best Practice #4: Consider New Possibilities
Technology boosts the capacity of businesses to learn and innovate, and many companies focus on tailoring technology to their individual strengths and to take advantage of core business competences. However, ‘staying in your lane’ just isn’t enough anymore.
Now, companies must stick to core competencies, as well as explore new business models and revenue streams to diversify revenue sources and mitigate potential losses. To be able to be successful in exploration, companies must be willing to move away from the established tactics and continuously engage in acquiring new abilities, moving from a traditional “plan-to-execute” mentality to one that includes evaluating, learning, and adapting.
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