The widespread adoption of computers and the internet in the 1990s led to an explosion in the amount of data and launched the knowledge era that has been characterized by rapid change, global interconnectedness, and technology playing a critical role in our daily lives, work, and communication. Better access to information and its consequent democratisation led to greater transparency and accountability across society, and a flattening of corporate structures, with more emphasis on teamwork and collaboration.
Organisations have become embedded in dynamic networks of commercial connections and information patterns, compelling business leaders to adapt quickly to changes and be responsive to market signals. Institutional procurement has adjusted significantly towards extended buying cycles, especially for complex technology investments. B2B buyers conduct extensive research before communicating with the sales organisation, effectively reducing the engagement segment of the buying cycle.
These profound shifts in the marketplace call for a significant update to the leadership approach — we can no longer keep doing more of the same to get better results. Embracing digital disruption, succeeding in the intelligence era and forging a solid connection with the next-generation workforce are all now key areas of opportunity for leaders of today. This is of course in addition to manoeuvring economic downturn, accelerating innovation and focusing on sustainability.
In control of the future
Customer experience has become a key differentiator for business outcomes. To this end, business leaders must invest in understanding the buyer’s journey and inculcate a mindset change across the enterprise. However, the customer-focused culture must extend well beyond sales and marketing teams and permeate the entire organisation. Businesses must adopt a data mindset and conduct customer research to understand the evolving needs of buyers, and partner with them to co-engineer for bottom-line growth.
Leadership is thus tasked with establishing agile and adaptable business functions that can leverage data and metrics to clearly demonstrate the return on investment for customers. They must lead by example, demonstrating a commitment to solve for the buyer, understand their challenges, and constantly deliver value to match customer expectations — so that they can differentiate themselves from competitors and build long-term relationships with their customers.
The convergence of new technologies such as robotics, cloud computing, 5G and Industrial Internet of Things (IIoT) has given rise to cyber-physical systems and digital manufacturing, completely transforming the way value is created. Instead of physical assets and labour inputs, value is increasingly being generated through the use of technology and data, requiring a shift in how businesses think about resource utilisation in a dynamic environment characterized by constant innovation and evolution.
Business leaders will have to derive new business models and adopt new step-change modes of working to be able to leverage technology effectively to remain competitive, and utilise data comprehensively to make informed decisions. Technology affords us an unparalleled opportunity for radical, large-scale product reinvention. Stewards in the industry will have to articulate a clear vision, evolve the right digital strategies, define KPIs and ensure execution based on measurement and correct prioritization.
The digital revolution has transformed the workplace. The spotlight is on knowledge and intellectual labour, with its clear emphasis on critical assessment capabilities, complex problem-solving skills, and teamwork. Businesses must promote competencies commensurate with the digital era, and create a culture that stimulates innovation and experimentation, where employees are encouraged to think outside the box and are empowered to take risks. Training and upgrading the workforce continuously to meet tomorrow’s challenges has become essential for remaining competitive, retaining talent, and reducing churn.
Leading the next generation
Leaders must evolve a tangible corporate culture for the next-gen worker who demands greater liberty, expects flatter hierarchies, and aspires for self-actualization.
Enterprises will have to invest in the technologies that provide flexible and remote working environments which are in step with the aspirations and expectations of Generation Z, and equip them with mission-critical tools to meet future economic and societal challenges. Most crucially, leaders must be able to communicate a vision of radical innovation, infuse meaning and value in everyday work, and capture the imagination of the next generation to energize and transform the enterprise and deliver all-round excellence.
The writer is President and Managing Director, Dell Technologies India