A new strategic vision needed to thrive as a digital business

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The stakes rise when it comes to harnessing technology to define and deliver new value. The CEO and executive team leaders face the challenges of identifying and implementing new digital business models while striving to make smart capital investments to develop and mature organizational capabilities that allow agility and a rapid response to new market opportunities. At the same time, admins face a dilemma, trying to make sense of the digital landscape and gain the assurance that their CEOs and team leaders are executing the right culture, acquiring and nurturing the right talent, validating that technology investments are prudent and reasonable, and effectively capitalize on business opportunities while mitigating security concerns that pose significant risks to the company’s financial position and reputation.

Many are calling this moment the era of ‘digital disruption’ for ‘digital transformation‘. To me, these sentences seem somewhat inappropriate. By taking a more macro and holistic look at this time period and reflecting on past history as a way to understand where we are and where we are headed, perhaps we are really seeing a revival of the classic laissez-faire economy. to do. Market forces are reshaped by technology in ways never imagined before. The pace of tech-driven innovation far exceeds the ability of governments and regulators to put in place the corresponding protections for consumers, even as organizations struggle to recalibrate their governance and security. information and technology to adapt to business opportunities that appear and disappear in much shorter cycles. . What is really at stake today is the long-term survival of businesses as we know them, coupled with unimaginable changes in jobs and in the way people will work. And we are simply at the tip of the iceberg of the digital economy.

Dr Peter Weill, director of MIT’s Center for Information Systems Research in Cambridge, Mass., Says that “in a digital economy, the whole company is responsible for creating value from digital investments. To meet this challenge, his research has identified three key elements that businesses need to focus on. First there is the strategic, who envisions how the business will operate in the future. Second, there is surveillance, which ensures that major investments and organizational changes are on track. Third, and of crucial importance, is the defensive, which effectively addresses security, privacy and compliance challenges on an ongoing basis.

Modernizing recruitment practices is a necessity to meet the challenges of the digital economy

Key to meeting the aforementioned challenges? People, of course. No wonder that in Gartner’s recently released list of obstacles to becoming a successful digital business, talent emerges as one of the most important. Unsurprisingly, many organizations still follow the same hiring protocols as they did 10 years ago. While some criteria for new hires have not changed, such as a strong work ethic, a talent for problem solving, good time management skills, and a thirst for continuous learning, there is a need to focus more on recruiting those who demonstrate that they have mastered digital technology or that they understand the need to prioritize the development of their skills in this field. It means understanding how new and emerging technologies can be deployed, how to harness big data and statistical analysis to shape new approaches to product development and deployment, and applied knowledge of the technologies that are or will shape the future of businesses. businesses, including cloud computing, artificial intelligence and machine learning, blockchain, augmented reality, and maybe even the promise of quantum computing. These attributes, along with a propensity to be comfortable with risk and uncertainty, should above all allow hiring managers to see if candidates have the right chemistry to fit into the corporate culture. Simply put, traditional organizational hiring practices need to be modernized to cultivate the right talent to successfully meet the challenges of the digital economy.

So, let’s not be fooled into thinking that all is well because our society’s ship has yet to touch this iceberg of the digital economy. This iceberg is long and points just below the surface. Navigating around this requires “all the practical deck”. Navigating these rough seas without incident means establishing and developing the capabilities our organizations will need to activate the penny when things matter most. The only way for CEOs and leadership teams to become confident is to have the right talent. Likewise, the only way for boards to gain assurance that corporate ships are in good hands is to have confidence that the CEO and management teams have established the right culture with the right people, and effectively address the strategic, surveillance and defensive issues needed to generate value from digital investments.

As Peter Weill notes, “How good are you at each of these areas will predict your likely success in the digital economy.” I couldn’t agree more. We find ourselves in exciting times — perhaps just as exciting as those that paved the way for the laissez-faire economy in the 18th century.

Copyright © 2018 IDG Communications, Inc.


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