COVID is ushering in an entirely new way of doing business—a ‘new normal’ that has shuttered us inside for the past eight months and for the future. However, the adoption of new technology and a shift to digital transformation experienced by every business, big or small, weren’t trends that materialized out of thin air. These developments already existed, and they were inevitably accelerated by the pandemic, forcing corporations to address a reality that rewards adaptability and innovation.
The Acceleration of Digital Transformation
According to McKinsey & Company, executives said that their companies have sped up the digitization of their customer and supply-chain interactions and their internal operations by three to four years. The share of digital or digitally-enabled products in their portfolios has accelerated by seven years. The future isn’t five or ten years away—it’s now.
For example, take the education space. Remote learning existed but wasn’t the norm. But as millions of students from kindergarten to college found themselves inside, remote education tools became staples, pushing the boundaries of how students and teachers collaborate outside the walls of a classroom.
In this reality, companies must relinquish the traditional paradigms of work they employed. Novel business methods that champion experimentation and innovation will put your company ahead as the landscape continually shifts from the world’s unpredictability.
The turbulent business landscape exacerbated by COVID demands knowledge of several fields, forcing employees to think quickly on their feet and draw on their expertise across different categories. To be a trailblazer, executives should start exploring different paths early on, getting a feel of potential spaces to move into for the future. Because when the right time comes, your company will be primed for action.
Leadership Capital Group CEO Marc Lewis cited as an example, “One of our global FTSE 100 clients with a highly successful direct mail customer acquisition model hired its first Chief Digital Officer several months before the pandemic hit to drive and accelerate its digital marketing push even while the company was producing record results doing business the old way…and is now reaping the benefits of lower customer acquisition costs, faster growth and, improving margins in the midst of the pandemic.”
When it’s time to make a move, the diverse array of experience you can reference will be crucial for success. With this background, executives will be able to make informed decisions and strategically calculate how to adapt in crisis times, such as COVID.
Small companies can be bold too. Lewis credited a private equity-backed cybersecurity company for boldness. Initially, it seemed too small, but the company recruited a Fortune 50 CISO and a healthcare industry Fortune 50-sized CIO to its board. It has since then more than tripled its revenue. These major decisions often beckon new expertise and talent to meet the current moment but also reimagine the future.
Finding the Right Talent
Even with the right experience and direction, companies need forward-thinking leaders to inspire and energize talent to create impactful work. Especially now, executives can be catalysts of change that will benefit not only the companies but their stakeholders.
At Leadership Capital Group, we believe that transformation is brought out by people with high potential. We specialize in recruiting senior and board-level executives and business professionals for our client partners at some of the most innovative information intense businesses worldwide.
If you want to stay ahead of digital transformation, let us know.