By Sanchit Vir Gogia, CEO, Greyhound Research
In addition to sluggish growth in matured markets, CEOs are now faced with a new-world equilibrium where growth can be expected from emerging markets like India and China and newer technology-led incumbents are eating into the market share. These incumbents are not only using latest technology systems to erode traditional business models but redefining customer experiences. This is adding pressure on traditional organisations to follow suit.
Disruption to status quo is imminent and Board of Directors expect CEOs to take a lead on devising new strategies for growth. Over and beyond reassessing business models and competitive landscape, CEOs are now required to include technology as a front runner in their agenda.
As per a recent Greyhound Research study titled, Emerging Markets CEO Priorities 2016, over 75% CEOs in the Asia Pacific Japan (APJ) region cited using latest Technology Systems as their priority for next 12 months.
Below is a list of how forward-looking CEOs are rebooting for growth in the new-world equilibrium:
#1 Use real-time data analysis to aid decision making
The need of the hour is developing agile and adaptive models that can brace the change. We believe that CEOs must implement Systems of Insight that allow for decision making based on real-time data. For example, Lockheed Martin, a global aerospace manufacturer is proactively making use of unused corporate data to speed up internal project management decisions and predict probable project failures.
#2 Collaboration with new partners to reboot and innovate
We are of the opinion that CEOs should proactively develop internal capabilities that allows business leaders and R&D teams to collaborate with new partners and strategise new product/service categories. In an interesting case study, Nest Labs CEO, Tony Fadell has transformed Nest Thermostat to be a truly smart device by engaging with Mercedes Benz. Latter now builds car features that directs Nest to precondition homes before owners arrive
#3 Build communication fast-lanes for stakeholders
Most organizations still work with passive methods of communication which cause break-down in communication. We believe that CEOs in the digital-age need to invest in technology that enables stakeholders to always be wired to the business and avoid breakdowns. To share an example, Blackstone, a global investment firm deployed a Bring-Your-Own-Device (BYOD) strategy and employees were given access to corporate data on personal iPads. This has helped improve communication and significantly improve productivity.
#4 Make security a prerequisite for every digital-centric business decision
When migrating workloads and business functions to digital, organisations open themselves to complex security threats. CEOs need to weigh every business decision with respect to security and privacy protocols
As market forces evolve, CEO struggles to adapt to the new-world equilibrium will further intensify. We believe that winning in this era will not only require agility, it will require honchos to be bold and assume responsibility for areas that have traditionally been out of their purview.
– Sanchit Vir Gogia is the Chief Analyst & CEO of Greyhound Research, an independent IT & Telecom Research & Advisory firm. He also serves as Chief Futurist, Founder & CEO of Greyhound Knowledge Group
