Leading the way in a Digital world

Whatever as a business leader you perceive will be the challenges over the coming year, ensuring the organisation is fully prepared to compete in the digital world has to be high on the agenda for many, if not top. According to the technology industry analyst Gartner, 80 per cent of business products or processes will have been reinvented, eliminated or digitalised by 2020.

The world of business is at the dawn of a digital explosion which will impact the vast majority of organisations. Some will see their industries completely disrupted by new business models and practices while others will be forced to migrate their products, services and processes to the online environment if they are to have a future.

Moreover, the action of others will also force them down the digital route. Research carried out by Capgemini Consulting and GT Nexus, highlighted that 70 per cent of organisations are already undergoing formal digital supply chain transformation.

Leaders must create their own digital strategy though and ensure it is aligned to the business and growth plans of the organisation. And from the outset, there must be commitment from and ownership of it by the wider board.

For those willing to embrace this new world, it presents huge opportunities. It offers the prospect of new markets and new customers while leaders have an opportunity to gain valuable new experience and skills that will help them evolve into a 2020 leader.

The initial step is to undertake an analysis of the digital landscape and to determine where the organisation is positioned. What are competitors doing? Where are the opportunities to gain competitive edge? Who are the potential customers and what are they looking for? Bear in mind that the always on, 24-7 online customer often has higher expectations and will display less loyalty.

It is imperative to stay ahead of the competition’s thinking and be aware of the ‘known unknowns and the unknown unknowns’.