Leaders that want to succeed in the digital era need to change
RICHARD Branson’s companies weren’t born in the digital era, but he’s a good example of a business leader that has embraced technology and leveraged it for growth. It’s why he’s seen as a pioneer today.
Leaders, especially those at the helm on small- and mid-sized enterprises (SMEs), however, struggle to see the world of opportunities that new technologies create.
To thrive in the digital era — which is here and now — business leaders need to change.
Tech Wire Asia spoke to Boardmember of an Axiata Group subsidiary Chari TVT ahead of the Malaysian Institute of Accountants (MIA) Digital Leadership Seminar in Kuala Lumpur, Malaysia about the issue SME leaders face.
“Leadership in the digital era is not just an SME challenge but something everyone faces. Kodak, for example, suffered a great deal as a result, and there are plenty of other examples just like that.”
According to TVT, business leaders often fail to recognize the onslaught of digital disruption or lack the will to pursue dramatic changes in the business model — changes that could help them compete with new-age, digital-first companies such as Uber and Airbnb.
Ultimately, the most important thing is that business leaders must adopt a digital transformation vision, and although their focus should be on building a vision that they’re comfortable with, they must not limit themselves from pursuing changes that are beyond their comfort zone.
Adopting a bold digital transformation vision is what will help companies, SMEs as well as multinational corporations (MNCs), truly thrive in the digital age.
TVT believes that business leaders that don’t think about innovation, neglect the power of data and analytics, and aren’t obsessed with improving the customer experience, will continue to struggle in the coming months, putting their company’s future at risk.
The digital leadership seminar that the MIA is hosting in the coming days is an attempt by the professional body to help members and industry professionals open their mind to the potential that technology holds and to help them embrace it without inhibitions.
“Leaders play a key role in digital transformation. We cannot emphasize enough how crucial their role is. CEOs, CIOs, CTOs, CFOs, and all operational heads must work together.”
In the coming months, those that fail to embrace technology will miss out, costing them more than just customers and revenues, but also damaging their image in the eyes of stakeholders who expect an immediate ‘shift-to-digital’.
- BMW: The digitalization of vocational talent is based on three pillars
- To accelerate alternative lending, stakeholders must embrace digital KYC
- New industry guidelines make facial recognition-based payments safer
- Can e-wallets really take off if user concerns remain unaddressed?
- Experts believe that AI can enhance the clinical decision support system