Seizing new economic opportunities challenges business leaders
- In the post-pandemic landscape, 71% of business leaders feel better prepared to make swift judgments
- More than half of executives surveyed emphasized the growing significance of leadership teams in the adoption of technology
The effects of COVID-19 forced societal transformations on a global scale. These adoptions were further accelerated by the new coronavirus’s spread and the shutdown of non-essential business interactions in person. It compelled businesses to investigate innovative digital solutions so they could continue operating remotely and providing their clientele with services. Business leaders have, however, had to contend with a number of challenges in order to adapt to new working practises.
Business leaders are finding it difficult to seize new economic opportunities in the face of a volatile business environment, according to a survey of 600 worldwide C-suite executives commissioned by Verizon Business.
There is a disconnect between corporate growth and the capacity to effect significant long-term change in areas like improving the customer and employee experience, as well as on crucial concerns like talent recruiting and technology deployment.
The survey, conducted by Longitude, seeks to understand how corporate executives are reinventing their firms for future growth as well as how businesses have handled the pandemic’s impact as a catalyst for transformation.
The good news is that business leaders believe they are better prepared to make quick decisions (71%), think strategically about long-term goals (72%), adopt new technologies (75%), and build more empathetic and trustworthy relationships with both customers (71%) and employees (69%), following the pandemic.
The state of challenges business leaders are facing
But despite these encouraging sentiments, many businesses are now experiencing a sense of strategic uncertainty as a result of ongoing disruption and the complex hybrid business environment. 66% of business leaders stated the pandemic has revealed strategy flaws, and 60% admitted they find it difficult to respond quickly to emerging market opportunities.
The main lesson Verizon Business Group has learned over the past few years, according to Sampath Sowmyanarayan, Chief Executive Officer, is that there is no one ideal method to manage, cultivate a culture, or carry out a strategy.
“This is why we also see many organizations attempting to adopt a ‘bias to yes’ as a guiding principle. They are increasingly giving employees the freedom to challenge the status quo and openly ask questions such as why a deployment may take so long, or why can’t their business deliver on their customer needs,” said Sowmyanarayan.
More than half of the executives questioned emphasized the growing role leadership teams have had in technology adoption over the past 12 months. Among the top technology priorities are cybersecurity services (78%), data analytics software and tools (75%), and cloud enablement (74%). However, the analysis finds a discrepancy between intention and performance. For instance, increasing customer satisfaction is identified as the top strategic priority (74%).
Only a third (38%) of companies, however, claim to have increased the use of data analytics to enhance customer experience, and even fewer claim to have used automation to better serve customers. In addition, the report emphasizes that the most prevalent gap firms face is a worrying lack of digital skills (33%).
Accelerating into the future
Businesses face a potent brew of problems, from shifting customer behaviors to technology-driven market upheaval and the necessity for sustainability. The report further suggests how business leaders might guide their firms into the future:
- Navigate a clear path in a very unstable business environment
- Recognize the need of fostering partnerships to implement change and increase resilience
- Give the workers a unifying goal
- Encourage experimentation and fearless risk-taking to promote innovation
- Promote inclusive cultures that will help the entire workforce reach its full potential.
Technology gives companies in all sectors tremendous potential to interact with people anywhere in the world at any time. Businesses will start to recognize the opportunities that are available to them even after the pandemic is ended as they gain a greater understanding of the capabilities of these modern technology kinds.
- Semiconductor: Chip nationalism is a ‘blessing,’ SEMI CEO says
- Red Hat’s revolution: Speeding generative AI adoption in hybrid clouds
- How 5G can enhance agriculture and fisheries in Southeast Asia
- Navigating the intersection of sustainability and technology in Singapore
- Why the US should be concerned about China’s quantum developments