Growth is slowing down, is a statement that reverberates globally. Consider a well-known global leader’s prediction – “40% of enterprise companies across India, US, and Europe would cease to exist in the next 4 to 10 years…the Silicon Valley is more powerful than ever. There will be huge disruptions. Countries and companies that don’t get it right will have a tough economic future.”
In such uncertain times, what are the typical challenges facing CEOs across the globe? Is there a one solution fit all? From a bird’s eye view, the magnitude of problems that enterprises are encountering seem to be the same.
“Every country, every city or every company, every car, every house and every human being will become connected digitally,” are the words of the predictor John Chambers, executive Chairman, Cisco. Explosion of devices, information and the fast evolution of technology, not to forget the redundancy factor,underscore the urgency of finding timely and relevant solutions. For, who can dispute that enterprises revolve around growth, scale, and size!
With the adoption and penetration of technology and innovations happening at a supersonic speed, it is imperative to take a holistic view of business environments. So, will technology remain the only disruptor for companies? Or will the future of business environments be determined by focus on technology, innovation, and culture? Are organizations wired enough to make the technology transitions required to suit the macro and micro economic conditions? Can “smart” learning ways or technologies work? Don’t forget that the entry of millennials has altered the look, feel, and connect of the workplace. So, can learners feel empowered? Can learning integrate employees or bring about a transformation? Will the mindsets change? Will learning be forced or by choice? What sort of training methods can stick and sustain? How can learning be simplified enough to be progressive? Can skills be developed to enhance competencies?
While it may not be possible to derive immediate solutions for the range of common questions haunting global enterprises, it would make sense to chew and mull on the insights provided by Chambers, who is recognized as one of the most celebrated CEOs in the world. On a recent India visit, the man who “makes his living on judging leadership,”makes visionary predictions that will make the top leadership team of any enterprise sit up and prepare for the tough road ahead.
- There will be many disruptors, but many will be directly and indirectly related to technology
- Two or three top tech companies at best will make waves in five years
- Dramatic disruption is bound to happen
- Technology will move from the information era of 1990s-2010 to the digital era of 2010-2030
- Sounds simple but it’s no longer simple as a technology transition
- Every country, every city or every company, every car, every house and every human being will become connected digitally
- Thousands of devices connected to the internet in the eighties will swell to 100 billion by 2030!
- Connectivity is no longer the key issue. It’s the ability of different business models to thrive amidst disruption and co-exist
- If every company becomes a technology company, business models and transitions are going to occur
- Managing the biggest technology transition of all times is going to be tough for CEOs
- Digital is going to have five times the impact than the information era
- Every company now transforms to a digital company, 90% of global CEOs now believe they have to convert to become a digital company. Two years ago, it was only 10%
- To manage transition, companies, countries, and people have to change
- Organizations have to educate employees on how they have to change, think about new compensation models, have deeply embedded tech in the business strategy, change structures and go to market differently
- You gain share during tough times — true of both the company and country. What determines a good CEO is in the way he/she handles a downturn
- The Silicon Valley is more powerful than ever. There will be huge disruptions. Countries and companies that don’t get it right will have a tough economic future.