We live in a digital economy: a virtual environment that has changed the rules of doing business and made disruption the norm. It has put customers, not companies, in charge. And it has transformed workforce dynamics as the “born digital” millennials come to prominence in the workplace.
This age is ripe with opportunity. Organizations can now engage with customers and employees like never before, and the virtual environment holds the potential to drive operational efficiencies, save time and money, and open the exploration of new commercial avenues. When it’s far cheaper to build an app than a manufacturing plant, there are greater returns to be gained for significantly lower investment.
Gartner predicts 41 percent of enterprise revenue will come from digital business by 2020—almost double what the percentage was in 2015 (Gartner, 2016). For the Googles, Ubers, and Facebooks of the world, facing these challenges and realizing and exploiting these opportunities are second nature. But for traditional firms, they’re a whole new world.
This revealed five essential leadership and organizational capabilities: discipline and focus, agility, connectivity, openness and transparency, and empowerment and alignment.
Source: Harvard Business Review, Korn Ferry