Companies that embrace digital transformation are up to 26 per cent more profitable than their competitors and enjoy up to 12 per cent higher market valuation, according to a recent survey by ManpowerGroup—the leading global workforce solutions company.
In the “From C-Suite to Digital Suite” research, ManpowerGroup shares that by 2020, 30 per cent of industry revenue will come from new business models and transforming quickly can make the difference between success and failure.
However, C-Suite is not enough to lead through businesses digital transformation. It requires the Digital Suite: a community of digital-ready, analytically-minded, and connected leaders dedicated to creating the necessary culture and capabilities within the organisation to unlock opportunities and drive successful digital transformation.
The good news is digital leadership is not a total replacement of the fundamental attributes underlying leadership effectiveness. Instead, 80 per cent of the competencies and enablers that have always made leaders effective remain the same. The other 20 per cent is made up of the capabilities that were not so necessary before, but are critical now for modern and future leaders, and these capabilities are completely coachable. We call this is the 80/20 rule.
In “The Human Age,” many expected that as the recession subsided, the world would return to business as usual. That has not happened. Instead, we have a world marked by uncertainty. Some forces are driving the reconfiguration of labour markets, including technological revolution, customer/client sophistication, and the rise of individual choice. Then how can leaders be best prepared to lead through this transformation?
To adapt to the technological revolution, businesses are adjusting by exploring new strategies that are better suited to rapid change, shorter business cycles, technological disruption, and skill shortages, among others, because the technological application at the workplace, such as digitisation, data generation, automation, AI, private cloud and public cloud, and machine learning, just to name a few, have been creating new ways to get work done.
This may be considered a threat to many, but ManpowerGroup believes this is good news for job seekers if they have the in-demand skills. Our “Skills Revolution 2.0” white paper indicates that 86 per cent of employers say digitisation will be a net gain for employment.
Only 10 per cent expect to reduce their workforce as a result of automation. As companies go digital, most will need more people, not fewer.
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By Bich Thuy