In just a few months Covid has brought about years of change in the way companies across the world do business. According to a new McKinsey Survey of executives, their companies have accelerated the digitisation of much of their business by three to four years and the share of digital or digitally enabled products in their portfolios has accelerated by up to seven years.
Some of these changes are temporary and all happened much faster than many thought possible. Many executives believe most of these changes will be required longer term and are making additional investments. Many of changes are not temporary and are accelerated trends that have been slowly moving until recently.
Staying competitive requires new strategies and practices which have technology at the core. This requires technology capable talent throughout the organisations at all levels and in all areas to ensure the optimal use of more advanced technologies and speed and agility in experimenting and innovating. A mindset shift is underway where organisations are refocusing their business around digital technologies and creating a culture of experimentation. There are 2 areas McKinsey noted we should learn for the future, firstly which technologies to execute and how and secondly how to manage change at a speed that is far faster than anything we have experienced before.
How is your talent managing change relentlessly whilst still innovating and experimenting? We work with leaders and their teams to support them in developing capabilities fit for this future. Read the full article here.