Written by Joanna Konstantinou – Leadership Coach, inwards
Technology is advancing, and in an economic environment which is dominated by turbulence, innovation based on digital transformation is the most cost-effective strategy for companies to follow. Digital transformation and the use of technology can either be considered as a threat or an opportunity for businesses and CEOs.
According to Pierre Nanterme, CEO of Accenture “Digital is the main reason just over half of the companies on the Fortune 500 have disappeared since the year 2000.”
The World Economic Forum in 2016 has reached the conclusion that technological change will create $100 trillion of value in the next decade. Over 50% of the CEOs in America consider digital transformation as a number one priority, and have recruited Chef Digital Officers to implement strategies that will bring them closer to the vision of successful digital transformation in response to digital disruption. So, the question is how CEOs can tap on $100 trillion value by 2025?
Technology is forcing companies to adopt an agenda based on innovation, and if CEOs want to see that change being successfully implemented they need to envision it and update their strategy with new business targets that include specific expectations for digital value creation. The challenge then is to find the right digital strategy, and the questions that CEOs need to ask themselves is whether success lies in the use of technology alone.
A topic on the agenda of the 29th conference of the Association of Chief Executive Officers of Greece, was the successfully strategy for digital transformation which is based on people rather than technology. Once more, such a massive global change needs to be embraced by visionary leaders, inspired by the new digital disruption, who can also get on board talented and skillful individuals.