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CEO, global transformLead leadership of a prestigious entrepreneurial executive team. Featured on the Global 100 CIO, 100 Women to Watch and CREA Global Award lists.
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Along with keeping technology operations running smoothly, the digitization of business is a key technology concern across industries. Boards expect technology operations to meet service standards and cybersecurity protocols.
Nonetheless, technology-based companies rely on the next phase of digitization to enable their business strategies and drive value through enhanced customer experiences and streamlined operations. But what they haven’t paid enough attention to is the impact of digitalization in terms of its impact on society, lifestyles and communities.
Digitize with care
Successful digitization requires technology expertise, product expertise, and customer insight.
Being able to digitize interactions quickly is, of course, one of the indicators of effective digitization. But when digitization removes key customer interactions that customers want to have a conversation with, the illusion of speed often becomes apparent. This can lead to digitizing opportunities to deepen customer relationships, and other equally important revenue-generating opportunities can be lost from the lack of these face-to-face conversations.
On the other hand, the organization’s client-focused area explores ways to create customer-client interactions. In a virtual environment, this is changing the norms of how to strengthen customer relationships and redefining loyalty. In other words, the reality of securing connectivity in enterprise digitization is changing the business model of enterprises.
The board also recognizes the reality that technical organizations implement solutions with a focus on speed of implementation. Some technology capabilities not only impact how an organization operates, but also move it away from market dominance.
For example, we often hear that “better technology solutions are being implemented”. This is reminiscent of the Betamax story. Betamax was a consumer-level analog recording format based on magnetic tape for videocassette recorders. Betamax became obsolete when customers adopted his VHS. This is not due to the need for cutting-edge technology, but due to differences in adoption. The parallels to today’s digital world are striking.
CEO Perspectives in a Tech-Based World
CEOs of technology-based organizations recognize that a focus on operationally savvy technology is imperative, leading to a digital refresh of technology leadership. As a result, the technical teams of the future will have very different demands in their day-to-day work. Keeping the next generation of code up to date is only part of the story.
For technology leaders, the reality is that expectations are rising to the surprise of organizations that are lagging behind. Luckily, this is a great opportunity to grow and develop talent in the technology sector. Moreover, as the next generation of CEOs become increasingly tech-savvy, the impact of digitization is having a significant impact on the market for successful organizations.
Social Impact: The Law of Unintended Consequences
Even more seriously, the impact of digitization is being realized at the societal level.
As many activities are digitized, the requirement for social interaction in everyday activities is limited. For example, organizations have removed the ability to speak to a service center if a conversation with a customer is required. This not only highlights the need to process customer requests digitally for the first time, but also the need for organizations to recognize their impact on their communities and retrain their social competencies in a digital world. doing.
This can have a beneficial impact in that more time can be devoted to other activities, but as interactions are directed towards websites, applications and portals, digitization is contributing to the well-being of society. It also raises awareness of your impact. Both scenarios must be considered to build the next-generation digital future.
A Key Position for Technology Leaders
As leaders increasingly digitize their business operations, digitization activities are reshaping customer experiences, evolving lifestyles, and reshaping how time is spent in everyday life. This re-emphasizes the requirement for digital quality, ensuring cyber safety and a seamless customer experience.
Equally important, the focus on changes in everyday life remains at the heart of the social impact of aggregated digital implementations. It remains essential to consider the surrounding interventions that may be necessary to ensure a balanced lifestyle, well-being, and meaning in designing the lives of society for the next generation.
Digitization has many benefits as it simplifies daily life and creates straight-through processing and timely action on customer and client requests. However, it is important to maintain a healthy balance and ensure the impact of our digital world. We need hybrid work and a reduction in the need to travel for face-to-face interactions.
As organizational leaders, it remains important to ensure that we support society’s ability to maximize the benefits of digitization while minimizing unintended impacts. Within the board of directors, digitization must be balanced in order to enable the company to deliver at the local, organizational and societal level.
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