CEO studies are conducted every year. This year’s findings can be summarised in just one word: Digital. Digital makes companies shine. Digital helps you grow. Digital cuts costs. Digital attracts the best talent. Digital polishes your brand value. Digital improves customer loyalty. Digital is the pathway to greatness.
This year, leading consulting and research firms conducted their annual CEO studies as usual, yet 2020 was no ordinary year. COVID-19 has disrupted all business dynamics; ranging from supply chains to the workplace; from time management to changing consumer behavior. Thus, to get a better understanding of the CEO’s position and a playbook for the near future, we have to internalize these paradigm shifts in business. But before we deep dive into the details, the conclusions drawn from the 2020 CEO studies have blended with our expertise exactly as we expected.
Digital Comes First, Everything Else Comes Second
Pre-COVID-19, more than half of the world’s CEOs had predicted a fiscal downswing in 2020. However less than %10 had prepared for such a scenario, and most leaders reacted with an increase in cost management. Yet, that downswing did not stop CEOs from accelerating digital transformation.
Around %75 percent of companies increased their investment in the development of digital capabilities compared to the 2019 fiscal year. This shows how COVID-19 has pushed leaders toward digital transformation. Maintaining productivity while working at home and utilizing digital tools to collaborate have become necessities during required social distancing and quarantine measures.
Change happens in the many faces of business from the value chain to customer journey, operation, and corporate culture. A good leader will keep the ship afloat during these tides of change. A better leader will see the opportunities created within the chaos and set out on a path toward better business practices. To embark on such a journey, the captain must know the position of their ship in the ocean. Our Digital Maturity Index (DMI) will help you do just that. DMI provides leaders with a comprehensive understanding of their current stance. Within DMI’s six dimensions, leaders can also discover opportunities to become a better leader.
It is no longer up for debate. It is crystal clear. You have to have digital superpowers to become a better leader. The real question is: Are you ready to embark on this journey? You must always be ready. Under the current circumstances, you must be prepared for anything. This is not easy, but this is possible. Digital will pave your way to victory. We can help, and we are here for you.
We are trusted advisors to many great companies on their digital journeys. Our passion and focus help businesses succeed. Digitopia is an objective and independent management consulting firm driven by values and delivering tangible impact.