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Since the arrival of the digital era, the technology department has become an essential and critical component of everyday business operations with an influence that extends into all decision-making levels. Gone are the days when technology was an optional add-on to streamline and refine business processes. Technology now takes center stage and is radically changing the principles and practice of executive leadership.
Ever-increasing digitalization has resulted in five technological trends that businesses must note if they want to be successful in this time of extraordinary innovation.
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The technology leader can no longer be regarded as a lone ranger in the backroom whose position has little to no bearing on the company’s direction – quite the opposite. Information technology leaders are highly influential executives whose insights directly impact every business operation while accomplishing the company’s mission. This development presents exciting opportunities for the so-called digital natives – the generation that grew up with information technology instinctively knows how to use it.
In contrast, digital immigrants – those who became familiar with digitalization later as technology became increasingly important – are moving to the background. However, digital immigrants have a lot to offer to their younger counterparts, the natives, as they have learned valuable skills that must be passed on to the next generation. This transitional phase serves as an interim period where technology brings people together.
An interesting question recently emerged that highlights the pivotal role of technology leaders: Does technology drive innovation, or does the contribution of up-and-coming technology leaders advance it?
According to Marinka de Groot, Associate Director and Technology Practice Leader at Page Executive in Europe, the digitalization era is transforming the definition of technological leadership. She observes, ‘The changes go far beyond the small differences that have always existed between leaders in different sectors. The rise of new skills, a new language and new processes has brought greater diversity in leadership, which fuels innovation. There is certainly more creativity involved.’
As digital natives are given a turn at the wheel, development times are reduced as people understand technology intuitively. Marinka comments, ‘Where long-term planning used to be the norm, it’s more common now for technology leaders to be agile and focused on the shorter term.’
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Technology has permeated every level of business, from administration to executive management. While an unfamiliar beast to many people in the past, technology is now an automatic part of business, driving change and innovation. Today’s leaders utilize technology with an ease that was unthinkable only ten years ago.
This growing understanding of the seemingly limitless benefits of technology is radically transforming the business landscape. Marinka explains, ‘We are seeing more and more CTOs appearing in boardrooms, and the role has become a necessary component of executive-level positions in the business.’
In addition, there’s an increasing demand for CIOs (Chief Information Officer) and CDOs (Chief Digital Officers), highlighting the growing importance of these roles as the people in these positions are given more significant influence in the boardroom.
Business success in the digital era depends mainly on a company’s ability to embrace and exploit the digital age. Businesses that fail to adapt to the rapidly changing environment will struggle to survive in a global economy dominated by smart technology.
Experience is no longer king, as the instant success stories by the founders of Facebook and Groupon highlight. These ambitious entrepreneurs in their 20s were launched onto the world stage with only a brilliant business idea and an internet connection. These business ventures turned young digital natives into billionaires, inspiring an entire generation of tech-savvy entrepreneurs who have grown up with technology as an integral part of life.
Marketing has traditionally been seen as an area of expertise reserved for professionals. However, as digitalization continues to permeate every sphere of life, marketing must join forces with technology.
The potential is unlimited as the time to develop and test a digital product requires less time than physical merchandise. The reality is, technology-minded entrepreneurs can found a company and introduce a trialed product to the market in a matter of months. Consequently, marketing and technology must collaborate to guarantee success.
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