Digital-savvy leadership will drive the next era of innovation

The best business leaders thrive on change and evolve at pace. There is a chameleon effect that sees them forge forward, finding new opportunities that define modern business management.  

So, how are the business leaders of today planning for the next era and what do today’s leaders need to prioritise to make sure innovation is front and centre?

Last week we hosted 65 Australian C-suite leaders at VMware’s Lead/Forward Summit, in partnership with ADAPT, where we provided a platform to openly discuss the best approach to business decision making from now into the next decade. 

The core theme that was very clear throughout the conversation was the demand for leaders to become digitally savvy. Business that try to maintain “the old ways” simply can’t develop an effective digital culture or high performing teams.

As VMware’s CEO, Pat Gelsinger put it, the reality is that we have experienced the largest migration of the human workforce in history and it has caused us to rethink every aspect of human existence. Leaders have turned to their people to keep the wheels turning and people looked to their leaders to be empathetic and understanding, whilst also being clear about direction. And there’s a tone of urgency that underpins all this – urgency to evolve services, operations, processes and roads to market. 

To do this, we have turned to digital tools, stretched the capability of existing technology and pushed to develop new services that empower the workforce. We have navigated an urgent evolution and at the centre of this rethink is digital innovation. 

On top of this, we have seen an immense shift across our local leadership as more and more business leaders recognise the power of technology as a key driver of business success. In October, at #CIOEdge, ADAPT surveyed over 200 of Australia’s largest organisations and found that there was an increase in the perceived understanding of digital significance in 2020. 73% of respondents felt their board’s digital literacy and digital mindset had improved and as a result, their ability to engage effectively had improved, too. 

There has been a reality check from the top down that technology must be held as a one of the highest priorities with each member of the C-suite. It’s now time to take the learnings of this year and work out how to continue the momentum. 

Those ready to become digitally savvy leaders should prioritise a few key areas of focus:

• Advocate technology – By nature, we are an incredibly innovative nation. Now that the wider C-suite is experiencing the benefits of technology, there needs to be a shift in internal culture to drive knowledge sharing and advocacy. The sooner this can happen, the sooner benefits will be seen. 
• Digital-first mindset - Businesses that are truly digitally savvy will bring in digital at the beginning of strategic development. This will lead to long term savings and business agility. For businesses already on the strategy road, it’s never too late to reinvent some processes for a better outcome. 
• Embrace agility – We now know we can adapt to demands within a very short timeframe, so let’s not let it go. The same sense of urgency and collaboration needs to flow through to day-to-day decision making. Instead of always taking the long-term strategic road, consider short bursts of investment to instil long-term business gain. Failing fast allows us to move quickly to the next.

In the current state of the market, the business leaders who are shifting gears to and putting emphasis on being digitally savvy are those who are equipping themselves to lead their businesses into the next era of innovation, growth and success.