Anat Lechner, PHD, Stern School of Business, New York University. Part 4 of 4: New age digitisation and AI.

In an age of digitisation and AI, what are the greatest fears in terms of their financial performance?

  • Employees won’t upgrade skills fast enough 
  • Workers will not be adaptable enough 
  • Employers will lack requisite technical skills 
  • Businesses will be unable to attract and keep the strongest talent
  • Skills needed in the future will change more rapidly and outpace a businesses’ ability to keep pace.

So, what will be the repercussions of this?

  • Financial performance will suffer
  • Top performing employees will leave
  • Will not achieve the business’s growth aspiration
  • Will not fully be able to leverage AI 
  • Will not be able to expand into new markets  

Assess your strategic approach to responding to disruption

It must always begin with a robust and brave assessment as to WHAT you are taking to the market.

The key areas of operations that must be considered when undertaking your assessment relate to current technology and offerings. 

What questions need to be asked?; 

  1. Have we incorporated the right data and AI tech into product and service development?
  2. Are we personalising solutions to customers in a way they care about?
Evolving the Innovation Portfolio 

What questions need to be asked?;

  1. Are we well balanced across our incremental, adjacent and transformative innovation efforts?
  2. Are we effectively engaging internal and external innovators?
Talent and Ecosystem

What questions need to be asked?; 

  1. Have we on-boarded and up-skilled the right talent?
  2. Have we partnered for innovation, technology and customer value?
  3. Are we designing a brand that attracts and develops the best talent we can access?
  4. If not, what action can we take to ensure we remain relevant and attractive to the smartest and best suited talent?

How do you best respond, regardless of the answers to these questions?

Agility through internal and external collaborations.

While this is an entirely different skillset we would encourage you to pay a visit to the past Kiisktart blog “You mentioned the ‘c’ word…” on planning for partnerships and common pitfalls. 

This is a sound place to start and allows you to see whether or not your business is even in a position to design and deliver valuable collaborations. 

We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten. Don’t let yourself be lulled into inaction.

Bill Gates