Responding to disruption (2)

Thursday, 10 September 2015

by: Qurius

What is needed to compete in today's economy? From PwC's Annual Global CEO survey 2015.

When asked to name the one capability that tomorrow's CEO must have, strategic thinking and adaptability were cited by an overwhelming number of business leaders. PwC has identified six steps that business leaders can take to help build success.

  • Focus on what you’re good at: In an increasingly confusing marketplace, it’s crucial to identify your organisation’s key capabilities, those which make it unique. We don’t think companies can manage more than three to six truly differentiating capabilities.
  • Re-evaluate the business you’re in: Once you understand your strengths, consider the true value you give to stakeholders. Recognise who your competitors really are – including those in different industries. Ensure there’s strong cohesion between your organisation’s capabilities, value proposition and product and service offerings. It could be that your core strengths could excel in a sector you’ve never been part of before.
  • Anticipate policy issues: Pre-empt them by self-regulating effectively. Work with government to develop effective and balanced policies, as part of a collaborative network of partners.
  • Build diverse yet aligned partnerships: Consider how partnerships could enhance your capabilities. Develop a broad, diverse and dynamic ecosystem of partnerships that you can adjust upwards or downwards depending on needs. And strengthen collaborations by identifying mutually beneficial outcomes.
  • Transform through digital: Understand the impact of digital technologies on your stakeholders and the value they seek. Assess how your operating model needs to change to fulfil new needs and desires – and have a clear vision and plan for how digital investments can help achieve these changes.
  • Develop a good mix of talent: Leverage the full spectrum of differences in thinking and working to build a collaborative and technologically skilled workforce that can deliver the innovation you need to compete in the new economy.