Survey Data from MIT SMR Connections| MIT Sloan Management Review
Based on a survey of 370 business leaders from Consumer Products Companies:
98% consider transformation a priority.
86% believe they must transform to be future-ready.
85% already have transformation efforts underway.
These companies have these issues at hand:
- Lacking clear priorities for transformation.
- Belief that they can transform on their own,
- Unsure about why they’re transforming
- Too Ambitious – wanting to achieve transformation objectives within five years —
- Lacking the leadership needed for the journey.
Differing beliefs gathered from the survey were as follows:
70% believe strong leadership is essential for enabling change but cited three roadblocks:
- Conflicting internal priorities
- Cost of funding the transformation (especially technology and talent)
- Inability to develop a transformation road map
49% believe emerging technologies will be crucial. The three most crucial technologies are:
- Artificial intelligence and machine learning
- 5G/IoT connectivity
68% want to use data analytics to create a single view of customers, partners, and processes within the next two years.
61% identify “flexible talent pools, automation, and the gig economy” as the most important approach.
The three biggest talent-related needs are tactical rather than strategic:
- New tech skills
- Remote digital ways of working
- Workforce flexibility
54% believe the most popular way of obtaining those skills is from new hires rather than promoting or upskilling from within.
To ensure success in your company’s transformation journey you need:
- A clear strategy and road map that anticipates multiple needs
- Focus on areas where change is most needed.
- Ecosystems and external partners to collaborate with for critical expertise.
- To capture, integrate, and share data for impactful decision-making.
- A combined automation and adaptive workforce for new ways of working.
Whenever you think about making a major change to your management system, check whether your culture is ready to take it on board. Change can only be implemented if there is true change readiness, a comprehensive change strategy for implementation, and the communication skills to ensure that everyone can see the benefit. This is where external expertise can help measure and map out the vision and potential of a possible change.
We can help provide empirically proven benchmarks and data analysis. Our expertise can help to assess, analyse data, and provide proficiency on the actions that must be taken to deliver a culture that produces desired performance outcomes. Let’s discuss.