Sears’ near-death experience has taught us that a business must embrace tech or risk losing it all. The pace of technological advancement is often so rapid that many organizations find it difficult to keep up. To do so is a full-time task in itself. It starts with the leadership of a company — a CEO who is versatile and can lead their company through a changing digital environment.
We have made it a priority at my company to keep up with the latest technological developments and incorporate them into our business practices. But there’s still more to come. Automation and internet of things are just two examples of technologies that are in their infancy.
1. Strategically absorb new information
Elon Musk’s advice for CEO on how to acquire new knowledge is sound: “View knowledge as a sort of semantic tree – make sure you grasp the basic principles before moving onto the leaves and details, otherwise there will be nothing to hold on to.”
The CEO can have a lot of control over a trend by understanding the concepts at the highest level. It is not always necessary to have a deep understanding of new technologies to accurately explain them to clients or at sales pitches. If CEOs are trying to learn too much, they may get distracted by less important details. This can lead them to confuse their clients and prevent them from making a commitment.
2. Learn to code
Most CEOs do not prioritize coding websites on their list of things to do. It is for this reason that they hire web designers. Many CEOs do not realize the importance of having some basic knowledge in coding. It can be used to make strategic decisions, attract top employees and impress potential customers. Few months of basic training can go a long way. To learn the basics, CEOs can take advantage of several free resources.
3. Employ the best employees
Top talent is needed to maximize product creation, increase sales and improve internal operations. Employees who have technical expertise will help the company advance faster than those without. Invest in your employees’ education if they need to learn digital best practices. Give them the resources and training to help them get up to speed. If you do not have access to the best technical talent, hire hardworking and loyal people who are willing to learn.
4. Choose the right advisors
The advice of advisory boards can be very valuable to a company. Often, their vast experience can mean that they aren’t up-to-date with the latest technology. They don’t always want to be. Many CEOs have taken steps to remedy this issue by making their boards more tech-savvy.
5. Use technology to improve your day-to-day operations
The use of technology can help a business in two main ways: by accelerating daily operations within the company and improving relationships with customers externally. The technology can be used to allow employees to work from home, which has shown to increase productivity and retention. Don’t be scared to use technology in your business to improve it from the inside.
6. Your CIO is the best person to rely on
The expertise of the chief information officer in technology can make him more than an internal consultant. He could be an invaluable mentor and an asset to the CEO. CIOs can provide the best ideas for streamlining processes and implementing updates. They can improve customer experience through better analytics, mobile accessibility and other improvements.
7. Bring in your CFO
Having trusted confidants within the C-suite to help CEOs develop strategies for moving the company to the digital future can be key to success. Chief financial officers can be a great asset to the company when it comes to investing in the latest technologies. Other senior managers can also contribute to decisions made by the company when it comes digital strategy. A trustworthy team can make difficult decisions easier, and will build respect in the company.
8. Acquire your CFO
Do you think that the new software will be a better alternative to what is currently available? Do you plan to replace your email program or database with a new one? If your instinct says otherwise, do not invest yet. Over half of CEOs aren’t as confident about data analytics than historical information. To balance data and instinct, you need to understand how your industry develops data. Make informed decisions, and ask everyone for their input.
9. Prioritize digital security
Data breaches are a daily occurrence around the world. Nearly 60% CEOs now take cybersecurity as their personal responsibility. Understanding technology is therefore crucial. This will protect your customers and your business in the future.
10. Take a look beyond the screen
The technology has improved communication in general, but it can also have the opposite effect. Face-to-face interaction is what most often makes or breaks deals. Next, you’ll need top-notch technology. The CEO’s primary goal is to grow the business, but it will only go so far in advancing the mission of the organization. Collaborations, sponsorships, and support from business partners can also help the organization to move forward.
A typical CEO’s technical knowledge is important in an age of digital innovation. They can be a great asset to the team and ensure continued success by leveraging their understanding of digital advances.