Managers struggle with inertia

There is a gap between business growth and the ability to drive long-term change in a meaningful way. This is particularly evident in areas such as improving the customer and employee experience, but also in critical issues such as talent acquisition and the use of technology. A survey conducted by Longitude, a Financial Times company, sought to explore how companies have used the impact of the pandemic as a catalyst for change - and how leaders can realign their organizations for future growth.

Inertia in responding to new business opportunities

The good news is that post-pandemic, business leaders feel better equipped to make decisions quickly (71 %), think strategically about long-term goals (72 %), adopt new technologies (75 %), and build more empathetic and trusting relationships with both customers (71 %) and employees (69 %). Yet despite this positive sentiment, many companies face a sense of strategic uncertainty. This is due to constant upheaval and the increasing complexity of the hybrid business environment. Two-thirds of executives (66 %) said the pandemic has exposed weaknesses in strategy, while 60 % said they are finding it difficult to respond decisively to new business opportunities.

Sampath Sowmyanarayan, chief executive officer of Verizon Business Group, said, "The big lesson we've learned over the last few years is that there is no one right way to lead, build a culture or execute a strategy. That's also why we see many companies trying to adopt 'say yes' as a guiding principle. They are increasingly giving their employees the freedom to question the status quo, while also offering them the chance to openly ask why, for example, an implementation is taking so long or why their company can't meet customer requirements."

Increasing discrepancy between intention and execution

More than half of the executives surveyed pointed to the increasing role that leadership teams have played in technology adoption over the past 12 months. Among these, cybersecurity services (78 %), data analytics software and tools (75 %) and cloud enablement (74 %) were among the top technology priorities. However, according to the study, there is a disconnect between intent and implementation. For example, improving customer experience is cited as a top strategic priority (74%). However, only one-third (38 %) say they have increased their use of data analytics to improve the customer experience, and even fewer have used automation to improve customer service. At the same time, the report highlights the lack of digital skills (33 %) as the biggest shortcoming for companies.

Companies face a mix of challenges, from changing consumer behavior to technology-driven market disruptions to sustainability demands. The study provides recommendations on how executives can guide their companies into the future:

• Finding a clear path through an uncertain business environment
• Understand the importance of building resilience and implementing change through partnerships
• Uniting employees through a clear goal
• Driving innovation through experimentation and risk-taking
• Unleashing the potential of the entire workforce through inclusive cultures

Source: Verizon