2 – Disrupt yourself
The word ‘disruption’ has negative connotations, but in today’s digital world it is something that companies should be striving for.
If organizations don’t disrupt themselves, then others will enter the fray to disrupt the status quo and take away market share from sleepy incumbents.
You only have to look at how fintech firms have revolutionized the banking sector to see how external disruptors can easily move ahead of existing players.
You need to disrupt yourself if you want to stay ahead.
3 – Show the benefits of change, without shouting about it
Business 4.0 is revolutionary, and can be a culture shock to many companies.
We heard at TCS Summit Europe 2017 that buy-in from the company as a whole is crucial if transformation projects are to get off the ground.
Workers must be won over and the best way of doing this is through demonstrating how greater digitalization will benefit individual employees, as well as the wider organization.
But rather than constantly talking about Business 4.0, the best way to deliver change is to stay silent until you can clearly demonstrate the operational excellence that it delivers.
4 – Execute, don’t wait
Nothing kills innovation faster than a failure to bring ideas to market.
In the summit’s discussion of superaccelerators – companies that are able to sustain long-term organic growth – it was made clear that part of these businesses’ success was their ability to bring ideas to market quickly.
They do this by aiming for excellence in a small number of areas, rather than being average in many.
This laser-like focus, combined with the latest digital technology, allows superaccelerators to develop and execute new ideas faster than their competitors.
As Dame Kelly Holmes advised at the summit: set a deadline to execute, then do it.
A lesson for business leaders from olympic gold medallist @damekellyholmes at #TCSsummit: https://t.co/4Rfzc5Q2fa
— TCS Europe (@TCS_Europe) September 14, 2017
5 – Nurture the CEO-CIO relationship
The opportunities offered by Business 4.0 can only be harnessed if the person in charge of IT, be they the Chief Information Officer (CIO) or Chief Technology Officer (CTO), has an open line of communication with the Chief Executive Officer (CEO).
It’s a relationship that really does matter. The CIO needs to coach the CEO and their leadership team on the potential of the IT function – about the art of the possible.
Equally, it’s vital that the CEO fully commits to a digital vision if a company is to properly embrace Business 4.0.
Shankar Narayanan is the head of Tata Consultancy Services UK and Ireland.