Today’s technology enables us to do things that were once considered in the realm of science fiction. Case in point: the tech advancements depicted in the Minority Report like predictive analytics and driverless cars are happening here and now.
As innovations continue to change the world and our lives, companies have been vigorously seizing opportunities to become more data-driven and digitally ready. In this internet economy, even business leaders are tasked to think and lead differently.
Understanding the innovation megatrends that are shaping the future of today’s businesses will allow us to make more intelligent and informed decisions, reach out to our consumers better, and inspire innovative thinking among our team.
Here are three technological innovations that are rewriting the rules of leadership.
Big data and predictive analytics
There are data scientists, analytics programmers, and analytics experts who generate vast amounts of data for companies, and there are CEOs, CIOs, and business owners who must put these analytics to work.
Digitisation has made way for predictive analytics, which enables us to predict outcomes based on event patterns. This comes in handy when we are about to make critical managerial decisions. With real-time and predictive data readily available to us, we can make more intelligent decisions, even on an ad hoc, spur-of-the-moment basis.
These predictive capabilities also help us find ways to connect better with our customers. Customer insights give us a better hold on how to anticipate our customers’ needs and predict their wants.
Today, the communication channels for leadership are broader and more diverse. Our voices can be heard not only through a town hall meeting, but even in our social media accounts, YouTube videos, or interviews posted on websites.
Multiple touch points allow us to create more powerful connections with our team and stakeholders. This kind of connectivity not only paves the way for better working relationships in and out of our offices; it also calls for a more inspiring leadership.
We should take this opportunity to encourage innovative thinking among everyone. How can we drive change within our company when some people don’t feel comfortable about it? It’s our job to use these various channels to bridge the gap, communicate our goals, and lead by example.
While artificial intelligence or AI carries the threats of upending the workforce, managers and leaders must adapt to these smart machines. Besides, even if we can collaborate with AIs far smarter than we’ve ever expected, let’s not forget that we’re still equipped with empathy and ethics that rule our choices.
What can they do for us and how can they strengthen our management style are essential questions we need to be conscious about.
Studies predict that AI will take care of our administrative tasks, like expediting reporting processes or procuring relevant data. This will leave us time to focus on strategies, engage with stakeholders and develop our team, and solve actual problems that plague our companies.
Innovation as our guiding light
In this digitised era, business leaders are required to step up their digital and technology skills. Innovation is not a modern-day buzzword; it’s a way of making things more efficient, which is why we should be constantly thinking about it.
Innovation is not a modern-day buzzword; it’s a way of making things more efficient, which is why we should be constantly thinking about it.
We should be passionate about innovation, continuing to look for ways to integrate it into our companies. We should teach ourselves how to strategically use it to drive our operations and make critical decisions. After all, innovation’s fundamental aim is to make processes faster and simpler and better, and aren’t these the very things we want for our businesses?
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