Disruption, change, innovation, uncertainty, transformation, competition, acceleration, loss, fear, opportunity, resilience … Hold on a second. Let’s take a step back from the chaos of the present to appreciate the magnitude of what we’ve been through so far this year.
According to the CEO of Microsoft, Satya Nadella, we experienced two years’ worth of digital transformation in just two months.1 Moreover, a fifth of large enterprises are now investing in digital transformation initiatives as a result of the pandemic.1 Organizations everywhere are doing things they didn’t think they would have to for another few years – or things that, truth be told, they were too risk-averse or set in their ways to even try.
But here we are. And in this, the final article of my multi-part narrative on the modern-day enterprise, I’ll be summarizing why full-scale renewal and renaissance is now absolutely necessary.
It’s time for a fresh perspective
There’s now an urgency in enterprises that demands more adaptable mindsets, business models, interventions, solutions, and competencies. The CXO is pivotal in facilitating these changes. But truth be told, this is a matter for the entire C-suite. And achieving the agility and velocity that’s necessary today has to be the result of collaborative leadership and execution.
The new perspective required needs to take into account the demands of constant change, global competition, new market entrants, powerful technologies, persistent and intolerant stakeholders, and environmental and social pressures. It also needs to recognize that nearly all of today’s enterprises were designed and built for a far different set of market realities than those we currently face.
Of the three types of entity emerging from the health crisis (as I outlined in the first article in this series), only those who are committed to change will be able to move beyond COVID-19 in a healthy state. Because those who have rebounded but are treating business as usual are heading for a difficult time. And those who don’t know how to achieve change are leaving themselves in a vulnerable position.
It’s therefore time for us to confidently step away from the standpoints of the past and truly, honestly and openly embrace change.
Renewal and renaissance: a summary of the key drivers
The renewal and renaissance needed today will be fueled by three very similar drivers that I’ve discussed at length in the previous articles in this series. But, for the purpose of summarizing my thoughts, here is a quick recap of the main points:
When it comes to positioning the enterprise, there are three dimensions that need to be considered. These are stakeholder relevancy, competitive landscape, and governance.
By defining who the stakeholders of the enterprise are in the future state, what their expectations are, and how you establish and maintain relevancy with each one, you’ll be able to gauge their transitioning attitudes and behaviors – enabling you to adapt accordingly.
By analyzing the competitive landscape, you’ll be able to align yourself with those who are adopting a much more aggressive posture in re-imagining and renewing their enterprises. These are the competitors that ‘get’ what this period is all about.
And by redefining and realigning governance, you can position yourself to handle the VUCA (volatility, uncertainty, complexity, and ambiguity) environments of today.
You can watch my esteemed colleague, Lee Beardmore, Vice President and CIO at Capgemini, talk more about the importance of positioning here:
When we consider the journey ahead, no enterprise can afford silo-thinking, let alone silo execution. Every part of the enterprise is dependent on every other part and only together can they mobilize the whole. So, we must apply the concept of enterprise as a platform to how we architect and design because it can help to facilitate a truly integrated operating model.
As part of this, we must strive to address the interconnectedness of the enterprise. And create a second-natured ability to sense, interpret, and respond with speed – at scale. These attributes are some of the primary enablers for enterprise renewal and renaissance.
You can see- Chief Technology and Innovation Officer of Capgemini’s Financial Services Global Business, Sudhir Pai, discuss the idea of enterprise as a platform further in this video:
Finally, if we are to successfully move forward in a rapidly evolving world, then we need to equip ourselves with the proficiencies that allow us to do so. And we need to take on board the concept of innovation as being a continual development, refinement, and adoption of the necessary means to progress beyond the health crisis.
By considering and combining the four primary dimensions of proficiencies, you can inform a journey map to a desired future state of enterprise renewal. These four dimensions are prioritized proficiencies; must-have proficiencies; intelligent proficiencies; and agile proficiencies – and together they’ll prepare you for a new reality.
Watch Manuel Sevilla, VP and Chief Digital Officer of Capgemini Business Services provide more insight into the key proficiencies here:
Let’s continue the conversation
I mentioned in my very first article of this series that the renewal and renaissance of the modern-day enterprise is more than just catchy words. But as you can now see through the examples I’ve presented, anything less than renewal and renaissance simply won’t be enough to take enterprises forward beyond the health crisis.
So, let’s make sure we’re fit for tomorrow and open-minded about the future. Let’s start reimagining our enterprises – today. And let’s make sure we’re heading in the right direction, together. Are you ready to continue the conversation?
I’d love to hear your feedback on this series – and answer any specific questions you might have about any of the topics raised. Please leave your comments below and do feel free to reach out to me personally if you’d like to talk some more.
Watch the reply of our webinar to get an innovation Health Check and to create a future-ready business.
Read the complete blog series on ‘Beyond the health crisis’ by Lanny Cohen here