Two thirds of the present day workforce is comprised of the tech savvy millennials. The generational shift in the labor market mean that the managers, organization leaders and corporate executives will have to understand the realm within which this demographic operates and thrives in order to harness optimum productivity out of them.
That is reason number one. The other is that companies need to locate information on a competitor, business partner, customer trend or a news development hence the internet of things becomes a necessary immersion cauldron. Forbes Insight in association with Google surveyed 350 top executives at large U.S companies (those with annual sales of greater than US$ 1 billion) and the meetings confirmed that the internet has been a chief source of business information but how the internet is frequently used depends on the age and work experience of the executive.
The internet is becoming the C-suite’s most valuable instrument for transformation attributed to a growing influence of global digital business. It is proving to be a valuable tool for locating business-related information of particular interest to the specific organization. Its convenience is further enhanced by the fact that it’s a superior platform of gathering information and ranks higher than seeking the same info from Friends, colleagues, business networks and the media with trust playing a key role in the decision.
Contrary to the general perception, when it comes to matters research, the tasks may be delegated to the relevant personnel but it has been identified that execs prefer to personally authenticate and put the stamp of approval on the conclusions. In the survey by Forbes Insight more than half of the C-level respondents preferred to locate the information themselves establishing levels of self sufficiency.
Executives in IT will be more likely to ascend to executive positions in future and it will be a automatic ascend since their proficiency in technology will come in handy as digitalization will be a key component of strategic plans. Executives under 40 are most willing to engage with emerging internet technologies in mobile computing and other online social networks. Having come of age professionally in the internet proliferation era, this generation defines fluency in web activity and the level of innovation and initiative will be elevated to new heights.
GENERATION PC REDEFINING THE C-SUITE
Generation Personal Computer as they are referred are those whose career starts coincided with the rise of the PC in the early mid-1980s. This generation came of business age by acclimatizing with word processor, spreadsheets and desktop software and hence this is a realm they are fully familiarized. This was the first group to sent emails, design search engines and web pages and oversaw the transition of business to the internet. Now that its members are in their 40s and 50s they can be termed as eligible successors to the C-suite positions, radically redefining the way business will be done henceforth.
The digital influence is already taking place all over and the top leaders and business s trends influencers have no option but to embrace digital thinking. The type that strongly upholds characteristics like efficiency, convenience, speed, and economies of scale. Top executives and company chiefs are always in search of critical information and can effortlessly click from page to page in search of the relevant info.
Text remains the predominant means of receiving and filtering information among executives but streaming video , webcasts and similar formats are increasing in prevalence, particularly in the C-suite and among the PC generation.
The customer will play a crucial role in determining the strategy that companies embark on. Walkers Report 2020 indicates that customer expectation in the future are the outcomes of movements that have been underway for decades. The changes such as the digital disruption, enhanced customer awareness, and accelerated innovation will have a profound impact on customer expectations. By 2020, the customer will be more informed and in charge of the experience they receive. This power is already being utilized since the customer today can build or kill a brand with just a mere tweet or a post on social media and therefore the 21st Century C-suite has to understand the brittle business environment as the new reality.
The 2020 customer will expect the businesses to anticipate their individual needs and offer personalized service. As customer expectations anticipates a shift on priority, companies will have to adapt. Enlightened by what the future has in store, many companies are already laying the foundation for 2020 but others are stuck in a historical view of customer management and will fall behind if they don’t react soon.
To avoid being swept away by the tide, companies will have to leverage on big data analytics on the customer and must prioritize on personalized and proactive customer support to effectively grow and retain customers.