The results of the survey conducted by Monitor Deloitte show the enormous impact of technology on business development. The consultancy asked chief strategy officers for their views on the importance of innovative technologies. Up to 84 percent of respondents confirm that advanced technologies such as automation, predictive analytics, artificial intelligence, machine learning and virtual reality will play an increasing, even strategic, role in their business.
New development opportunities
According to the Deloitte Monitor study, advanced technologies will have a significant impact on efficiency in the future. They will provide new development opportunities, open channels to reach customers and simply make new models of strategies feasible.
However, for this development to be possible, organizations must face major challenges. Nearly half of respondents say their companies don’t have the mature skills to use these cutting-edge technologies. 42 percent noticed the lack of a clear link between technology strategy and business strategy, which results from insufficient resources or people skills in the organization. Another problem is the lack of conformity within the organization about which technologies to favor – this point is noted by one in three respondents (34%). These are also issues for the directors in charge of strategy.
– The ability to absorb technology by companies that need it to operate in an increasingly competitive environment will be decisive for their development – explains Grzegorz Dembicki, Director of Business Development at Sagra Technology, provision of CRM and SFA systems for organizations operating in the commerce sector. – Managers need to look for ways to implement technological innovations more efficiently and quickly. One of them is the use of low-code and no-code tools. These are solutions that allow employees who are not professional programmers and do not know any programming language to create applications from ready-made components. Today, it is not only a good way to face a demanding job market, where the rules of the game are determined by the programmers, but above all, to accelerate the implementation and the digitalization of the organization. . – he adds.
Convergence of technology with business strategy
Corporate strategy directors would like to play a bigger role in planning and implementing cutting-edge technologies in their organizations. A second of them (52%) participate in the definition and implementation of their company’s strategies in the field of advanced technologies, ie 5%. more than in the previous year’s survey 2021. Almost all, 88 percent. of respondents would like to play an even greater role in this process than before.
CSOs (Chief Strategy Officers) believe they can have an even greater impact on the high-tech strategies of their organizations. They see their role, for example, in linking technology and business strategy (84%), in estimating and monitoring value creation through implementations (67%), in managing investments (66% ) and defining priority implementations (64%).
Tasks for the CSO
– What advice can be given to those responsible for the organization’s strategies? It is certainly extremely important that they strengthen their skills in the field of technology. In order to be able to navigate freely in the topics linking the future of the company to technological innovations, they must have the appropriate knowledge and a team that will help them meet the completely new challenges facing the organization. – says Grzegorz Dembicki. – A technology-driven company needs a conductor, a manager responsible for a strategy can become one. It should also be realized that the change related to the implementation of new technologies is a continuous process, because with the development of technology, the range of possibilities that can be realized thanks to them increases. Therefore, an appropriate attitude is needed not only with regard to the implementations needed at present, but the whole strategy that will prepare the company for the changes to come. – highlighted.
With optimism for the future
According to the report, 4 in 5 (80%) strategy leaders expect revenue, profit or both to grow over the next 12 months. Moreover, they are optimistic about the state of their industries (this is stated by 64% of them), as well as the financial results of their companies (77%) and their own ability to influence change (81 %). Given the challenges of the past two years, it is no surprise that CSOs remain cautious about the external environment and only 2 in 5 (40%) of them are optimistic about the future of the economy world.
Three out of four CSOs (73%) agree that the top priority of management is to achieve planned objectives. Companies are making more and more progress in defining and developing their target strategies and integrating them into their business strategy. 77 percent Strategy leaders say their organizations have clearly defined goals. As many agree that creating value is key, and 78 percent. states that its strategy is well integrated with the company’s fundamental objectives.
However, there is room for improvement when it comes to measuring the effects of these activities and communicating related information to stakeholders. Only one in five (20%) of the CSOs surveyed are convinced that their companies treat the collection and reporting of data related to the achievement of the objectives as a priority. Only a third of respondents believe that their companies clearly and consistently articulate their target strategy internally and externally.
Research: Monitor Deloitte, part of Deloitte Consulting, surveyed 230 senior executives from 35 countries around the world, representing organizations of all sizes and owners in a variety of industries.