This is what great leadership looks like in the digital age

digital 2019_

(Kelly Sikkema, Unsplash)

This article is brought to you thanks to the collaboration of The European Sting with the World Economic Forum.

Author: Apoorve Dubey, CEO, Kreyon Systems Pvt


Digital leadership is about empowering others to lead and creating self-organized teams that optimise their day-to-day operations. Leadership is no longer hierarchical – it needs participation, involvement and contribution from everyone.

But why is digital leadership important? Today, leaders need to deal with unprecedented changes and an unpredictable and challenging future due to the Fourth Industrial Revolution. This revolution is driven by the advent of new technologies. In such a world, leadership will play a bigger role than ever. Leaders will have to create and show the way forward amid transitions, disruptions, chaos and ambiguity.

 

Research by McKinsey shows that emerging digital ecosystems could account for more than $60 trillion in revenue by 2025. The role of digital leaders will be prominent as they will need to steer, design and build systems that create an inclusive future for everyone. Here, we look at strategies to create leadership at all levels.

Build participation and accountability

The digital economy is driven by rapid ongoing developments. Leaders cannot take ownership of everything. A leader cannot know it all, and the top-down approach is no longer sustainable.

Leaders need to empower their teams to work with autonomy and freedom, and to take decisions. Organisations need to create leaders at all levels by building participation and accountability. They need to learn from people working on the ground, take inputs and trust them. Every member of the team should be encouraged to contribute ideas, insights and knowledge for achieving shared goals.

Leaders need to build an environment where people take ownership of things and are accountable. When people care about the tasks they are performing, and work with their heart and soul, great things are possible.

Leaders need to empower their teams to work with autonomy and freedom.

Leaders need to empower their teams to work with autonomy and freedom.
Image: Unsplash

Provide direction, clarity and purpose

The digital world is not about technology, but people. As our day-to-day lives are increasingly immersed in technology, it is easy to lose perspective on things that matter. Leadership needs to communicate with purpose and provide direction. Leaders need to create a compelling vision, and communicate with clarity so that everyone understands what the team is trying to achieve and why.

Great leaders have the ability to decipher complexity and present simple steps towards achieving a task. Leadership also needs to be vigilant, and to create a long-term sustainable value proposition for all stakeholders.

Leaders needs to energize everyone and inspire them with an inclusive vision. People achieve great things when they are driven by a strong purpose and find work meaningful. When people know the why, they figure out the how.

Empower people to experiment, innovate and execute

The average age of an S&P company was 33 years in 1964. This was reduced to 24 years by 2016, and is expected to shrink to 12 years by 2027. There are forces of creative destruction at play, and leaders need to be on the top of their game to survive and thrive.

The paradox of leadership lies in staying focused on the present, while also visualizing the future and creating a roadmap to reach it. Innovation is the way to remain immune to creative destruction and disruptions. Leaders need to drive innovation and experimentation, and to continuously evolve to meet dynamic needs.

When organizations create a culture of learning, failures and experiments lead to inventions and innovations. Creating leadership at all levels provides the support required for teams to iterate their way to success.

Building bridges and finding solutions

Technology has shattered the barriers and reduced the distances between industries, societies and places. The world is more interconnected than ever. Leaders who understand the value of diversity, inclusion and open-mindedness can navigate the challenges of technological disruptions.

Digital leadership requires adaptability to handle pressure and constant changes.

Digital leadership requires adaptability to handle pressure and constant changes.
Image: Unsplash

The way that traditional industries operate is undergoing rapid transformation. The rise of the sharing economy, online marketplaces and digital platforms for ride-sharing, hotel booking and peer-to-peer lending means that teams need to remain open to new opportunities on the horizon.

Leaders need understanding of various business functions, industries and technologies to conceptualize the right solutions for new situations. New industries will emerge from innovations and technological developments. It will be important for teams to be open-minded and tap into new avenues for growth outside their comfort zones.

Agile teams and quick decision-making

The speed at which you do things can be the difference between success and failure in the digital economy. Leaders need a mechanism to make their teams more agile, to deal with sudden changes and challenge the status quo.

Digital leadership requires adaptability to handle pressure and constant changes, and to take decisions with agility. The projects you’re working on can lose significance very quickly through no fault of your own. In these moments of uncertainty, experts should be trusted to resurrect things, pivot the organization and show the way forward.

Constant evolution and reskilling

The inertia of past success can be crippling for the future. Leaders need nimbleness to adapt and equip their teams with skills for the future. Innovations and disruptive technology will have a significant bearing on workforces, processes, companies and industries.

The World Economic Forum’s 2018 Future of Jobs report suggests that, by 2022, no less than 54% of all employees will require significant re- and upskilling. Of these, about 35% are expected to require additional training of up to six months, while 9% will require reskilling lasting 6-12 months and 10% will require additional skills training of more than a year.

The digital leadership will need to address the skill gaps, prepare themselves and their teams to face the future by creating an environment of lifelong learning. With the adoption of new technology and solutions, new professions, skills and industries will emerge.

The challenges ahead

The World Bank’s 2019 report The Changing Nature of Work contains an interesting observation: IKEA, the Swedish furniture retail giant founded, took 30 years after its founding in 1943 before it started expanding in Europe. It reported revenue of $42 billion after seven decades. However, the Chinese ecommerce giant Alibaba reached 1 million users in just two years. It accumulated more than 9 million online merchants and annual sales of $700 billion in 15 years using digital technologies.

Disruptions in the digital world occur at a phenomenal rate. They have the power to impact the way entire industries operate. All actors, from regulators to policy-makers, governments and digital leaders, need to proactively analyse the risks involved and come up with solutions for mitigating them.

Last year, there were stories about Facebook’s security breaches, privacy policies and data sharing. Millions of users were exposed and serious concerns were raised about the soft underbelly of the digital economy. This is just the sort of issue that digital leadership needs to tackle head-on.

Leaders need to create systems that ensure transparency, a thorough audit of processes and the highest ethical standards. Dealing with personal data, privacy of individuals and corporate information requires enforcement of stringent compliance and transparency.

In a world driven by devices and technology, how you lead people will make the critical difference. Leaders in this new age need to inspire, engage and lead with optimism. Technology can play a role in reduce racial, gender and economic inequalities for vast numbers of people. By empowering others to pinpoint and solve critical problems, digital leaders will have the power to shape the future of our world.

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

the European Sting Milestones

Featured Stings

How to build a more resilient and inclusive global system

Stopping antimicrobial resistance would cost just USD 2 per person a year

‘A trusted voice’ for social justice: Guterres celebrates 100 years of the International Labour Organization

Technological innovation can bolster trust and security at international borders. Here’s how

A Sting Exclusive: “China is Making Good Stories not Bad Ones”, Ambassador Yang highlights from Brussels

Climate change: cutting the good by the root?

EU elections 2019: Trump’s share in the support of populism

Our food system is pushing nature to the brink. Here’s what we need to do

The ECB tells Berlin that a Germanic Eurozone is unacceptable and doesn’t work

Will Qualcomm avoid Broadcom’s hostile takeover post the 1 bn euro EU antitrust fine?

The current devaluation of primary health care professionals

These are the most desirable cities for overseas workers

What’s really driving corporate climate action?

US Tariffs on Steel and Aluminium: Statement of Trade Committee Chair

Agreement reached on new EU measures to prevent electricity blackouts

The EU Parliament endorses tax on financial transactions

Security Council urged to help spare Syrians from ‘devastation’

2,300 migrant children in Central American ‘caravan’ need protection, UNICEF says

Consumers’ rights against defective digital content agreed by EU lawmakers

Franchise India 2016, returns in 14th year 

Italy’s Letta: A European Banking Union soon or Eurozone collapses

ECB: Euro area should smooth out the consumption and income shocks of its members

Food safety: Enhancing consumer trust in EU risk assessment and authorisation

Around 2.5 billion more people will be living in cities by 2050, projects new UN report

Christmas spending: Who can afford not to cut?

Libya on verge of civil war, threatening ‘permanent division’, top UN official warns Security Council

How electrification can supercharge the energy transition

“The Belt and Road Initiative aims to promote peace, development and stability”, Ambassador Zhang of the Chinese Mission to EU highlights from European Business Summit 2018

Western Balkans: European Parliament takes stock of 2018 progress

The end of the 404? Why we need to repair the internet’s crumbling infrastructure

An economist explains why women are paid less

We can save the Earth. Here’s how

Does the EU want GMOs and meat with hormones from the US?

UN expert calls for international investigation into ‘evident murder’ of Jamal Khashoggi

A Sting Exclusive: “One year on from the VW scandal and EU consumers are still in the dark”, BEUC’s Head highlights from Brussels

UN relief official in Yemen condemns ‘horrific’ attack on passenger buses

Cameron’s Conservatives and UKIP are exploiting and cultivating anti-EU immigration sentiment but Labour party isn’t?

Despite setbacks, ‘political will’ to end Yemen war stronger than ever: top UN envoy

‘No-deal’ Brexit preparedness: European Commission takes stock of preparations and provides practical guidance to ensure coordinated EU approach

Why city residents should have a say in what their cities look like

Tobacco is harming the planet, not just our health, says new study

Job automation risks vary widely across different regions within countries

EU budget: Boosting cooperation between tax and customs authorities for a safer and more prosperous EU

How ‘small’ is Europe in Big Data?

2021-2027 EU Budget: €378,1 billion to benefit all regions

EU27 leaders unite on Brexit Guidelines ahead of “tough negotiations” with Theresa May

UN chief welcomes Taliban’s temporary truce announcement, encourages all parties to embrace ‘Afghan-owned peace’

Towards a tobacco free India

The challenges of mental health among the Syrian medical students

Costa Coffee products (Copyright: Costa Coffee; Source: Costa Coffee website, Press area)

The start of the “Caffeine rush”: Coca-Cola acquires Costa Coffee days after Nestlé-Starbucks deal

‘Break the cycle’ of disaster-response-recovery, urges top UN official, as death toll mounts from Cyclone Idai

Here are 5 security challenges Nigeria’s leader must tackle

EU budget deal struck with Parliament negotiators

India is investing more money in solar power than coal for first time

How robotics can help humanitarians bridge the digital divide

Ten UN peacekeepers killed in a terrorist attack in northern Mali

As the Universal Declaration of Human Rights turns 70 – is it time for a new approach?

Mental health: a medical school’s demand

Why is Grexit again in the news? Who is to pay for Eurozone’s banking problems?

European Investment Bank to borrow €70 billion in 2013

Brexit: Six more months of political paralysis or a May-Corbyn compromise?

The ‘yellow vests’ undermined Macron in France and the EU

More Stings?

Speak your Mind Here

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s