30 June 2020 – Companies disappear at an alarming rate. Of the Fortune 500 companies that existed in 2000, only 50% remain. This is in large part because new technology can destroy businesses that don’t change. At the MBC Virtual Roundtable Discussion, SGV Consulting Leader Rosanna Fajardo discussed Six Habits for executing digital transformation, which has accelerated amid COVID-19.
SGV says that transformational leaders put customers and employees at the center of operations while quickly adopting new tech to change their business model. A cruise line was able to do this by engaging with customers and upskilling workers during the pandemic. Similarly, a car company shifted from being product-focused to customer-focused, using big data to rethink their retail strategy.
As leaders transform their business, SGV says that they should embrace ethical governance practices even — or especially — when it is not yet mandated by the government. This feeds into the customer. Regulators take a while to catch up to digital innovations, emphasizing the importance of Habit 1: Focus on Customers.