Business leaders must stay on top of any trend that could impact their business, their rivals, their customers or the market in which they operate. This is essential to staying competitive and making informed, strategic decisions.
In today’s world, this often means being particularly alert to technology trends. But, given the pace of technological change, keeping up with these trends isn’t easy. Implementing digital technologies and transitioning to digital-first operations and processes is difficult. Doing so requires a clear understanding of how workplace culture, KPIs and staff hiring influence digital strategies.
However, with the right approach and a little strategic thinking, leaders can stay on top of these trends, or even get ahead of them.
Start with insight, not instinct
An essential starting point for business leaders is to understand the degree of change their company will be able to embrace, as well as the gap between where the business is now and where it aims to be in the future. It’s important to work with and consider the advice of experts from both inside and outside the organisation to stay on top of the latest developments.
Designate someone in the organisation to keep the leadership team abreast of the tech trends impacting their industry. But be sure to give the person entrusted with this responsibility appropriate time and resources, as these will be necessary for the leadership team to make the best-possible decisions about new tech and digital investments.
But, while internal and external counsel can be invaluable for implementing savvy tech strategies, effective leaders must also take strong initiative themselves.
As Wolff Olins began to be more experience-led, for example, I pursued various courses in user-experience design and coding in my spare time. I also completed a master’s degree in digital sociology, which helped me to think about human behaviour and its effect on technology, as well as technology’s effect on humankind.
If that’s too much, keep up with reliable sources of information on technology trends, such as industry reports, tech news sites, podcasts and conferences.
Focus on thought leaders, analysts and industry-specific organisations or those with a track record of accurately predicting the impact of new technologies. Leaders who do this will be better able to filter out the noise and focus on trends that are likely to impact their business. Regularly reading specialised publications such as Wired, TechCrunch and FastCo, and keeping up with research by organisations such as Gartner can also help leaders to establish solid foundational knowledge.
Experiment your way to understanding
However, understanding tech trends doesn’t just come from reading about them – hands-on experience is important as well.
Leaders can support innovation across the organisation by setting a budget for trying out new tools, scheduling ‘play time’ for people to experiment with new tech and offering incentives for people who can figure out not just how to boost the bottom line but how to streamline processes or develop creative output.
Teams should be encouraged to experiment with new technologies by running small-scale pilot projects or trials. This will help generate practical insights into how new technologies works, their limitations and how they could benefit or challenge the business. Testing out AI tools for customer service or exploring automation in certain processes can help leaders make more informed decisions when scaling up their use, for example.
Leaders tend to fall into one of two camps: either they are heading up an organisation that is doing well so they decide they should do more, which is rare, or they are heading up an organisation in decline, which forces them to act. This is the so-called burning platform scenario.
By staying informed, connecting with tech-savvy individuals and actively experimenting, business leaders can better understand emerging technology trends and their impact on the business strategy. Remember to always be curious about new technology and be nosy about what other brands are doing – and not just direct competitors.
Sairah Ashman is global CEO at Wolff Olins, a brand consultancy
Business leaders must stay on top of any trend that could impact their business, their rivals, their customers or the market in which they operate. This is essential to staying competitive and making informed, strategic decisions.
In today’s world, this often means being particularly alert to technology trends. But, given the pace of technological change, keeping up with these trends isn't easy. Implementing digital technologies and transitioning to digital-first operations and processes is difficult. Doing so requires a clear understanding of how workplace culture, KPIs and staff hiring influence digital strategies.
However, with the right approach and a little strategic thinking, leaders can stay on top of these trends, or even get ahead of them.
