This article considers the most consequential, lasting impacts on business and leadership after a year of crises. It considers three narratives:
- Corporations will have to strengthen their ‘social architecture’
- Agility will grow in importance
- The core skills of leadership will matter more than ever.
There is optimism behind each of the three narratives that the changes will, ultimately, lead to better leaders and stronger companies.
Enterprise business planning (EBP) uses predictive algorithms enhanced by AI to allow companies to combine multiple planning processes into one approach.
This integrated method aligns commercial, operational, and financial plans, ensuring financial goals materialise.
The use of digital tools combined with human insight can show in real-time the impact of financial, operating, and commercial decisions.
Ultimately, EBP planning offers a connected, enterprise wide view of complex issues affecting business performance.
The McKinsey Global Survey on digital strategy indicates that the pandemic has increased the pace of business and that technology capabilities will be critical to companies’ COVID-19 exit strategies as well as to what comes next.
Only 11% believe their current business models will be economically viable through 2023, while another 64% say their companies need to build new digital businesses to help them get there.
The survey results show that a strong technology foundation is critical, and the time is now for companies to make bold investments in technology and capabilities that will equip their businesses to outperform others.
Talent poses a key challenge to companies that are transforming their business through digital and technology. As organisations make their plans for filling critical talent gaps in technology, from the board to the front line, the results suggest that top performers report a greater reliance in hiring new employees. At other companies, respondents report an equal focus on hiring and retraining their current people, and the two groups rely equally on partnering or contracting.