The digital-led recovery from COVID-19: Five questions for CEOs
McKinsey & Company
Companies that move early and decisively in a crisis do best. COVID-19 is likely to significantly accelerate the shift to digital and fundamentally shake up the business landscape. Even before COVID-19 hit, 92% of companies thought their business models would need to change given digitization. The companies listed on the S&P 500 Index have an average age of 22 years, down from 61 years in 1958.
CEOs should ask the following questions to help prepare their businesses for the recovery when it finally comes:
- Do you have a clear view of where the value is going to be and a road map that will get you there?
- What role should business building have in helping you accelerate your entrance into new markets or access new customers?
- How can you lock in the benefits of a more agile operating model to increase the metabolic rate of your business?
- How should you rethink your talent strategy so that you have the people you need when the recovery starts?
CEOs who can best prepare their businesses effectively for a more digital future will give their companies the best chance for a brighter future.
Read here for full details.
COVID-19 and preparing for what’s next
London School of Economics
Our psychology leads us to overestimate our understanding of the world, which is usually not a problem because as individuals we do not need causal models for everything we benefit from.
But good decision-making under novel circumstances does require causal understanding unless solutions already exist in the society. Thus understanding how societies evolve and innovate is critical. In our connected age, other people’s problems are our problems, but their solutions might also be our solutions.
This in-depth article provides a fascinating overview of the psychology of decision making and the implications for business leaders.
Read here for full details.
The power of data governance
Data underpins everything from regulatory compliance to day-to-day operations and is one of the most powerful assets an organization has.
How do you turn data into useful, insightful and actionable information? The first step is data governance. The key elements of data governance any organisation should implement are:
- Data Integrity: This is the accuracy and completeness of the data. Utilize data standardization practices and data mapping to help ensure that your data is consistent, complete and accurate across all systems.
- Data Storage and Integration: Consider where the data is stored and how this data moves between systems.
- Data Visibility: How is your data displayed in all systems?
- Data Security: Who has access to the data and how is the data protected from data breach scenarios?
How CIOs and CFOs are working together to fund business-critical tech initiatives
As technology becomes an even more critical driving force for the modern organisation, CIOs and CFOs can partner to play an essential role in making and monitoring technology investments that set up their organisations for future success, ensuring there is transparency, oversight, alignment, and optimization to maximize returns.
CIOs and CFOs have an unprecedented opportunity to work together to take their organisations from recovery to growth.
Read here to find out how IT and finance leaders are finding new ways to fund business-critical tech initiatives.