- Shared purpose at the top: A shared purpose helps unite the company towards a common goal and stay motivated.
- Empowerment of leaders: The key to transformation is to enable leaders to make important decisions by omitting trivial issues, approvals, and multiple committee meetings.
- Faster decision-making: Organisations are overflowing with people who are sure about the pitfalls of doing something or “why something may not work” but equally unsure about how they would go about the task. Most have learned that cutting bureaucracy and moving fast is a better idea than to sit around waiting for the green light.
- Linking business value to transformation objectives: All transformation roads must lead to business benefits.
- Experimenting with new technology or business model: Organisations do not want to be the first to experiment with a new technology, but where would Adobe be had they not experimented with the SaaS model early on?
- Shared responsibility: Innovation or transformation has to be embedded within the organisation’s DNA and reflected in the KPIs.
- Rewarding Failures: Failure teaches us more than success and this is the key in all transformation leading organisations.
Artificial intelligence (AI) has received a lot of hype in recent months. This hype has generated misconceptions and myths about AI that can trip up its adoption. Here are five common AI myths that often get in the way of a successful AI deployment.
Myth 1: AI is a tool that enterprises add into their existing processes and systems.
Reality: Enterprises must develop new processes and recreate existing ones to realise the full benefits of AI.
Myth 2: It is best to implement multiple AI projects from the start.
Reality: Starting with a production pilot provides the most effective results and creates an opportunity to develop effective change management.
Myth 3: You only need to provide data required for the AI project.
Reality: Lay out all related data before beginning.
Myth 4: Choosing a platform that supports open source is key.
Reality: Determine how quickly a platform updates new open source development before purchasing.
Myth 5: Data governance must involve setting up a large data council.
Reality: Build data governance into development.
2020 KPMG CEO Outlook Report
The 2020 KPMG CEO Outlook report is based on a survey of 1,615 CEOs conducted both before and during the COVID outbreak.
It shows that CEOs are using purpose to guide their decisions, and the COVID-19 crisis is redefining what good corporate leadership looks like.