The seven leadership imperatives

Summary

This video explores how digital initiatives have transformed businesses over the past 30 years, highlighting the need for true business transformation rather than just technological adoption. Drawing from extensive research, the video outlines seven leadership imperatives crucial for companies to succeed in the digital age. These include reimagining a company's value, embracing ecosystems, building trusted customer insights, creating outcome-oriented organizations, shifting leadership focus, reinventing employee engagement, and disrupting leadership approaches. The video emphasizes that only by addressing all seven imperatives can companies navigate future challenges and achieve lasting success.

Takeaways

• 😀 The launch of the first commercial internet browser nearly 30 years ago marked the beginning of massive digital transformation in society and business.
• 😀 Many companies have invested heavily in digital initiatives, but these investments often fail to create a true competitive advantage or business transformation.
• 😀 PwC's research identified seven leadership imperatives that successful companies use to navigate change and shape their future in the digital age.
• 😀 1. Reimagine your company's place in the world by redefining the unique value you create for customers and society, and the capabilities needed to deliver it.
• 😀 2. Embrace and create value through ecosystems by collaborating with other organizations to offer value propositions that no single company can provide alone.
• 😀 3. Build a system of privileged insights by developing deep, trusted relationships with customers, and using these insights to continuously improve the value you create.
• 😀 4. Build outcome-oriented organizations by shifting away from traditional matrix structures, focusing on teams that bring diverse skills together to achieve specific goals.
• 😀 5. Invert the focus of the leadership team by shifting from responding to internal needs to setting an agenda for transformation and driving change.
• 😀 6. Reinvent the social contract with employees by creating an engagement system based on purpose, contribution, community, and rewards beyond pay.
• 😀 7. Disrupt your leadership approach by challenging your own leadership practices to be more adaptive, balancing competing abilities and beliefs in the digital age.
• 😀 Companies succeed in the digital age by addressing all seven leadership imperatives in an interconnected manner, creating a comprehensive roadmap for transformation.

Q & A

What significant milestone is mentioned at the beginning of the script?

The script mentions the launch of the first commercial internet browser, which marked the starting point for mass adoption of digital technologies and significant societal and business shifts.

How have companies typically responded to technological innovations according to the script?

Companies have made massive investments in digital efforts in an attempt to catch up with technological innovations and competition. However, these efforts often haven't led to a major competitive advantage.

What is the key distinction between digital initiatives and true business transformation?

The script clarifies that digital initiatives should not be confused with true business transformation. While digital efforts may be significant, real business transformation is needed to succeed in the digital age.

What is the core objective of the research conducted by PwC’s strategy consulting team?

The research conducted by PwC aimed to understand how leading companies across industries and regions navigated change, shaped their future, and uncovered common elements for success in their transformation journeys.

What are the seven leadership imperatives identified in the research?

The seven leadership imperatives are: 1) Reimagine your company's place in the world, 2) Embrace and create value via ecosystems, 3) Build a system of privileged insights with customers, 4) Make your organization outcome-oriented, 5) Invert the focus of the leadership team, 6) Reinvent the social contract with your people, 7) Disrupt your own leadership approach.

What does the first leadership imperative, 'Reimagine your company's place in the world,' suggest?

It suggests that companies should redefine the unique value they create for customers and society, and build the capabilities necessary to deliver on that promise.

What role do ecosystems play according to the second leadership imperative?

The second imperative emphasizes the importance of collaborating with other organizations to create value propositions that no company could offer alone. It suggests focusing on core strengths while leveraging the capabilities, speed, and scale of ecosystems.

How does the third leadership imperative, 'Build a system of privileged insights with customers,' differ from traditional market research?

It goes beyond traditional market research by emphasizing the need for deep, trusted relationships with customers, which allow companies to gain unique insights into their true wants and needs. These insights form the foundation for continuous improvement in value creation.

What is the goal of making an organization outcome-oriented as described in the fourth imperative?

The goal is to break up traditional matrix organizations and build teams around outcomes, bringing together diverse skills and experiences to realize differentiated capabilities.

Why is the fifth imperative, 'Invert the focus of the leadership team,' important?

This imperative encourages leaders to shift from merely responding to organizational needs to proactively setting the agenda for transformation. It involves rethinking roles, skills, governance mechanisms, and behaviors to drive transformation.

What does the sixth leadership imperative, 'Reinvent the social contract with your people,' entail?

It emphasizes creating an engagement system based on purpose, contribution, community, and rewards beyond pay. This is crucial to enable employees to lead the transformation process, as the speed, scale, and complexity of the transformation depend on them.

What is meant by 'disrupt your own leadership approach' in the seventh imperative?

It means that leaders must have the courage to challenge their own leadership methods and adapt to the unique challenges of the digital age. They need to balance competing characteristics, abilities, and beliefs to lead effectively in this environment.

What does the script say about tackling the seven imperatives?

The script suggests that addressing just one or two imperatives is typically not enough. Companies need to address all seven imperatives simultaneously to create an interlocking system that will enable them to navigate future challenges successfully.

How does the book 'Beyond Digital' support businesses in implementing these imperatives?

The book 'Beyond Digital' provides practical advice on how to implement the seven leadership imperatives, backed by real-life stories of companies and leaders who successfully navigated their transformations.