Case Study
As we wade further into the digital age, it's apparent that computers are at the center of everything. Last year, McKinsey & Company pointed out that the "topple rate" at which companies lose their leadership positions has increased by almost 40 percent from 1965 to 2012. What's more, the pace of digital disruption continues to accelerate. When McKinsey conducted an in-depth diagnostic study of 150 companies globally, it found that 18 practices related to digital strategy, capabilities and culture lead to a factor it calls a digital quotient, or DQ. The consulting firm ultimately identified four key factors
Strategy Matters. Companies must understand where they reside, where they want to go and establish a roadmap.
Investments Are Critical. Investments must support the strategy and they must scale to the task.
Technical Capabilities Aren't Everything. The study found that while strong technical tools such as big data analytics, digital content management and search engine optimization are crucial, there's also a need for a strong and adaptive culture.
Alignment Is Imperative. An organization must align its organizational structures, talent development, funding mechanisms, and key performance indicators (KPIs) with the digital strategy it has chosen. Getting the strategy right is where the heavy lifting begins.
You are the Leader of a start-up. You provide security services to small business with a focus on PCI and transactional processing. Knowing what you know about the digital age, the complexities of cyber-security and what demands customers will place on you, what are the most important elements in creating an effective strategy for this new business? You have 200 existing customers, 5 million in annual sales and 15 full-time and 20 contract positions within the company.
You have just been appointed CEO.
1. How do you determine the existing strategy?
2. How do you determine the existing Culture?
3. Which of the two are more important in your opinion and why?
4. What do you believe are the tangible and intangible aspects of leadership?
5. Is leadership learned or are you born with just the right qualities?
6. Which is more important in being able to create and lead an organization?
7. Do you do a SWOT analysis? If you do what do you do with the results?
8. Ultimately, you must collaborate with internal business and technology leaders to define the strategy, deploy technology and processes to scale capabilities, build a fast, agile and innovative culture, and find the talent to support it all. Where do you start?