In episode 70 of the Leadership Minute, Tony Uphoff discusses the need for business leaders to recalibrate risk in the context of digital transformation and technology modernization.
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01:25 — Recent comments by FedEx CIO Rob Carter around recalibrating risk in his interview with Bob Evans got Tony thinking about how business leaders today need to consider the risk of not keeping pace with modernizing their businesses.
01:59 — Risk assessment and risk mitigation are foundational steps in business leadership and management, especially when it comes to technology modernization plans. However, most of us don’t recalibrate risk as the world around us changes. Tony shares three core reasons why standing still is too risky for business leaders today: failure to adapt to risk, failure to adapt to consumer preferences, and failure to adapt to the changing expectations of talented employees.
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03:24 — However, business technology has become far less risky to deploy today based on several factors, including maturity resulting in more stability and wider acceptance, pervasiveness enabling easier user experiences, and more reliability from vendors.
04:32 — In today’s fast-paced business environment, Tony says, business leaders need to recalibrate risk and understand that standing pat is riskier than taking ongoing steps to modernize their business for continued growth and scale.
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