In episode 66 of the Leadership minute, Tony Uphoff talks about how technology has disrupted virtually every aspect of business, and how leaders must actively adapt and evolve their organizations to thrive in the digital age. This means actively recognizing that their companies, whether they manufacture heavy machinery or provide financial services, are, at their core, technology companies. He shares three priorities that business leaders must follow to develop and operationalize this technology mindset.
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01:29 — Tony’s first (and foremost) recommended priority is that leaders must adopt a digital-first approach to their businesses. This means prioritizing digital channels, tools, and processes to ensure their companies remain agile and responsive to changing market conditions.
02:16 — The second core priority business leaders must focus on is leveraging data and analytics. Today’s businesses have access to more data than ever before, and harnessing this information can be a powerful competitive advantage.
Which companies are the most important vendors in data? Check out the Acceleration Economy Data Modernization Top 10 Shortlist.
03:05 — Finally, Tony says, the third core priority in developing a technology mindset is developing a tech-savvy workforce. A tech-savvy workforce can adapt to new technologies, drive innovation, and help your organization stay ahead of the competition.
03:51 — By adopting a digital-first approach, leveraging data analytics, and cultivating a tech-savvy workforce, you can position your company for success in the acceleration economy. Tony points out that it’s not about replacing your core business with technology. It’s about using technology to enhance, optimize, and grow your organization.
04:11 — Before wrapping up, Tony leaves one more thought: The five largest companies in the world by market capitalization are Alphabet, Amazon, Apple, Facebook, and Microsoft, and they’re all technology companies. But they’re not the only technology companies. Why? Because as technology becomes more and more foundational in every industry and every function, companies as varied as Goldman Sachs, Exxon, GE, Citibank, and Walmart are all becoming technology companies as well. Today, the distinction between technology and non-technology companies is becoming less relevant. The key is establishing a technology mindset as a core part of your culture.
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