Strong leadership is essential for a business to flourish and succeed in an increasingly complex world. The degree of complexity is growing as the connected, digital economy takes hold across the commercial ecosystem. Data is fast becoming a key business asset, ranking alongside people, operational culture and financial dexterity as elements essential to growth, profitability and competitiveness. In addition, in today’s complex and diverse commercial environment, companies which are not in tune with the political and economic nuances of the landscape invariably fail. No company is immune, whether a large corporate or a small enterprise. Global economic shock does not discriminate. Staying alert to – and where possible – anticipating political and economic change is key but even more relevant is retaining a willingness and desire to transform and change. Strong, intelligent and sympathetic leadership is fundamental to keeping pace with such digitally- inspired transformation.

Technology – friend or foe?

Business leaders can easily be swayed by technology and persuaded to buy the latest suite of digital tools in the assumption that it will propel them into the lead. The leaders in our increasingly digital world need the certainty of confident decision making if they are to make decisions for the right reasons, not beguiled by the increasing number of technologies being pushed towards them.

In the rush to become more effective and efficient, it is too easy to buy digital technology, automate the processes of production and reduce the number of people involved to cut the salary bill. Companies which do this, introducing technology for its own sake without clear consideration of business requirements, invariably raise their levels of debt to critical proportions, struggle to fit the technology to the business and suffer from significant reductions in the people who have the potential to realise new skills and capabilities. Business leaders need a clear vision, supported by a sound strategy, if they are to understand the outcomes they are trying to achieve as they seek to transform their business in the quest for success. Such a position will enable them to manoeuvre through the minefield of technological innovation as they strive to do what is right for the business.

Courageous leadership

Transformation to retain a competitive edge is about creating a winning culture, seizing the advantage to be gained by imaginative ideas and innovation, the adoption of new, game-changing technologies, and motivating the most important business assets of people and teams, to be the willing drivers on the route to success.  However, none of that will work without strong but empathetic leadership to build the culture which empowers people to innovate, create and be willing to take decisions to grow value.  But there are numerous examples in large companies where, despite the application of technology, tortuous levels of approvals, bureaucracy and risk aversion remain, prolonging decision making, introducing unnecessary complexities and adding considerable cost. Such a culture stifles agility, strangles innovation and starts a business on the inevitable downward spiral to oblivion. The leader in the digital world, where data is instantly available and displayed, needs the courage to permit rapid decision making to get inside the competition’s decision cycle – being able to think and act faster than a competitor in order to win. That requires the courage to take risks.

Pragmatic risk taking greatly assists the achievement of objectives. It speeds up decision making and generates competitive momentum. It is in these circumstances that it is vital that leaders and managers at every level have the confidence to observe what is happening, consider relevant factors, decide what needs to be done, then act – rapidly!

Trust, support and team work break down barriers

The need to trust leaders in this volatile environment is fundamental. Trusted leaders are supported leaders. Supported leaders breed active team work. Team work creates a culture where anything is possible and achievable. Leaders who are trusted and supported to do the right thing, create an environment for success with highly motivated, knowledgeable and confident people having implicit trust in their leaders to support, guide and encourage them, knowing that it is a team effort. Not doing so in the new, digitised world, makes a mockery of the very technology which is there to transform the business by serving the people who will drive that transformation.

The culture must embrace the complex demands of leadership and encourage development and progress, giving impetus to the imagination of the young employees. Interns and graduates arrive enthusiastic and full of promise – all too often that enthusiasm is dampened by corporate processes and behaviours and the potential power of the individual is lost.  People should be encouraged to ask the question ‘why not’ or ‘if we’ – learning from experiences – experiences on which business can be designed. The uncluttered mind of youth, encouraged and given freedom to operate and roam free is a powerful asset. Limitations and barriers to thought are being broken down and the business world needs to empower the mind to think further, faster and deeper.

Leadership, sustainability and resilience to reduce fear of the future

To conclude, leaders who embrace the demands of the increasingly complex digital world will empower their people to think widely, to act differently and to be part of the success which comes from the appropriate use of relevant technology. Achieve the right balance and the company will strike the perfect relationship between customers and their expectations, business and its drive for efficiency and competitiveness, and academia as the powerhouse for developing the people at the heart of the digital future. Getting it ‘right’ is not easy but is worth the effort of strong and trusted leadership to create the value that people, aided by technology will achieve – a truly sustainable, resilient business with a winning competitive edge, unafraid to face the future.