Although the majority of executives recognize that digital disruption will have a direct effect on their business, they often fail to adequately prepare for it. When it comes to digital disruption, executives generally focus their energy on re-evaluating their business processes and technology, and the human element gets lost in the process.
The current generation of business leadership represents the most significant barrier to transformational success. Millennials are poised to become the largest generation in the workforce and have brought with them a radically different — and innovative — approach to business, one that focuses on transparency, open-mindedness, and thinking big. Current business leadership has proven to be reluctant to adopt this thinking and resistant to change, which prevents their organizations from evolving with the times.
To avoid going extinct, organizations must make a concerted effort to attract the best and brightest new talent from the millennial generation while retaining existing talent by creating an ecosystem that capitalizes on the strengths of both. In accordance with this line of thinking, more organizations are working toward becoming software companies, moving away from an asset-heavy approach to a platform-heavy one, and shifting their culture with enterprise digital transformation.