During periods of economic instability, it is essential for business leaders to adapt and discover inventive methods to steer through the constantly shifting environment. As technology continues to evolve, companies can leverage digital products to stay afloat and thrive even during downturns. Here, we explore the insights and lessons learned from industry experts who have successfully leveraged technology trends and digital innovations to their advantage.
Balancing Core Business and Innovation
Andy Caddy, Group CIO at PureGym, highlights the importance of striking a balance between maintaining core business operations and exploring new, innovative opportunities. He emphasised, “It’s crucial to maintain the core business operations and ensure its survival while also creating room for exploring new and intriguing opportunities.” This could mean Incentivizing external resources to focus on your goal or mission. For instance, consider NASA’s Commercial Resupply Services with SpaceX, where large organisations leveraged startups capable of rapid development and delivery to create products for them. In return, these startups received contracts, a distribution platform, or prizes. Such incentives can be offered to a single startup or cast a wider net to encourage multiple participants.
Seizing Opportunities in Crisis
A good example of growth opportunity is Greggs, a British bakery chain. They seized the opportunity of lower real estate costs to open new drive-thrus and retail outlets in locations that were previously unaffordable on their business model. Christina Scott, CPTO of OVO Energy, emphasises the silver lining in confronting economic difficulties, stating, “Never let a good crisis go to waste.” Focusing on machine learning and other relevant technologies can help organisations and consumers become more cost-effective during challenging times.
Adapting to Evolving Tech Trends
Leon Gauhman, Chief Product and Strategy Officer at Elsewhen, suggests that downturns can create new possibilities for expansion and innovation. He acknowledges that organisations have been adapting and investing in technology regardless of the situation, proving that a proactive approach to tech trends can lead to success.
Future-Proofing with Strategic Planning
Eileen Jennings-Brown, CIO of Exscientia, emphasises the importance of defining a clear mission and making timely strategic decisions to better navigate future challenges. Formulating a solid, long-term strategy and maintaining dedication to it allows businesses to prosper, even during uncertain times.
By leveraging new technology and big data, Ping An has significantly enhanced its ability to identify, recruit, and retain exceptional talent at a considerably lower cost. For instance, the company has raised its 13-month retained-agent ratio to 95%, while reducing nearly $90 million in expenses and keeping up with the astounding demand for new agents.
Embracing Agility and Crisis Management
Paul Smith, CIO of Amnesty International, highlights the significance of agility and crisis management in reacting to ongoing global events and their effects on customers and supporters. Adopting an agile mindset and being prepared for crises can lead to more effective responses and help organisations stay resilient.
In conclusion, leveraging technology trends and adopting innovative strategies can help businesses adapt and thrive during economic challenges. By learning from industry experts and implementing these lessons, organisations can successfully navigate the ever-evolving tech landscape.
