“Business shouldn’t be slowing down because of uncertainty,” says Carmine Di Sibio, EY Global Chairman and CEO. “It should be speeding up because of transformation.”
At its simplest state, a business must set out to do three things every day: it must protect itself, optimize everything it can and ultimately grow. These are business imperatives that remain constant in face of societal, technological and geopolitical change. However, what is really different now is the pace of change.
The current business environment demands that a company employ a new skill set to help it continually see the world differently and to move with agility as opportunities for growth emerge. Key transformative skills are the ability to harness and embed new technologies to effect transformative change at speed, an adaptive mindset (that will allow you to respond to unforeseen changes to thrive, not just survive) and a new level of decision mastery to drive an ever-more- complex connected ecosystem.
Winners will be those who can master the “what” of digital capabilities and the “how” of leading that change. To protect, optimize and grow, businesses have to embed digital into every aspect of their strategy and operations; they have to develop an adaptive mindset and they have to master decision-making in spite of uncertainty.
“Be prepared and begin to act,” advises Michael Inserra, EY Americas Senior Vice Chair and Deputy Managing Partner, Ernst & Young LLP. “It’s the companies who are going to be out on their front foot, willing to make mistakes and iterate on strategy that will emerge as clear winners.”
With contribution from Liz Bolshaw, EY alum – former EY Global Growth Markets Lead Analyst.