Tech Leaders: Reinvigorate Tech Capability to Create Sustainable Growth

Enable growth by expanding and extending market frontiers. Technology facilitates connectivity and access to new and larger markets. This grants businesses broader market access that reduces dependence on a single market while also diversifying the customer base. Invest in multichannel platforms, personalized digital experiences, digital marketing, and digital payment systems with the intent to extend reach beyond current boundaries. This decreases the cost intensity required that would otherwise be a barrier to entry into other markets.

Collaboratively build products and platforms to create growth. Technology allows businesses to understand and cater to evolving customer needs, demonstrating exceptional customer service, and generating interactions to grow customer loyalty. While technology leaders don’t own product development or customer engagement, they bring innovation and new solutions to product owners and other business roles to create new growth streams that didn’t exist before. As such, tech leaders should unite product owners to use one approach to hosting, identity management, interface standards, and product development.

Emphasize game-changing emerging technologies like AI to amplify long-term growth. The key to long-term growth is optimization. Invest in emerging technologies like AI, machine learning, and data analytics to further insights, identify market trends, and develop new products or services. Integrate AI into existing systems and workflows seamlessly without disrupting existing operations. Leverage the knowledge and experience embedded within value networks to evaluate where AI can amplify growth. This increases the productivity of financial performance as growth is pursued.

Use AI to enhance employee autonomy and expand capacity. AI technology offers businesses the ability to automate processes, expand operational capacity, and improve productivity. Prioritize investments that mature and advance software to accomplish tasks more quickly and accurately, reducing manual dependencies while increasing employee engagement and creative problem-solving skills. This slows the resources required to grow.

Activate partnerships to be a force multiplier. Technology can position businesses to respond quickly to market changes, adapting strategies within and between value networks. Make investments that leverage the total experience of internal communities of practice and external partnerships into cocreation opportunities. This drops the cost of operations, as access to assets is cheaper than ownership of assets.