One of the most compelling findings in this year’s report is that over half of Oman-based CEOs believe ‘agility is the new currency of business’. If they fail to adapt to a constantly changing world, their business will become irrelevant – a stark choice. To be resilient, organizations need to be comfortable disrupting their business models.
There are lessons to be learnt from every setback, organizations should examine what went wrong in each trial to understand the issues that affected the outcome. Hitting and exceeding targets is, in part, the product of having a thorough understanding of factors like clients, industry conditions, alliances, competitors, and research findings. Investing in studying the environment in which the organization operates is vital.”
Flexibility is needed to master the significant challenges on the horizon. CEOs may need to contend with a range of big-ticket risks: climate change, disruptive technology, and economic territorialism. While they exhibit confidence in their own business, optimism in the global economy is markedly weaker.
Organizations must have a culture that nurtures innovation and creativity to thrive in an age of unpredictable, high-impact change. Without this, they will struggle to adapt quickly to changes in customer demand, respond to technological disruption, and shift internal perspectives on how the organization creates value.
To help future-proof their businesses, CEOs need to drive an organization-wide digital reinvention. This means building cyber resilience so that concerns over security threats do not derail digital innovation. It also means masterminding a fundamental reboot of skills and technology, accelerating the adoption of advanced technologies and undertaking wholesale upskilling of the workforce.
The scale and type of contribution CEOs are expected to make to the growth and development of their companies is changing. Leaders need to be agile — adjusting their actions to respond quickly to changing customer needs, shifting technology innovations, and the pace of change of competing firms. They also need to remain receptive to new ideas, so they can challenge entrenched management and organizational thinking.
Agility is particularly relevant with current market volatility and uncertainty – due to rapid short-term changes in global macroeconomics.