Today's dominant businesses are the ones redefining the world around them; they have a higher purpose and clearly understand how they intend to change people's lives. Organizations that are empowered with a strong vision and clear strategy take measured risks and make calculated investments to achieve their long-term vision. Their employees are more engaged and their customers are more loyal, which allows them to take bigger risks in the pursuit of their vision.
In today's ultra-competitive global marketplace, technology, media and telecommunications organizations must think, invest and act more like startup. Entrepreneurial organizations do not wait for new opportunities to emerge; they make their own opportunities. They ruthlessly pursue growth. They thrive on competition and are willing to take chances to make big gains. The outpacers of tomorrow are those that are able to combine this entrepreneurial culture with sound processes and deep experience to develop and win new markets.
When employees are motivated by a higher purpose, they are much more likely to `go the extra mile' to achieve the company's vision and are often more engaged in contributing to the company's success. Turnover is often lower, and the percentage of high performers is often higher at organizations with engaged workforces. Engaged employees also tend to be more willing to identify and learn new skills and capabilities that eventually lead to increased productivity and competitive advantages.
Outpacers know that innovation isn't simply about investing into the latest technologies; it's about creating new business models and ideas that generate real disruption and create opportunities for growth. Outpacers tend to take a much more strategic approach to the way they embed and encourage innovation across the organization and seek out new partners and opportunities for collaboration. They align their innovation investments with their vision to develop and achieve audacious strategies that generate new value and drive future growth.
You can no longer run an organization based solely on emotion and experience. Today's outpacers are those that base every decision they make on real-time predictive data. In doing so, they are able to remove much of the bias and error that is inherent in human decision-making in order to make better investment and operational decisions.
World class IT performance and real technology agility is critical to providing business flexibility. By focusing on creating a more agile technology estate, outpacers drive improved efficiency, increase the accuracy and real-time nature of their information and create value for the business and its customers.
When chasing an audacious vision, you can't be hobbled by financial uncertainty. You need a finance function that works seamlessly with the business to provide decision-makers with the kind of `oxygen' they need to get things done. At outpacer organizations, the finance function uses their position in the organization to add value to the strategy and to enable better decision-making through smart, data-driven insights. They help the organization understand their performance and achieve their objectives.
Effective governance enables the business to focus on its strategic imperatives by minimizing distraction caused by unforeseen operational issues. In today's rapidly changing competitive environment, businesses do not have time to `pause' while they sort out a digression or failure. Risks must be properly managed to minimize the potential for disruption to either operations or reputations. Outpacers recognize that smart, appropriate and practical governance is key to enabling success. Everyone in an outpacer organization -- from senior leadership through to the rank and file -- believes that compliance is as much about achieving the highest quality as it is about a bunch of rules that must be obeyed.
Exceptional customer experiences are at the center of the outpacer approach. These organizations continuously strive to excite and engage their customers. And this, in turn, allows the organization to build trust, loyalty, brand reputation and, ultimately, revenues and market share. Organizations that offer exceptional customer experiences tend to be able to predict and respond to new customer trends faster, thereby reinforcing their bond with their customers.