Ways Business Leaders Can Stay Abreast of Latest Tech Advancements to Maintain a Competitive Edge
Manish is an experienced business professional with over two decades of experience across diverse IT verticals. He joined CERA in 2022, prior to which he has had successful stints with numerous companies such as Aditya Birlas Group, Maahi Milk Producer Company, Magna Seating, Roquette, and Adani Group, to name a few.
In a conversation with CIO Insider Magazine, Manish Chandegara, Group CIO, CERA Sanitaryware, shared his views and thoughts on the ways business leaders can stay abreast of the latest technological advancements to maintain a competitive edge.
Staying ahead of technological advances can be a challenging for leaders considering the abundance of methods that are available. Leaders should prioritize continuous learning, encourage their teams to do the same, and provide them with opportunities for learning and development. Some of the ways in which leaders can inculcate a culture of continuous learning across their organization are by reading industry publications, attending conferences, seminars, workshops & webinars, taking-up online courses, and pursuing advanced degrees. This way, business leaders can gain insights into emerging technologies, industry trends and best practices, while simultaneously networking with other industry professionals. Additionally, pursuing advanced degrees such as an MBA or a master’s degree in technology management can provide leaders with the necessary skills and knowledge to manage technology in their organizations effectively. Below are a few practices business leaders must follow to ensure their company has a competitive edge in the market –
Leaders should be open to new ideas and encourage innovation within their organizations by creating a culture that values experimentation and rewards risk-taking. To do so, leaders should create a culture that values experimentation and risk-taking by encouraging their teams to brainstorm new ideas, collaborate, and experiment with new approaches. Additionally, leaders should set ambitious goals that are challenging but achievable for their organizations. They should embrace failure as a learning opportunity and provide their teams with the necessary resources to pursue innovation. This can include funding, time and access to tools & technologies. Also, it is necessary for leaders to foster collaboration within their teams and encourage cross-functional teams to work together on innovative projects. Most importantly, business leaders must recognize and reward innovative thinking and celebrate successes. This way, they can encourage their
teams to think creatively, pursue new ideas, and stay ahead of the curve in the rapidly evolving technology landscape.
Collaborate with Experts
Collaborating with experts is critical for organizations to stay ahead of the curve in the rapidly evolving technology landscape. It is imperative for leaders to collaborate with experts in the field of technology to stay informed about the latest trends and advancements. They should seek-out partnerships with technology firms and start-ups to gain insights into emerging technologies.
Additionally, business leaders can partner with universities and research institutions to access the latest R&D in technology. They can also hire/work with consultants who specialize in technology & innovation and offer insights into emerging trends, help identify opportunities for innovation, and provide guidance on best practices. Industry associations can also provide access to networking events, educational programs, and resources to support innovation. Furthermore, leaders can network with their peers, participate in industry forums, attend networking events, and connect with experts on social media. Most importantly, they must develop strategic partnerships with other organizations that specialize in technology and innovation.
Anticipate Future Trends
Leaders should anticipate future trends in technology, accordingly invest in technologies that will be relevant in the future and create a roadmap for their organization’s technology adoption. Some of the ways in which leaders can anticipate future trends is by conducting research to gain insights into emerging technologies & trends, reading industry reports, attending conferences & workshops, and staying updated with recent industry developments.
Additionally, business leaders must carefully analyze trends & developments to identify opportunities for innovation and growth. Other key ways to have a fair projection of future trends are by having a thorough competitor analysis, consulting with experts, developing a strong technology roadmap, embracing cutting-edge technologies and following the approach of ‘experiment to innovate’. By anticipating future trends, leaders can stay updated with emerging technologies, identify opportunities for innovation, and drive growth within their organizations.
Leaders should be open to new ideas and encourage innovation within their organizations by creating a culture that values experimentation and rewards risk-taking
It is paramount for business leaders should foster a culture of agility within their organizations and be willing to adapt to changes in the technology landscape quickly and embrace new technologies. For this, they should embrace change, encourage their teams to be open to new ideas, and be willing to adapt to new technologies & processes. Business leaders must ensure to create a safe environment where failure is seen as a learning opportunity and encourage their teams to take ownership of their work and learn from mistakes. Additionally, they should encourage cross-functional teams to work together to solve problems and develop new ideas. Leaders should communicate effectively with their teams, provide regular updates on the organization’s goals & priorities and encourage their teams to share their ideas & feedback. Most importantly, a leader should lead by example and demonstrate the importance of agility and innovation. A few other means to develop a culture of agility across the entire organization is by hiring the right talent, having clearly defined roles, identifying key competencies among each employee, access cultural fit, using multifaceted hiring process and many more. Fostering a culture of agility and innovation will lead to increased innovation, improved performance, and give a competitive advantage in the marketplace.
By following these methods, leaders can stay ahead of the curve and ensure that their organizations remain competitive in today’s ever-evolving technology landscape.