3 Questions Industrial CEOs Need To Ask Themselves
The new normal is here whether you were ready or not. It is a remote and digital work environment. The big questions for CEOs are: How will you adjust moving forward? How can you make the transition? What action can I take now?
The global pandemic has forced companies to examine the way they conduct business day to day. Some companies are more suited to be remote and were prepared for such a situation. Others were less prepared and are less capable to make the sudden switch.
How should CEOs handle this moving forward?
The answer is somewhere between being able to be agile and actually using tools to allow and support you to be agile. According to a recent McKinsey Digital article, “Research and experience show that those acting with a through-cycle mindset will be best positioned to accelerate out of the downturn.” This essentially means staying ahead of the curve and not waiting for a recession or pandemic to force your institution to change.
How can CEOs make this transition?
The digital transformation needs to be put on a fast track to implementation. Agile project management tools like (O3 Solutions, Asana, Trello) can help make this transition more seamless for any company. It’s achieved by taking large tasks and chopping them up into smaller subtasks that can be assigned throughout your teams. It allows for digital collaboration, reporting, tracking and much more.
When should action be taken?
Now. The time to act can no longer be ignored or delayed. Change happens very fast and companies risk being left behind if they fail to take immediate action. Again per McKinsey, “Despite the immense challenges CEOs are managing today, now is the time to act. In fact, we’ve seen that the reduction in time spent traveling has given CEOs and their top teams more time to focus on new initiatives. One leader at a large bank, for instance, said recently that it was finally getting around to launching an important customer-relationship-management (CRM) program that it had no time for before. Given how fast change is happening, waiting until you see signs of recovery will be too late.”