Given that new technologies are continuously creating new business opportunities and competitors, it is important that companies formalize the process of learning about emerging technologies and business models and their potential impact. All too often, education in these areas have been left for individual business leaders to learn on their own time. This is an unrealistic expectation and does not recognize the critical importance to the business.
In 2017, Kevin Benedict conducted a survey of 100 technology executives. In his study, Kevin asked them whether they were provided with formal, company sponsored education on emerging technologies. A staggering 80% of respondents answered that their organization didn’t have formal education on emerging technologies and that employees were expected to study such things in their free-time and on weekends.
Given the enormous challenges that digital transformation introduces to a complex business, I would strongly advise companies to invest in formal digital leadership development. Kevin Benedict http://iot.ulitzer.com/node/4127794
Organizations need to understand the impact of emerging technologies in order to make better business decisions. Learning about emerging technologies is too important to be left as a free time activity and organizations need to become better at formalizing the continuous education of their business leaders.
Companies needs to understand that every single contributor in the company should be on a growth path.– Kevin Benedict, Under the hood interview
It’s essential for organizations to have more information on how emerging technologies will impact their industry and customers. This information is too important to be left to free-time activity alone. It’s not enough for middle managers to understand the impact of these technologies. The executive team and the board of directors also need to be educated. Everyone in the management team needs this information in order to make better decisions with the responsibilities that they have. Also, the board of directors needs to be educated right up to the most recent developments, when critical business decisions are presented to them.
Kevin found in his study that those 20% of companies, who had formal education, typically had weekly leadership presentations in which an expert would educate the management team on technology topics. These calls contained topics such as new kinds of technologies, competition, business models and processes.
These 20% of companies also had offsite meetings where industry experts and startup companies presented their solutions and technologies to the company’s decision makers.
A tip for leaders: Formalize technology education
Learning about new technologies and their impact, needs to be formalized as a continuous part of company operations. Changes are too fast and impact too major to be left to individual, free-time activity.