What do you do if technological innovation is changing the role of executives in today's business world?

To adapt to tech-driven changes in executive roles: 1. Upskill in critical digital competencies like data analytics and AI 2. Cultivate an innovation mindset to identify new opportunities 3. Collaborate closely with tech leaders to align strategy and execution 4. Prioritize building agile, cross-functional teams and structures 5. Empower employees to drive continuous improvement and experimentation 6. Stay abreast of industry trends and disruptive technologies 7. Focus on developing uniquely human skills like empathy and creativity Embracing technological change and evolving the executive skillset is key to thriving in the dynamic modern business landscape.

A great way to understand the impact of technology on your company and industry is to communicate with team members at all levels. What are they excited about, and what are they worried about? It is an effective strategy to identify a technology champion at various levels of your organisation. They can investigate, trial, and promote emerging technologies. Some of these will be operational (like AI and automation), and some will be strategic (like data and analytics). Tech innovation can generate alpha at all levels.

Over last 2 decades, technology itself has undergone tremendous disruption. Density of Technology Innovation is at its peak, the curve is rising steeper on coming decades. Companies are shrinking, productivity has been at an all time high. Business processes are changing. Consumer demographics are shifting and their behaviour is changing at rapid pace. These 3 dimensional changes are resulting to strategic changes to fundamentals of business models. Value creation, value proposition & definition of profitability & productivity are changing. Demystifying technology evolution, deciphering technological changes, impact on dimensions of people, process and technology are crucial for survival. Continuous learning for professional is a new norm.

Executives must become lifelong learners to stay on top of technological advancements and understand their implications on the business. It’s important to lead by example in the digital transformation, embracing new technologies and fostering a culture that values innovation. Focus on innovations that improve customer experience, as technology should serve to make banking more accessible, convenient, and personalized.

The pace of technological innovation is impacting every role. Adopting a growth mindset in an executive role is crucial for personal and professional success. Executives are responsible for the survival of the business, and there are some things they can do to improve the odds. Embrace Lifelong Learning: Executives with a growth mindset recognize that their skills and knowledge must be continuously updated to keep pace with technological advancements. They approach challenges as opportunities to learn and grow rather than threats to be avoided.

Executives with a growth mindset can envision a future not constrained by the present. They must actively seek out new trends, technologies, and market shifts to inform a dynamic vision for their organization. This forward-looking vision is grounded in the belief that the company's capabilities can be continuously developed and improved. Rather than being limited by current resources and competencies, growth-minded leaders see untapped potential and opportunities for expansion. This includes understanding that this work needs to align with values, but those values must also evolve with the changing business world.