How Technology is Changing the Role of the CEO
15 November 2018
Establishing a business force was simple few years ago. Business plans were crafted and transformed by the CEO or founder into a successful model. Technological advancements are impacting every industry, and businesses have become fast-paced and complex. A clear articulation of ideas and ethos of a company among the staff and customers is necessary. However, the complex nature of business has made it difficult for CEOs to make it happen.
The role of the CEO has seen a massive overhaul over the years, as businesses have gathered exposure and expansion through technology. Conversely, it has also contributed more responsibility and innovation towards the job of a CEO. To begin with, leadership is no longer about the power but instead, influence. For example, a CEO with no social media presence may possess authority over their employees but without a social media platform, they lack influence within their industry.
Additionally, technology has provided the CEOs with platforms through which they can gather feedback of both the staff and the customers. Video conferencing tools and software saves a lot of time for the CEO while enabling the employees to provide their honest feedback. Identically, there are platforms where customers can provide feedback regarding the product and services. The CEO can then access them and gain an understanding of how well the business is performing.
The misconception that CEOs are the master of all traits adds pressure to their job. They may have expertise but still, they are far from perfect. The digital side of business allows them to listen to expert opinions which could be helpful in making shrewd decisions. They can communicate easily with leaders and other CEOs, filling the gaps they have in their expertise. Technology also allows premature or perceived leadership to flourish in a promising direction.
In addition, technology adds fluidity to the role of CEOs. They can remotely manage operations and encourage good energy from the staff. Maintaining good terms with employees are crucial, and technology makes it easier. Along the same line, technology helps CEOs to conduct and monitor necessary training programs for the staff. Conclusively, technology forces the CEO to adapt to different practices of doing business. Technical analytics provides a thorough understanding of how a decision will pan out. Based on these analyses, the CEO might have to rethink or adopt alternatives for a more favourable outcome and profitability.
The job of a CEO is completely different to what it used to be. The businesses of tomorrow will not resemble the businesses of yesterday. CEOs need to evolve with this ever-evolving world or else they might find themselves in trouble.