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Leadership in Times of Change: Strategies for Guiding the Industry Through Tech Transformation

Suhail Chagla breaks down how essential change management strategies are during times of change

The last few years have spawned decades of development, with technology driven by Artificial Intelligence potentially changing everything from minor processes to entire procedures, and in some extreme cases, entire industries. A report by PWC this year sheds light on expected trends from companies in the future implementation of new technology in their business model, with 54% of Indian companies already adopting the implementation of AI and analytical tools. Also expanded upon are the reasons given by the 38% of Indian businesses that do not plan the implementation of digital technology.  The major reason is a need for company-specific planning.

Change is ever-present for most working professionals, but the people who determine the way that inevitable change presents itself are company leaders. Being a leader is no walk in the park, and the mysteries behind great leadership cannot be unveiled through a singular source. This makes recent times even more challenging, with a revolving door of operative shifts across the globe coming through, each with far-reaching implications. The requirement for both short and long-term strategy planning is prudent. 

Some leaders may say that the adaptation shown by employees and companies alike in the last five years should be proof that change management shouldn’t be a major priority. While the adaptability demonstrated by employees and companies in recent years is commendable, it does not diminish the importance of change management. Change management remains crucial to navigate complexities, engage employees, address resistance, and ensure the sustainability of digital transformation initiatives.

Globally, North American-based businesses have led the pack in adopting generative AI, with statistics gathered by Mckinsey showing that the Technology and Marketing sector has primarily been proponents of generative AI tools, using them for personalised marketing content, summarisation, customer service, and analysing customer data to predict trends. 

As someone working as an account manager in the marketing industry, I can understand why Marketing has leaned towards embracing AI. Applications in this sector specifically target key areas of our industry. A few uses quickly reveal that the “Novelty Impression” AI makes is perpetual.

The sluggish response of other industries has begun to raise concerns. It seems they are apprehensive, possibly due to a fear of not reaping significant outcomes from their investments, as reported by Deloitte in 2022. Other concerns include choosing the right AI technology and a lack of commitment from the C suite. Innovation and quick action have historically been the best way to survive in times of uncertainty, and leaders need to get the ball rolling now, as time dwindles.

Modern business has no place for complacent leadership 

It comes as no surprise that the majority of recruiting decisions are made on the ability of an employee to adapt to unforeseen circumstances, shifting not only to day-to-day changes, but embracing the grander professional zeitgeist. Leaders aren’t exempt from this rule, but oftentimes complacency in an organisation’s leadership can stop them from seeing the bigger picture. An obstacle to introducing new technology into an organisation is lethargy brought on by outdated work culture, making it incredibly hard to perform strategies like scoping out your competition or communicating changes to management. As american psychologist Carol Dweck explains, fostering a culture built around a growth mindset leads to continuous learning, disrupting complacency. 

Look at employees on a personal level

One of the many criticisms against organizational transformation is the lack of consideration for individual employee working styles, with a one size fits all method often being employed. In larger companies, it is excellent communication and sensitivity through managers that allow employees to smoothly transition to new technology. It is wise to understand an individual’s skills and limitations and take into account their preferences when it is time to bring change. Oftentimes, people will resist changing their traditional working methods and working alongside employees doesn’t just aid transformation, but builds upon employee loyalty. 

Clear Objectives decide the success

As per the report by PWC given earlier, the biggest hindrance to the rapid implementation of AI is an inability to clearly understand how it will help your organisation. Instead of simply putting AI into practice and expecting general success, it’s much more practical having defined expectations that help you track the day-to-day progress. These expectations can range from a need to reduce customer service call time to make sure documentation isn’t as tedious.

Understand that transformation never ends

The enormous achievements of today will in all likelihood be considered yardsticks for tomorrow. Transformation is never ending, with constant tinkering needed to optimise it further. One of the best ways to achieve this is creating a committee that monitors analytics alongside focusing on the seamless adoption of future tech right away. Oftentimes, committees of this type are seen as slow-moving, bureaucratic machines, not focused on the real issues plaguing a company. The best way to make sure a committee gets moving is to include key stakeholders in it, people who directly oversee essential matters. Further empowering the committee by stressing the vital nature of their meets helps ideas flow.

Ultimately, Digital transformation is a necessity. It is difficult to administer a company overhaul, but the future is approaching fast. Leaders need to understand the sink-or-swim predicament emerging, with 2.2 to 4.6 trillion dollars worth of potential revenue on the table, organisations cannot sit back and simply observe. 

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Going Viral– Targeting Gen Z and Gen Alpha the right way

The world of marketing is constantly evolving, making it essential for brands to stay on top of the latest trends that connect with their audience. It is critical to understand how to target Gen Z and Gen Alpha now, as they are the next large wave of customers that brands need to pay attention to.

Gen Zers are born between the mid-1990s and mid-2010s and are characterised as a digitally native, socially conscious, and pragmatic group. While Gen Alpha, born after 2010, is the first generation of the 21st century and has grown up in an era where technology and social media have become ubiquitous. Both of these generations have unique perspectives on life and their expectations from it, so understanding what they relate to and why they engage with certain content could really broaden a brand’s reach.

Ways for you to consider when targeting Gen Z and Gen Alpha:

Craft Compelling Content Strategies to Engage and Connect

 

Gen Z and Gen Alpha are connected through social media, so it is critical to have a strong, distinct, and creative content strategy. Because brands can interact with and engage their customers

Partnering with social media influencers can also influence these generations. However, it’s essential to cultivate emotional connections with customers through storytelling. 

Here’s how brands use storytelling to connect with customers:

  • Old Spice is an excellent example as it refocused its marketing strategy to target women, with an unconventional ad campaign called “The Man Your Man Could Smell Like”.
  • Huggies’ “No Baby Unhugged” campaign promotes skin-to-skin contact between mothers and newborns and emotionally connects with moms. 
  • Pantaloons focused on the Durga Puja and Diwali fervour by releasing a video advertisement Pantaloons Festive Fashion, which captured the essence of first love and it doesn’t get more beautiful than this.

Embrace Diversity and Inclusion

As times change and social consciousness grows, so must the inclusion of people of all genders and backgrounds. Brands’ content must be relatable and appealing to all segments of their target audience, including previously marginalised voices. 

It is critical to create content that represents a diverse range of communities and to engage with influencers from a variety of backgrounds. Brands that value diversity and inclusivity will not only appeal to Gen Z and Gen Alpha but will also have a positive social impact.

Here’s how brands include diversity and inclusion:

  • Microsoft’s “We All Win” Super Bowl ad showcased its Xbox Adaptive Controller for differently abled children, which won multiple Clio awards. 
  • Axe’s 2016 commercial argues that masculinity is about being confident in one’s own identity, rather than being a stereotypical buff athlete.

Provide a Seamless User Experience

Image source: apple.com

Growing up in the digital age, both generations expect more seamlessness in their user experiences. Develop anything that’s user-friendly and mobile-optimised, GenZ and Alpha are here for it.

Moreover, these generations prefer interactive content that provides value. Brands need to make sure their websites and applications are easy to navigate, offer relevant and informative content, and have a quick loading speed. (Extra wait time is so not cool.) This will help to retain their attention and build brand loyalty.

Here’s how some brands are providing smooth and engaging user experiences:

  • Apple’s website is easy to navigate and provides clear information on counterfeits and scams, making it a great resource for customers.
  • Nike’s website is well-designed and organised, allowing customers to view products and services that suit their needs.

Build Experiential Relationships

Image source: ikea.com

Exploring new technologies is a definitive trait among both generations. So, make sure to integrate augmented reality and virtual reality into your marketing strategies, to stay current and, more importantly, to make it experiential.

For instance, using virtual reality to showcase a product or service in a 3D environment can help these generations visualise it better. Similarly, augmented reality filters on Snapchat and Instagram can be an engaging way to connect with this audience.

Here’s how brands include augmented reality and virtual reality.

  • IKEA uses AR to help shoppers test and visualise products before making a purchase, offering tools like the IKEA Place app and IKEA Home planner to ensure customer satisfaction.
  • Sephora offers an in-store virtual try-on kiosk for customers to test products on themselves before buying them, as it is difficult to know if they’ll like them online.

Offer Personalised Experiences

Image source: The Spotify Community

Gen Z and Gen Alpha have seen a surge in highly specific and niche content, embracing every personality and identity. = This has put the collection of data from consumers, analysis of their preferences, and purchasing behaviour on the map, to provide them with super personalised recommendations.

Here’s how brands offer personalised experiences.

  • Spotify’s “Discover Weekly” is a curated playlist of tracks based on a user’s “taste profile” and the most popular playlists.
  • Netflix’s content recommendations use machine learning algorithms to personalise content and keep subscribers paying for the service.

Successfully targeting Gen Z and Gen Alpha calls for brands to step up their virtual presence through social media, embrace more diverse perspectives, provide a seamless user experience, experiment with new technology, and offer personalised experiences. These generations have unique perspectives and expectations, and by slipping into their shoes, brands can build a strong and lasting connection with them.

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How Tech Is Disrupting Leading Industries

When companies first started using technology, it was limited to additional ways to advertise, shop, or research products. This simple idea of shopping from home, without a paper catalog, increases the ways companies can do business. Those who failed to jump on the e-commerce trade have suffered as consumers buy products directly from the manufacturer or companies shipping products immediately at a cheaper rate. 

E-commerce wasn’t the end of changes in the way we conduct business. There is room to disrupt industries such as dining out, on-site security, and getting paid that typically require multiple people or your actual presence to partake in the service provided. Technology will continue to infiltrate our workplaces and homes as technology disruptors become even more present in our lives.

Sweeping

A chore done daily by roommates, children, and grandparents doesn’t seem like an industry that can be disrupted; how fancy can a broom be? Automated cleaning products didn’t stop with the self-cleaning oven. The iRobot company, founded by former MIT students, created Roomba, the floor dwelling automatic sweeping/vacuuming droid. While more expensive than a standard broom, this device sweeps the floor without having the pain of dealing with the line of dust your dustpan leaves behind. 

Using AI and machine learning, the Roomba is able to learn its surroundings to clean your floor. Sensor technology prevents these autonomous cleaners from running into walls, getting stuck under couches, and falling downstairs. Entrepreneurs aren’t letting iRobot be the only company in the new autonomous vacuum industry. New products are attempting to disrupt the disruptor. As companies race for the best or least expensive product, competition is fierce to hire computer science professionals to enhance their robots’ visual mapping and machine learning capabilities.

Eyewear

Disrupting a leading industry doesn’t always mean proprietary technologies. The Internet allows consumers and customers to communicate and administer services at a faster and cheaper rate. Eyeglasses aren’t just used to correct visual flaws, but are a personal fashion statement and can become sentimental. Broken lenses and cracked frames are common plagues of eyeglass wearers who find it is often cheaper to get new glasses than find someone who can repair the frame or replace discontinued lenses. 

Lenscope is entering the eyeglass business to capitalize on the needs of consumers who simply want to fix their current pair of glasses. This business probably wouldn’t be as viable with the volume e-commerce allows. The Brazil-based company is looking to expand outside of the country soon and will undoubtedly need professionals with web development skills.

Career Coaching

Offering services to entrepreneurs, job seekers, and career changers is becoming a viable business outside of major markets. A service once limited geographically is now available all over the world. Not only does this provide a service to those in need of coaching, but it also provides those qualified extra revenue streams to apply their qualifications. Companies that offer virtual services between two outside parties will take additional steps to ensure their platforms are safe on all ends. Cybersecurity professionals will keep their apps safe and protect the sensitive information of their clients.

Getting Paid

The banking industry is staying up to date with technology, but that isn’t stopping companies from entering the market. You probably have at least two financial apps on your phone. If you only have your bank’s app, don’t forget it is possible to send and receive money through Facebook. There are apps for splitting dinner tabs with friends, sending them money, and paying the restaurant through your phone. Credit cards and cash are becoming obsolete. 

Fintech companies are teeming with new features to entice consumers to send money through their app. A unique feature of some apps is getting paid immediately or even paycheck advances. They take the opera singing Vikings of “it’s my money, and I need it now” to a whole new level. Creating an application trustworthy enough is not an easy task. Nor is getting it approved by the FDIC and other oversight committees. These companies need all types of tech professionals, including front and back end developers. You can learn these technical skills in months; you can even become a full stack developer with no degree.

Disruption Is The Future Of Tech

As leading companies and entrepreneurs understand and apply tech in new ways, they will use it in existing industries. There are still thousands of profitable ways to take market share from industry-leading companies.

The author, Artur Meyster, is the CTO of Career Karma (YC W19), an online marketplace that matches career switchers with coding bootcamps. He is also the host of the Breaking Into Startups podcast, which features people with non-traditional backgrounds who broke into tech.

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How AI, Machine Learning, and Data Science Are Disrupting Incumbent Industries

Technology is a tool that is invading all parts of our lives. We have personal internet machines in our pockets everywhere we go. The wide acceptance of technology allows companies and entrepreneurs to create easier access to goods and services that weren’t always available. At the same time, there are still miles to go before we reach an equitable society. It is also making difficult tasks such as insurance or mortgages incredibly simple, taking the daunting aspects away from smart financial decisions. 

Technological innovations are keeping companies on their toes. Industry giants who aren’t allocating resources to R&D or software development might need to start counting their days as entrepreneurs. Top tech disruptors build apps and software services that offer a better product than the incumbent industries. Complacency in today’s economy will spell disaster down the road. 

Insurance

Insurance has been around for an incredibly long time, and up until recently, we still had to talk to a sales representative to qualify and receive services. Now the process can be completed without talking to another human being. Many insurance providers have AI chatbots to guide you through the process. These chatbots take out the confusion, relieve us of the embarrassment of not knowing the jargon, and permit us to take our time looking at documents before signing our name. Lemonade—not the Beyonce album or the drink, but the online-based home owner’s insurance company—is stealing large pieces of the market in an industry that has seen little innovation in the past fifty years. The company’s mobile app developers create such a streamlined process a cave dweller could do it. 

Finding Qualified Candidates from Old Applications

Every day thousands of jobs are posted by HR reps only for them to receive hundreds of applications. A hiring manager at a large company will see hundreds of applications a week. Restless Bandit believes that companies can save time by revisiting old applications. Even candidates not selected for one role might be a good fit for a new position or still be interested in the original position if it becomes available again. Restless Bandit uses machine learning algorithms to analyze resumes and job descriptions to produce candidates who are well qualified to fill empty roles. Leaving this search to an algorithm is a cost-saving measure for HR departments.

The company’s machine learning algorithms have scanned over 100 million job descriptions and 300 million resumes to help global companies such as Adidas and Gannett. Their algorithms are altered by data scientists to improve outcomes and remove bias. You can become a data scientist by attending a top data science bootcamp. 

Taking Control of Our Health

Health experts have argued that technology is a detriment to our health by reducing our physical activity, looking at screens all day, and decreasing in-person social interactions. The combination of health sciences and computer science might help reverse the negative trends technology has caused. Mental health advocates are taking advantage of technologies to help us improve our overall wellbeing. The healthcare sector is growing and tech companies are riding that wave by offering ways to collect data on bodily responses and implementing better habits based on the results. There are hundreds of types of wearable tech that focus on heart rate, tone of voice, and blood pressure. 

The Covid-19 pandemic has elevated the use of teladoc appointments. The feature increases the number of patients a doctor can see and reduces travel as well as the risk of infection from other sick patients. It also takes less time than visiting the doctor’s office in person. We can take the doctor with us everywhere, using our mobile apps.  

Business Intelligence

More data is generated today than ever before, giving businesses and professionals more access to the drivers of their success. Proper analytics of datasets can help businesses leverage high impact decisions to increase revenue, cut costs, and set applicable goals. Seekify is helping companies and their clients align efforts to build successful relationships that benefit both parties. Seekify uses an algorithm to collect and organize data into useful data sets. Using these data sets to find trends helps companies build better business practices. 

You Can Be A Disruptor Too

We are only experiencing the tip of the iceberg of tech innovation. As technologies become less expensive and more readily available, innovation will reach more industries. You can be a part of the next wave disruption by learning the required skills to be a software engineer at a top coding bootcamp.  

The author, Artur Meyster, is the CTO of Career Karma (YC W19), an online marketplace that matches career switchers with coding bootcamps. He is also the host of the Breaking Into Startups podcast, which features people with non-traditional backgrounds who broke into tech.