Deloitte has just completed its most recent global cost survey, which lays out an interesting and increasingly digital frontier of which all stakeholders in today’s business world must be cognisant. By interviewing 1,200 executives and senior leaders from across the globe and representing every major industry, Deloitte has been able to craft a report which has relevance to all players in the global economy.
At the heart of the document is the continued acknowledgement that cost management remains a key concern for business leadership, while the external risks of digital disruption and cybersecurity have supplanted macroeconomic factors. Save-To-Grow is now metamorphizing into Save-To-Transform as the key strategic mindset being adopted by industry leaders globally.
This is not to say that further key investments are not required to remain agile, through prudent investment in cognitive technologies, business intelligence, cloudbased ERP systems and robotic process automation. If deployed correctly, organisations will potentially see a marked improvement in performance and effectiveness, which contribute to a reduction in operating costs.
Though the frontier may be digital in nature, the pioneers will need to be led by genuine transformative individuals who can motivate employees to embrace and implement these technologies. Companies with a designated digital leader have reported far higher (140%) technological implementation on average. In parallel, these digital leaders will need to demonstrate to stakeholders the value added by these investments in their immediacy and how they can strategically position a company to thrive and survive in the modern global economic cycle.
Synergy of purpose by all stakeholders will be required to recruit, develop and retain these pioneers in this increasingly disruptive frontier.