KEY TAKEAWAYS:
• Make technology fluency a foundational skill — one as important as being able to read a P&L statement — and a minimum requirement for all C-suite and board members.
• The best strategies need to be developed with knowledge. Technologies such as generative AI are offering the opportunity to compress analysis and planning cycles even more by absorbing more data and leveraging capabilities such as synthetic data generation — all working towards enhanced strategic insights and actions.
• Tech-forward companies have effectively moved from a ‘set-and-forget’ strategy — with long execution programmes — to a synchronised interplay of strategy and execution. They stand out because their strategic north star is supported by deliberate, constant motion to keep it relevant, despite constantly changing, multifaceted variables.
The ongoing technology revolution—everything from cloud and quantum computing to generative AI—has pushed the boundaries of what is possible, bolstering the competitive strengths of some businesses, while bringing others’ weak spots to the fore. As a result, CEOs and leadership teams are increasingly rethinking their strategic choices. The problem is that, at most companies, strategy development isn't keeping up with rapidly advancing technologies. In fact, according to Accenture's recent global research study, the bulk of businesses—79 per cent—have not managed to change their approach to strategy to keep up with the pace of technology evolution.1
Consequently, they may be struggling to separate relevance from noise as many technologies are treated as ‘shiny objects’ and potentially divert attention. They may
