The incentives of more effective communication and efficient operations are pushing C-Suites to keep up with Industry 4.0 technology. Opportunities for expanded data gathering and analytics through Connected Enterprise will impact what company leadership knows about the way they do business and also how they should focus their future goals. This bigger picture approach is also shifting the paradigm of executive skills, making Industry 4.0 success dependent on leadership’s ability to stay nimble for digital age transformation while still upholding the company’s mission and values.
Companies in science, engineering and technology industries tend to be at the forefront of innovation with their products, now’s the time for their C-Suites to be leading this industrial revolution as well. Industry 4.0 is the future, and the most sustainable companies will take a purposeful look at their own needs to hire an extraordinary talent ready to drive their specific preparations for the future. These leaders demonstrate vision and adaptability, and are ready to embrace company culture while infusing it with their own ideas about technology and data initiatives. The right executive team for your technological transformation ensures that changes made to capitalize on Industry 4.0 are successful and sustainable.
Preparing for Industry 4.0 requires a strategy based on the existing C-Suite and company culture and intended growth determined by the established mission. Before hiring any new team members, technology and personnel plans are critical. These 5 steps allow companies to determine what is necessary for current and future executives to lead a successful technological transition:
Perform an in-house assessment of your company’s values and objectives. Many of the executives we work with are surprised to learn that some of the people on their team have dramatically different ideas about how to define the company’s mission. When it’s time to hire a new member of the C-Suite, gauging priorities across the company will help focus the strategy and determine the essential elements of a candidate profile.
Define your data goals to build an effective Connected Enterprise. It’s one thing to try to keep up with the Joneses as new technology becomes available, but it’s another to utilize the latest advances to address your company’s specific needs for greater efficiency and productivity. Your C-Suite will see better ROI when your Industry 4.0 efforts are purposeful and rooted in your company’s mission.
Invest in Industry 4.0 initiatives and give them time to take effect. Risk is a significant obstacle when asking most C-Suites to consider moving their company in a new direction. Yet, if they’ve taken an honest look at the company culture and operations, these changes to data, technology and communication are part of the critical collaborative effort taking companies into the future. The transformation will not happen in its final form overnight, but that doesn’t mean it’s not creating a positive impact for the company.
Make the transition a cohesive effort. Everyone in your C-Suite should understand the intent of new Industry 4.0 initiatives and also be able to communicate this reasoning to incoming members of the team. Potential hires are likely to have their own plan for growth, but if it’s not a match with yours, you’ll struggle to implement either set of ideas. A sustainable switch happens when the entire organization is on board with fostering success together.
Change your reward mentality. Newly available data and its applications will likely have an impact on KPIs, meaning employees and those who manage them could be personally affected by a transformation that’s critical for your company. Clarifying expectations during the transition, and goals for growth beyond, will help new executives become better leaders who can address this growth with confidence.
C-Suites must embrace the Connected Enterprise in order to take advantage of the data and communication benefits it offers. Having a focused strategy and the right people leading the decision-making will not only put companies on the cutting edge today, but will help ensure your executives have the tools to adapt for the next transformation as well.
Source: https://www.hr.com/en/magazines/leadership_excellence_essentials/november_2019_leadership/prepare-your-c-suite-for-industry-40_k2lyd63g.html