20th March 2023: In recent years, the disruption of workplace norms and traditional business structures has been swift and unparalleled. With our business leaders stretched thin and continuously grappling with new and uncharted challenges, could better use of our company experts ease the pressure in the boardroom?
The value of expert insight
Experts possess a unique set of skills and knowledge that when applied to transforming a business can drive innovation, efficiency, and company culture to create a competitive advantage. Currently, the biggest business transformation companies are experiencing is in digital and it’s predicted by 2025 companies will spend $2.8 trillion globally on strategies for products, business practices, and organizations – more than double the amount spent in 2020 [1]. Leveraging the skills and knowledge of experts should no longer be viewed as nice to have, but rather as a key requirement for successful and continuous company transformation.
Take the sales and marketing functions for example. In 2010, the concept of omnichannel was introduced and over the years has gone from an unknown concept to a critical requirement for success in today’s market [2].This customer-focused marketing strategy “is the seamless integration of branding, messaging, and online and offline touchpoints as consumers move down the sales funnel” [3]. It requires deep expertise to be successful, coupled with the right investments from companies in order to realize and maximize digital and data insights.
Without expert advice, leaders will struggle to prioritize critical digital, data, and technology investments and make the right investment decisions for now and the future. One wrong investment can not only squander precious corporate resources but may set companies back from their competitors without being able to rebound in time. Making these investment decisions is paramount to the future of many companies. However, most general managers and finance leaders lack the expertise to make these critical decisions which will decide upon the longevity of most companies operating today.
The future success of any business relies on developing experts
Now and in the future, we will need to rely more on experts than at any other time in history. We are entering the fourth industrial revolution [4] which will transform the way businesses and society operate. For companies to be competitive, they will need to put more emphasis on hiring and developing experts. This means being deliberate in investing in the right technologies and building efficient and effective processes that unlock experts’ capabilities. With the right technology and processes, you can accelerate the development of many experts rather than relying on a select few.
Experts are driven and motivated by building deep expertise and having a business impact. To realize their full potential there needs to be a link between their capabilities and executing on the business strategy. Only when senior leaders focus and decide upon which organizational capabilities will be game-changing, will they truly be able to develop and leverage experts.
For experts to develop it requires them to have business acumen, be able to iterate or experiment, bring in outside ideas, and receive feedback on their performance to name a few. Expert development needs to be deliberate, and they need to be given the opportunity to apply their deep expertise to their business environment, being part of the business conversations where problems are raised and discussed.
The pivotal role that experts play in creating value
By acknowledging the pivotal role that experts play in creating value for the organization, a company can insulate against market forces and gain a competitive advantage. Fostering a culture that values and utilizes the expertise of employees can create a more dynamic and resilient organization that is better equipped to navigate the challenges of today’s business landscape.
References
[1] https://www.idc.com
[2] https://nectarom.com/2015/01/05/brief-history-omnichannel-marketing
[3] https://www.marketingevolution.com/knowledge-center/topic/marketing-essentials/omnichannel
[4] https://www.weforum.org/agenda/2016/01/the-fourth-industrial-revolution-what-it-means-and-how-to-respond/
