IMD-OWP23-POSTEVENT-REPORT

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Action points

business opportunities, even when they might feel completely fresh for a company. At the same time, using technology in a strategic way also spurs business success. To sum up, therefore, companies and CEOs must learn to lead wisely by putting technology to good use. Three ways to put tech to good use • Identify new business frontiers that are based on the purpose of your company. If the new business is aligned with the purpose of your company, the positive engagement of your stakeholders – a key success factor for launching any new business – will be easier to achieve. • As a leader, it is important to lend strong support to any new emerging business. For example, you could make its promise very prominent in all communications,

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Start your business transformation while the core business is still healthy, so you can secure enough time and money for new business development.

Create a new ecosystem to transform your existing business.

Use data strategically as a hub in this new ecosystem.

Uncertainty poses significant strategic challenges for the leaders of companies. CEOs can often feel torn between having to choose between a rock or a hard place. In fact, they can navigate these dilemmas with the application of practical wisdom. Rather than knowing formulae or techniques, this involves developing their capability to exert the kind of judgment that fits the moment but also serves the common good: what we call “leading wisely”. Given the current of drastic changes coursing through society, core businesses

risk becoming outdated. As such, cultivating new business frontiers is essential for survival and success. However, the kind of ambidextrous business growth that is required to achieve this is easy to say but it is actually very difficult to achieve, especially in large incumbent companies. To secure success through ambidextrous business growth, it is critically important to define a purpose that explains how a company contributes to a better future for the world. This purpose can then provide a convincing logic with which to frame new

even if it is relatively small, through effective external communication.