A tech-savvy CEO has the confidence to make use of new technologies in the workplace. So you’d expect most CEOs to be entirely up to speed with its use in business.
Not so according to a LinkedIn study, which says while computer science was a favourite subject in education, business development and sales were the most common first jobs of CEOs. Non-technical leadership roles followed, so many CEOs just don’t possess an acumen that includes technical expertise. Today technology is front and centre of most businesses, so a non-tech savvy CEO could be a liability for the company.
For now, techie CEO’s keen to improve their tech knowledge, the good news is, it’s never too late. Proficiency in programming, engineering, or mathematics is not required so you can relax. CEOs just need knowledge on how new technologies can be utilised in the business.
Fourth Industrial Revolution
Did you know we’re moving into the fifth industrial revolution? It’s hard to keep up, as tech is evolving so quickly. A quote from the weforum.org explains the 5th Industrial Revolution (5IR) as being:
Blockchain+AI+Human = Magic
So the 5IR is all about connecting innovation for good purpose and inclusivity with humans. AI and the Blockchain are part of the fourth industrial revolution and not on the radar of a lot of businesses who are still grabbling with the digital revolution, aka the third industrial revolution. For example, the use of BYODs in the workplace has its own set of challenges for businesses including how to protect against cyber attacks and make sure their intellectual property is secure while allowing workers to use their own devices.
Then there’s the fourth industrial revolution and how that will change business in ways not yet fully comprehensible by anyone let alone business leaders. We’re referring to the use of robots, big data, IoT, blockchain, AI, etc.
The fact is there won’t be a process, or system in your business left untouched by these technological advancements. From administration, accounting, to security, marketing and recruitment change will be everywhere you look, and it’s unavoidable.
Tech-savvy CEOs are already embracing many of these systems e.g. using big data, in marketing and sales strategies to target customers. Advertising service providers like Facebook, Google have algorithms in use, so if you’re using their platforms, you’re using big data.
Look at what Amazon is doing with AI and its flywheel to manage energy when machines are idle. Blockchains are managing financial transactions and will become more prevalent with financial institutions and other areas of the business too.
Therefore a CEO knowledgeable of current and upcoming tech innovations, and where they can be used in the business, can act fast, so the company moves forward.
The CEO of any business is also a salesperson and a brand manager. A tech-savvy CEO takes a lead role within business and industry groups and thus been seen as a trusted advisor on all matters relating to the use of tech in the business. Clearly, this action would make him or her unstoppable.