CXO

4 ways leaders can prepare for the coming Fourth Industrial Revolution

Successful leaders of Industry 4.0 must be committed to doing good and aggressive in developing their workforce, according to a Deloitte report.

With the tech industry on the brink of its Fourth Industrial Revolution (Industry 4.0), leaders are preparing for shift in priorities and responsibilities, according to a report from Deloitte released on Monday. New technologies will bring new operational goals for organizations, forcing leaders to realign their goals to match digital transformation efforts, the report found.

The report surveyed more than 2,000 C-suite executives across 19 countries, revealing executives' desire for improving the world and preparing for skills challenges. CXO attitudes have changed significantly from 2017, shifting to a more realistic approach in how they handle digital transformation, the report added.

SEE: Digital transformation: A guide for CXOs (Tech Pro Research)

"Last year, even though leaders were just beginning to understand how Industry 4.0

would transform business and society, they expressed confidence in their preparedness," said Punit Renjen, Deloitte Global CEO, in a press release. "Yet their actions demonstrated a significant mismatch between their confidence to address these changes and their actual readiness to address them. Today, leaders are more realistic about what it will take to succeed, and they appear particularly focused on societal impact and workforce development as two critical components of their future success."

The report identified the following four leadership personas necessary to be an effective leader in the Fourth Industrial Revolution:

1. Social Supers: These leaders are fueled by social initiatives, the report found, deriving major revenue streams via socially- or environmentally-conscious products and services. Social Supers are more confident in handling challenges in Industry 4.0, the report found.

2. Data-driven Decisives: Using a methodical, data-focused strategy, Data-driven Decisives avoid organizational silos, according to the report. Some 62% of leaders strongly agree that Data-driven Decisives are most ready to lead organizations by capitalizing on opportunities, the report added.

3. Disruption Drivers: Leaders with this personality type believe that investment in new technologies is required for successful growth, said the report. Their bold leadership outlook tends to pay off, the report found, with 45% saying they are ready to lead their companies into this new generation.

4. Talent Champions: These leaders are aware if the skillsets their companies need, and are confident in their current workforce composition, the report found. Talent Champions embrace their responsibility of training future employees, and thoroughly prepare their organizations for digital transformation, the report added.

Check out this TechRepublic article to learn more about how to be an effective leader for your organization.

The big takeaways for tech leaders:

  • The tech industry will experience a Fourth Industrial Revolution, with new tech flooding the market. — Deloitte, 2019
  • The leaders necessary for the new generation include Social Supers, Data-driven Decisives, Disruption drivers, and Talent Champions. — Deloitte, 2019

Also see

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Image: iStockphoto/metamorworks

About Macy Bayern

Macy Bayern is an Associate Staff Writer for TechRepublic. A recent graduate from the University of Texas at Austin's Liberal Arts Honors Program, Macy covers tech news and trends.

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