Digital Leadership in a World of Continuous Change

docx

School

Cambridge *

*We aren’t endorsed by this school

Course

1079

Subject

Management

Date

Nov 24, 2024

Type

docx

Pages

Uploaded by khuranaparas23

Digital Leadership in a World of Continuous Change 1 Digital Leadership in a World of Continuous Change Student Name Student ID Professor Name Course Name January 20, 2023

Digital Leadership in a World of Continuous Change 2 Executive Summary Leadership Methods Adaptable to a Changing and Challenging World Although digital processes are essential for companies to remain competitive in today's global market, many top-level managers worry that their companies will be unable to keep up with the rapid pace of innovation or maximize their return on investment in information technology. It is a common fear among C- suite executives that their companies' IT budgets won't be used efficiently enough to keep up with the rate of technological advancement. Regarding digital transformation, 54% of firms report having trouble meeting their goals because they lack technically-savvy employees. E- commerce and digital leadership in the age of smartphones and tablets: an examination of relevant theories, methodologies, and tactics. Cyber threats that are just emerging have the potential to harm organizations and permanently damage their brands severely. In other words, using big data to find and pursue new clients is very feasible. This allows for the manufacturing cycle to be shortened as a whole.

Digital Leadership in a World of Continuous Change 3 Introduction Strategies for Effective leadership in a Complex and Evolving Environment To compete in today's global market, businesses must adopt digital procedures. Still, many top-level managers are concerned their organizations will be unable to keep up with the speed of innovation or make the most of their IT expenditures. Various issues, such as increasing globalization, customers' high expectations for a flawless digital experience, and new competition from enterprises that were born digital, have made them aware that their very survival is in jeopardy. Various issues, such as increasing globalization, customers' high expectations for a flawless digital experience, and new competition from enterprises that were born digital, have made them aware that their very survival is in jeopardy (Balci et al., 2022). Purpose of the Report and Structure The study will cover the company's big picture, the industry, and how Covid-19 affected it. Theories, methods, and strategies of digital leadership and e-commerce through mobile applications and gadgets. Legal frameworks that are developing and emerging dangers in cyberspace can wreak havoc on businesses and result in irreparable collateral damage to their reputations. The roles played by data analytics and digital marketing intelligence in today's modern businesses, as well as an in-depth evaluation of the digital footprints of the most profitable corporations in the context of these knowledge transfer channels. Current issues and potential future developments in digital/cyber business risks and dangers that may have far- reaching effects on the roles and duties of the C-suite. The advice is given in the last paragraph. Organisation & Industry Overview and Impact by Covid -19

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Digital Leadership in a World of Continuous Change 4 In 1919, Jack Cohen created the first Tesco market booths. Tesco's quick growth led to its swift ascent to the position of the biggest retailer in the United Kingdom and second largest globally within a short period. Tesco PLC's current CEO is Dave Lewis. Tesco receives over 80 million weekly visits, with 66 customers served every second and approximately £141,000 earned in sales at the store on a minute basis. Tesco is the largest supermarket chain in the United Kingdom. With a 27.9 percent market share, Tesco is far and away the leader among Britain's leading four supermarkets. Among Irish shoppers, it has consistently ranked among the best supermarkets (Darics, 2017). Impact of Covid-19 COVID-19 significantly impacts Tesco's operations. The corporation is spending a lot more money than usual on the payroll as they bring on more employees to handle the influx of customers and the job of missing employees. Although it is hard to anticipate with a high degree of accuracy the full financial effect of the crisis for 2020/21, they have studied some scenarios to understand probable outcomes for the company and prepare accordingly. The estimated impact on retail cost lines ranges from c.£(650)m to c.£(925)m depending on the scenario and includes substantial increases in payroll, distribution, and store expenditures (Khan, 2016). Theories, Methodologies, and Approaches to Digital Leadership Trait Theories of Leadership According to the characteristic leadership theory, great leaders tend to have a particular set of natural abilities in common. This refers to a standard repertoire of behaviors, thought patterns, and emotional states. The central concept of trait theory is that individuals' activities are impacted by persistent patterns of behavior that are unique to them and common with others.

Digital Leadership in a World of Continuous Change 5 This idea lies at the heart of the opinion that people have traits. Personality, intellect, creativity, adaptability, emotional maturity, initiative, honesty, sincerity, and integrity are just a few unique characteristics that seem hard-wired into certain people but not others. Other people, on the other hand, do not appear to have these qualities. As a result, academics are investigating the characteristics of influential leaders and methods for identifying people who have the potential to assume leadership roles (Northouse, 2021). Behavioral Theory of Leadership Behavioral theory emphasizes the behaviors and routines of influential leaders. It asserts that effective leaders have attained their positions as a direct result of the acts they have taken. Strong leaders can guide their followers by relying on three critical tenets: technical, human, and conceptual. Technically refers to a person's grasp of a given ability, human relates to how a person interacts with others, and conceptual refers to the big picture ( refers to how a manager sets up models and designs plans). A manager's capacity to set goals, clearly communicate those goals to their team, motivate their team to work toward them, interact constructively with colleagues, and foster a sense of teamwork are all characteristics that help him stand out as a leader. In contrast, those who lack these qualities are quickly overlooked (Temelkova, 2019). Contingency Leadership Theory According to the canon of leadership theory, there is no one ideal way to operate a corporation or advise a team of managers in making crucial business decisions. This applies to both individuals and groups. An appropriate leadership option in one situation but not in another may not be correct. The ability to modify one's approach to leadership in response to changing conditions is essential for a contingent leader. The capacity of a manager to match the

Digital Leadership in a World of Continuous Change 6 appropriate leadership quality with the circumstances at hand determines whether or not he will succeed in his role. Managers must show emotion when dealing with employees whose personal lives interfere with their professional lives. However, when their role is to set objectives and inspire their teams to work toward those goals, managers must be firm and resolute in fulfilling their role effectively (Van Wart et al., 2017). Skills Leadership The deficiencies of the Trait Theory are comparable to those addressed by the Leadership Theory, which seeks to address these deficiencies. Some qualities must be present in a person to be considered a leader. On the other hand, with experience and maturation, a person may strengthen their leadership skills and become an effective manager. A great leader must communicate effectively, motivate people, find solutions to issues, demonstrate solid social judgment, and continually enhance their general knowledge. Developing these skills through time may help a person become an effective leader. Every single leader has a one-of-a-kind combination of skills. For example, a leader operating at a higher level must have a more significant number of conceptual skills, while a leader working at a lower level must have a more substantial number of practical ones (Zeike et al., 2019). The Potential Threats and Emerging Legal Frameworks A Failure to Implement a Plan for Managing Transitions Successful digital transformation is six times more probable in companies with a comprehensive change management plan. Organizational success depends on the strength of its culture in handling change. Failure of a new project or implementation plan is inevitable without a change strategy. Planning a project by identifying the sources of problems is an essential part

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Digital Leadership in a World of Continuous Change 7 of a successful change management approach, as is fostering connections with all stakeholders and workers (Van Wart et al., 2017). Difficult Software & Hardware Business applications always have a high degree of complexity. Intimidating new technologies is here. This is a significant obstacle for businesses undertaking digital transformation from the perspectives of both the deployment and integration of data and the end- user experience. Leaders should remember this at the outset of any transformation effort and prioritize finding the most user-friendly, comprehensive solutions (Temelkova, 2019). Increasing the Use of Cutting-Edge Methods and Equipment Resistance to change from long-serving workers who see no need to alter their established procedures is a common difficulty when implementing new processes or new technology. Companies that want their staff to embrace new software should invest in thorough onboarding training and ongoing performance support so that they may become adept with the new tool and see the value it brings to the company immediately (Northouse, 2021). Changing Preferences of the Customers COVID-19 accelerated the natural process of change inside organizations. Think about the customer's needs. As time goes on and industries develop, that will shift. Investing significant time and resources into a digital transformation project is challenging. Constantly adapting to the changing needs of your customers is inevitable. Don't be caught off guard by the need to adapt to emerging digital technologies; instead, prepare to do so quickly and easily (Khan, 2016). Deficit of Adequate IT Skills

Digital Leadership in a World of Continuous Change 8 The organization requires competent, high-performing IT personnel if its digital transformation plans are to succeed. And given the lack of tech workers, that is not an easy puzzle. Enterprise research found that 54 percent of businesses struggle to achieve their digital transformation objectives due to a shortage of technically-skilled staff. Organizations have difficulties due to an absence of talent in cybersecurity, application architecture, software integrations, data analytics, and data transfer. Outsourcing this work to outside consultants and digital transformation specialists may assist organizations with a shortage of IT personnel in overcoming the implementation and migration gap (Darics, 2017). Safety Concerns Many large businesses in data-sensitive sectors provide resistance due to privacy and cybersecurity worries. Yes, the company could make that argument. Most attempts at digital transformation include abandoning on-premise solutions in favor of cloud-based ones and often also require consolidating all of an organization's data into a single repository. This, of course, raises the specter of cyberattacks designed to steal private information about customers and businesses. Cybercriminals may exploit security holes, improperly configured systems, and unwary individuals to get access to sensitive data and disrupt normal operations. Prepare for these potential dangers in advance by formulating a strategy to deal with them. To determine where improvements may be made to cybersecurity, a specialist should be brought in (Balci et al., 2022). Limitations on Spending The cost of undergoing digital transformation is high. Project costs and timelines can balloon for companies with a lackluster transformation strategy due to scope creep. The price of

Digital Leadership in a World of Continuous Change 9 digital transformation rises when you include time spent on consulting, changes to client requirements, and IT mistakes. Think about the big picture and the return on investment the organization may expect to see due to the change. The organization will have a better idea of what expenses are excessive and where they can make cuts (Abbu et al., 2020). The Functions of Digital Marketing Intelligence and Data Analytics Functions Data analytics has a more significant impact than it ever has previously on the strategies behind digital marketing. Visually representing data could make it possible to run more effective campaigns. Because of digital channels, there is a possibility that the marketability of a product may shift. This results in data that is much easier to comprehend for companies. The creation of actionable insights is facilitated by the usage of technologies that visualize data. It offers a perspective on the business as a whole as well as the overall performance of the organization. The flow and turnover rates may be accurately measured with its assistance. This feature has the potential to assist in the development of enterprises. Everyone can now learn how to make sense of the data points made available by digitalization. This has a positive impact on the financial outcomes of the organization. This is the end effect of improved financial savings and enhanced production (Benitez et al., 2022). With the use of big data, attracting new customers is achievable. Our advertising and marketing departments stand to gain quite a bit from this. They are working to enhance their capacity to deliver quick customer service. In addition, it makes it simpler for them to comprehend the industry's requirements as it is at present. When possible, performances may be turned into "wow moments" for customers. As a direct consequence of this change, the degree of

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Digital Leadership in a World of Continuous Change 10 pleasure consumers feel will increase. The requirements of the customer are of the utmost importance. Because of this, we may predict a boost in sales. As a result, making use of analytical tools is very necessary. Because of this, it is possible to shorten the overall length of the production process (Franco, 2020). It is not difficult to implement a policy that covers enormous volumes of data. In terms of cost, it's not a terrible deal either. Therefore, various companies of varying sizes will find the pricing acceptable. Because of this, a wide variety of foreign firms may now be able to profit from data analytics. With such an open platform, even the customer base would be able to get some understanding of how the company functions on the inside. One other potential effect is having contact with the clients on a direct level. Immediately accessible is their input on the subjects being discussed. A dashboard might be somewhat helpful if one maintains tabs on this type of opinion (Mihardjo et al., 2019). Three V's Framework The "three V's" are volume, variety, and speed; they are the pillars of a successful marketing plan. The importance of a marketing campaign is the sum of the number of items received and delivered throughout the campaign. This perfectly illustrates the value that the group as a whole delivers to the firm. Unfortunately, this process is both time-consuming and complicated. It is essential to take into consideration both quantity and quality. The manufacturing process must gets the attention and care that it deserves. Because of this adjustment, the final product will be of higher quality (Oberer & Erkollar, 2018). Therefore, there is a greater chance that it will attract the attention of prospective purchasers. If the company wants to bring in more customers, one crucial measure to keep an eye

Digital Leadership in a World of Continuous Change 11 on is the number of things you sell. If a company can maintain consistent quality and production levels, its customers will be more loyal to their brand. The audience may increase if a call-to- action is included in the presentation. As a result of the fact that the volume structure by itself will be adequate to tempt customers into utilizing the digital platform, it will not be necessary to give any other discount packages to customers. Increasing the number of alternatives that are accessible to customers is one approach to boost sales. Customers of all different ages might be attracted to a business via the use of the internet platform. The rate at which items may be purchased and sold on a market is referred to as its resale velocity. An increase in speed is proportionate to the growth in sales (Tigre et al., 2022). Challenges and Future Directions of Business Risks and Threats Ransomware The intricacy and simplicity of the deployment of ransomware throughout the years pose severe difficulties and security nightmares for network management. The potential to infiltrate a network spread across it and encrypt crucial firm information is a severe threat that requires careful management planning and countermeasures. Ransomware is a kind of malware that encrypts data or locks down a computer system to blackmail the victim into paying a ransom before the data or design may be decrypted. A specified time limit often accompanies the ransom demand. If the victim does not pay the ransom on time, either the data is permanently deleted, or the amount of the ransom rises. Over time, attackers have been more resourceful in demanding practically untraceable payments, which helps cybercriminals maintain their anonymity (Zeike et al., 2019). Developments in Artificial Intelligence

Digital Leadership in a World of Continuous Change 12 Artificial intelligence (AI) is the process of incorporating human expertise into a computer to learn and solve problems as a person would. With the rising popularity of AI- powered devices, hackers naturally want access to such cutting-edge technology. Because of the increasing complexity of securing these systems, developers and network administrators are responsible for keeping them safe (Northouse, 2021). Block Chain Revolution The term "blockchain" describes a system whereby data blocks are stored and linked together to create a chain. Each block relies on the value of the others; therefore, this append- only approach ensures maximum security for the network by reducing the danger of tampering and deletion. While experts agree that blockchain technology is safe as of this writing, they warn that as the technology develops, so will the cyber attacks aimed against it (Van Wart et al., 2017). Lack of Physical Hardening Devices in the IoT have always had a weak spot: their lack of physical protection. Most IoT devices are installed in unattended environments, making it impossible to safeguard them from the wider physical attack surface. Appliances that aren't kept in a safe place and aren't under constant observation leave them vulnerable to hackers who may use the information they gather to launch attacks against them remotely or take control of them entirely. An example of this is hackers assisting with the removal of a memory card so they may read its contents and perhaps get access to other systems through the data and information contained on the card (Northouse, 2021). Insecure Data storage and Transfer

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Digital Leadership in a World of Continuous Change 13 Cross-talk between intelligent devices and the IoT network expands as more people turn to the cloud for their messaging and data storage needs. However, theever, the risk of a security breach or comprom This is because the the information is not encrypted or given proper permissions before being introduced to the IoT ecosystem. Robust network security management technologies, including firewalls and network access restrictions, are crucial for ensuring the safe transmission and storage of data (Franco, 2020). An absence of monitoring and control over electronic devices Untold numbers of IoT gadgets operate with little to no oversight from a management standpoint. It may become more challenging to keep tabs on the state of the Internet of Things as more and more devices join and leave the network. The inability to see the status of devices may make it difficult for businesses to identify and react to security concerns. When we consider the healthcare industry, they see that these dangers may quickly become lethal. If not adequately protected, hackers may intentionally drain batteries or deliver inaccurate pacing and shocks from the Internet of Things (IoT) pacemakers and defibrillators. To ensure that all possible vectors for security breaches are covered, businesses should install device management solutions to keep tabs on Internet of Things (IoT) gadgets (Balci et al., 2022). Recommendation The following are the recommendations: Accept the New Introducing new technologies and installing complex systems are not enough to bring about a successful digital transformation; what matters more are changes in the ingrained habits

Digital Leadership in a World of Continuous Change 14 and mindsets of everyone working for the firm as a whole. Therefore, it is a problem for all company areas, not just IT. There will consequently be pushback from employees at all levels of the corporation, as a means of overcoming opposition to digital transformation initiatives. First, it's essential to accurately identify stakeholders, giving everyone in the company a chance to weigh in. It's important to hear them out without becoming defensive, to be open and communicative, to offer help when needed, to invite participation in problem-solving whenever possible, to ask for help from influential parties when necessary, and to acknowledge and accept responsibility for any problems that arise. This is, at heart, a mutually beneficial relationship. Without any effort on your part, the organization cannot hope for you to lead the charge in digital transformation. Construct Abilities Experts should lead a company's digital transformation initiative in the field of consulting. People who lack these resources now have more faith and security in the future. Unfortunately, keeping a project going with just outside funding is impossible. There are many examples of such reasonable efforts being shelved owing to a lack of skill and poor acceptance. Do you have an API management solution in place? The next step is to check if the firms have a comprehensive plan for the move. Companies will fail if they don't have a dependable staff that can use current technology and adapts to changing techniques and new ideas. As a result, it is essential for the organization to foster a digital culture by providing appropriate internal training and actively seeking out external sources of talent. The Support of Top-Management

Digital Leadership in a World of Continuous Change 15 A strong leadership team is the most critical ingredient for a successful digital transition. They call it "a top management initiative" for nothing more than that. Never delegate responsibility for technology or innovation to an isolated department. The company's overarching business plan should direct the effort. Executives should provide the necessary resources, assist in removing impediments, and promote participation from all members. Failure and success are both the joint responsibility of the group. In my experience, the transformation efforts with strong executive buy-in were the most successful. In other words, the project will collapse if the executive level does not fully back it. Conclusion It is a common fear among C-suite executives that their companies' IT budgets won't be used efficiently enough to keep up with the rate of technological advancement. There is no silver bullet for leading a company or guiding a group of executives. A manager's success depends on his ability to use the most suitable leadership characteristic in each given situation. One of the most important qualities a manager may have is the ability to stand steady and refuse to back down. Without a plan to adapt to changing circumstances, every new endeavor or implementation method is doomed to fail. Making a substantial investment in a digital transformation project is challenging. The need to adjust to new digital technologies is inevitable; to make the transition as painless as possible, the company should be ready for it now. Businesses may be able to reduce the gap between installation and migration by contracting with outside consultants and digital transformation experts.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Digital Leadership in a World of Continuous Change 16 Reference Abbu, H., Mugge, P., Gudergan, G. and Kwiatkowski, A. (2020). DIGITAL LEADERSHIP - Character and Competency Differentiates Digitally Mature Organizations. 2020 IEEE International Conference on Engineering, Technology and Innovation (ICE/ITMC) . [online] Available at: https://www.researchgate.net/publication/344385363_DIGITAL_LEADERSHIP_- _Character_and_Competency_Differentiates_Digitally_Mature_Organizations [Accessed 21 Jan. 2023]. Balci, E.V., Tiryaki, S., Demir, Y. and Baloğlu, E. (2022). Digital Leadership on Twitter: The Digital Leadership Roles of Sports Journalists on Twitter. International Journal of Organizational Leadership , [online] 11(0), pp.21–35. Available at: http://www.ijol.cikd.ca/article_60647_0.html [Accessed 21 Jan. 2023]. Benitez, J., Arenas, A., Castillo, A. and Esteves, J. (2022). Impact of digital leadership capability on innovation performance: The role of platform digitization capability. Information & Management , [online] p.103590. Available at: https://www.sciencedirect.com/science/article/pii/S0378720622000027 [Accessed 21 Jan. 2023]. Darics, E. (2017). E-Leadership or ‘How to Be Boss in Instant Messaging?’ The Role of Nonverbal Communication. International Journal of Business Communication , [online] 57(1), p.232948841668506. Available at: https://journals.sagepub.com/doi/abs/10.1177/2329488416685068 [Accessed 21 Jan. 2023]. Franco, M. (2020). Digital Leadership: A New Leadership Style for the 21st Century . [online] Google Books . BoD – Books on Demand. Available at: https://books.google.co.in/books? hl=en&lr=&id=4GX8DwAAQBAJ&oi=fnd&pg=PA37&dq=digital+leadership+theories&ots=K bTc1eUyiu&sig=20gpJodqfkPAbCzxxx_1wHgWn9k [Accessed 21 Jan. 2023]. Khan, S. (2016). Leadership in the digital age : A study on the effects of digitalisation on top management leadership . [online] DIVA. Available at: https://www.diva- portal.org/smash/record.jsf?pid=diva2:971518.

Digital Leadership in a World of Continuous Change 17 Mihardjo, L., Sasmoko, S., Alamsyah, F. and Elidjen, E. (2019). The influence of digital leadership on innovation management based on dynamic capability: Market orientation as a moderator. Management Science Letters , [online] 9(7), pp.1059–1070. Available at: http://m.growingscience.com/beta/msl/3165-the-influence-of-digital-leadership-on-innovation- management-based-on-dynamic-capability-market-orientation-as-a-moderator.html [Accessed 21 Jan. 2023]. Northouse, P.G. (2021). Leadership: Theory and Practice . [online] Google Books . SAGE Publications. Available at: https://books.google.co.in/books? hl=en&lr=&id=6qYLEAAAQBAJ&oi=fnd&pg=PT14&dq=digital+leadership+theories&ots=Q Pchp8Wc9o&sig=RbGK_cQacZpyHIUlxFgHlJGtijU [Accessed 20 Jan. 2023]. Oberer, B. and Erkollar, A. (2018). Leadership 4.0: Digital Leaders in the Age of Industry 4.0 . [online] Ssrn.com. Available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3337644. Temelkova, M. (2019). The Relation ‘Digital Leadership -Swarm Management -Lean Organization’ in the Digital Smart Organizations . [online] Journal of Engineering Science and Technology Review Special Issue on Telecommunications, Informatics, Energy and Management . Available at: http://www.jestr.org/downloads/SpecialIssue2020/fulltext53SE.pdf [Accessed 21 Jan. 2023]. Tigre, F.B., Curado, C. and Henriques, P.L. (2022). Digital Leadership: A Bibliometric Analysis. Journal of Leadership & Organizational Studies , [online] p.154805182211231. Available at: https://journals.sagepub.com/doi/pdf/10.1177/15480518221123132 [Accessed 21 Jan. 2023]. Van Wart, M., Roman, A., Wang, X. and Liu, C. (2017). Integrating ICT adoption issues into (e-)leadership theory. Telematics and Informatics , [online] 34(5), pp.527–537. Available at: https://www.sciencedirect.com/science/article/pii/S0736585316303525 [Accessed 21 Jan. 2023]. Zeike, S., Bradbury, K., Lindert, L. and Pfaff, H. (2019). Digital Leadership Skills and Associations with Psychological Well-Being. International Journal of Environmental Research and Public Health , [online] 16(14), p.2628. Available at: https://www.mdpi.com/501846 [Accessed 21 Jan. 2023].

Digital Leadership in a World of Continuous Change 18

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Digital Leadership in a World of Continuous Change

Related Documents