A notable takeaway from the Vistage Executive Summit in Boise, ID comes from guest speaker Joe Galvin, Chief Research Officer of Vistage Worldwide, Inc. Joe discussed how technology is one of the top areas CEOs will look towards for investments throughout 2021. The TOP Strategy provides some guidance to how these investments will be made.
The TOP Strategy stands for Transform, Optimize, and Protect.
- In the sense of transformation, digital transformation has accelerated rapidly. With COVID-19, the "Zoom-World" was embraced, and years of technological innovation were attained within an abbreviated period. The work-from-home paradigm as well as the "touchless" environment caused a shift to telecommuting for nearly all things. From schools to doctors' offices, companies were faced with a challenge to ramp up their technology to keep up with changing times, and the shift is here to stay. It was often seen that companies who had the technology in place already, made a smooth switch to a virtual world and those that did not have the tech in place were forced to invest in such to maintain operations. Some companies are sticking around in the virtual world as well because of the realization that business can be done without the overhead of an office space.
- Optimize and get the most out of what technology you currently have. Organizations that optimize strategically end up more agile, transition quicker, and perform better. Many companies can already work efficiently in the digital world, but investing in the optimization of related tech will keep them on top.
- Rounding out all of this, protection of your technology is key. Digital security is important to protect a company's data, records, financials, and customer/client information. Cyber protection among businesses is up 3% YOY and continues to rise. It is highly advised to protect your company and investments by investing in a safe and secure cyber plan.
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