A quick intro before I hand you the 7 tips for CEOs. Today is not simple; if anything, it is very disruptive. Whatever it is, you might have believed about the future at 7:45 am on Thursday, May 23, 2024, the day I am writing this and getting ready for a board meeting. The role of the CEO is complex. I’ve been there, and now I sit on for-profit boards and advise real clients. My role is to help current and future CEOs get ready for a dramatic shift in how we will compete.
With good intentions, many at different venues will try to get your buy-in to the soft sell of change management and reinventions. I can tell you that every situation is as different as everyone’s eyesight. We are all preparing for the same competitive landscape, but everyone sees and will address tomorrow differently.
I believe what everyone is missing is that Artificial Intelligence is as disruptive as the internet, e-commerce, and Pandemic were. Only this one is on steroids with access to data. It may not be perfect, but every day, it is improving, and each company, depending on what they have invested in by way of capabilities, is either ahead of its peers or chasing them. However, I assure you it is likely that this lead will be shortlived in perhaps weeks, days or even minutes. This is the power of AI and the developers behind it trying to create the best models.
It does not get easier from here. The competitive landscape is reshaping itself, not with just new competitors. They should be the least of your worries if you are leading a strong brand. What everyone should worry about is whether or not they will be ready to compete and be prepared for continuous change.
Below are just some quick suggestions for CEOs: the list would otherwise be too lengthy but you will find the full list and more in my upcoming new book.
CEOs must harness the power of big data to make informed decisions. This involves investing in robust data analytics platforms that predict consumer trends, optimize inventory management, and personalize customer experiences.
The retail landscape is continuously changing, driven by technological advancements and shifting consumer behaviours. CEOs must cultivate a culture of continuous learning within their organizations.
Retail CEOs must prioritize digital transformation initiatives to stay competitive. This includes adopting AI-powered tools for supply chain management, customer service, and marketing.
Collaboration is key in the AI-driven retail landscape. CEOs should seek out strategic partnerships with tech companies, AI startups, and other innovators.
CEOs need to ensure that their AI applications are transparent and fair and respect customer privacy. Do not make the mistake of only doing just enough here. It requires thorough planning and protection of your brand, customers and employees.
AI will not flatten the competitive landscape, and if anyone tells you that it will open the door for all to have competitive advantages, it is simply misleading. The competitive landscape will be about speed to market, creating sales opportunities and real-time marketing. I refer to this as Hyper-Competition.
Leadership will be redefined for CEOs. In fact, we may enter a new arena where there is more than one and potentially none because the organizations are left to work with teams that work with AI. The days when one person is all-seeing and knowing are no longer a reality.
Sometimes you just need an advisor, someone who has been through change and can help you, your board, or your entire brand navigate these complexities. Find someone who is seasoned and still on-top of change.
CEO | MBA | Author | Advisor | Speaker | Business Visionary
George Minakakis is a Thought Leader and Keynote Speaker. His experience leading, developing, and reviving global brands make him a sought-after Executive Advisor.
