CEO Insights Magazine

Lets Netflix and chill this weekend! Ever said this to anyone? Or asked someone one to ‘Google’ it? When your brand name becomes a verb, it denotes a different level of success. Netflix started with a humble beginning in Scotts Valley, a small city in Santa Cruz County, California, United States, with a business model akin to Blockbuster, the vintage US based movie & video game rental company. But something that Netflix did differently was that it anticipated the revolutionary transformation in customer demand with rising digitalization and started providing online entertainment. You know the rest. Netflix wiped out Blockbuster and the movie rental industry

entirely. In addition to the power of digital transformation, the Netflix story time and again reminds us of the need to evolve at the right time and effectively anticipate market trends.

Digital transformation is much more than just a business strategy today. The massive scope of digitalization has created a whole new set of challenges for business leaders across the spectrum. Leaders in the digital era must master technical, managerial, and ethical competencies that were not as important before while staying at the cutting edge of emerging technologies. The power of data is more prominent than ever, and utilizing it is no longer an option.

Additionally, managers must have a fair bit of emotional intelligence as the employee requirements and expectations have also been undergoing sea changes. While identifying which employees should be provided with what capabilities and resources to optimize production remains a huge challenge, especially amidst the hybrid work culture, the clouds are dark and rainy in cybersecurity. The irony is that you are logically required to adopt a zero-trust internet policy while still fully trusting your employees. Exciting times are ahead.