Technology, Internet, growth, and globalization have metamorphosed the way we work, play, and live. They have even changed the fundamental laws of economics. We are living in an economy that is quite different from the old manufacturing-based economy of the 1980s. Fewer people are now employed in the manufacturing sector, who are anxious about the prospects of being replaced by machines soon.
The “New Economy” is a term economists started using in the 1990s to describe new, high-tech, high-growth industries that have been the driving force of economic growth since that period. The new economy is also heralded as the Digital Economy, the Knowledge Economy, the Data Economy, or the eCommerce Economy. Top technology enterprises—including Google, Facebook and Apple—have outpaced traditional firms around the globe by taking advantage of the new economy.
Leadership Development in this age of Digital Economy is a key challenge for most organizations. More and more organizations, today, are revisiting what they are about and the meaning of leadership for them. It’s not about one person or even those residing at the top anymore.
MIT Sloan Management Review conducted a study of 4,000 executives from 120 geographies around the world to understand what defines a great leader in this changing world. The study revealed striking results with most executives believed that their leaders lacked the mindset needed to produce the strategic changes essential for leading in the Digital Economy. Enterprise-level transformation is what majority of leaders feared to embark on.
Mindsets are established set of attitudes held by someone that shape how a person interprets and responds to experiences. A mindset arises out of a person’s view of the world or philosophy of life. To know about the Digital Economy leadership mindsets (i.e. leadership mindsets critical to survive in this new economy), the MIT Sloan Management Review’s global study identifies 4 critical mindsets—based on in-depth interviews from executives worldwide and detailed analysis of data:
- The Producer
- The Investor
- The Connector
- The Explorer
Let’s define these first 2 leadership mindsets.
Leaders with a producer mindset evaluate each of their customer touch points painstakingly. These leaders exhibit a passion for producing customer value. Producers concentrate on analytics, digital know-how, implementation, results, and customer satisfaction. They focus on analytics to fast-track creativity. The resulting innovation helps them tackle shifting customer preferences and enhance customer experiences. The Producers strive to create all the customer journeys enjoyable.
The leaders with an investor mindset make people appreciate the higher purpose they serve by their work. They constantly struggle to instill motivation and teamwork among their teams in order to achieve their overall organizational goals. The leaders with an investor mindset are concerned about the communities that surround them. They look after the well-being and constant advancement of their employees, and devote their efforts to improve value for their customers.
Fostering these types of mindsets is critical to building the right Organizational Culture for an organization to be successful in the Digital Economy.
Interested in learning more about the leadership mindsets required to win in the new economy? You can download an editable PowerPoint on Leadership Mindsets Critical to Succeed in the Digital Economy here on the Flevy documents marketplace.
Do You Find Value in This Framework?
You can download in-depth presentations on this and hundreds of similar business frameworks from the FlevyPro Library. FlevyPro is trusted and utilized by 1000s of management consultants and corporate executives. Here’s what some have to say:
“My FlevyPro subscription provides me with the most popular frameworks and decks in demand in today’s market. They not only augment my existing consulting and coaching offerings and delivery, but also keep me abreast of the latest trends, inspire new products and service offerings for my practice, and educate me in a fraction of the time and money of other solutions. I strongly recommend FlevyPro to any consultant serious about success.”
– Bill Branson, Founder at Strategic Business Architects
“As a niche strategic consulting firm, Flevy and FlevyPro frameworks and documents are an on-going reference to help us structure our findings and recommendations to our clients as well as improve their clarity, strength, and visual power. For us, it is an invaluable resource to increase our impact and value.”
– David Coloma, Consulting Area Manager at Cynertia Consulting
“As a small business owner, the resource material available from FlevyPro has proven to be invaluable. The ability to search for material on demand based our project events and client requirements was great for me and proved very beneficial to my clients. Importantly, being able to easily edit and tailor the material for specific purposes helped us to make presentations, knowledge sharing, and toolkit development, which formed part of the overall program collateral. While FlevyPro contains resource material that any consultancy, project or delivery firm must have, it is an essential part of a small firm or independent consultant’s toolbox.”
– Michael Duff, Managing Director at Change Strategy (UK)
“FlevyPro has been a brilliant resource for me, as an independent growth consultant, to access a vast knowledge bank of presentations to support my work with clients. In terms of RoI, the value I received from the very first presentation I downloaded paid for my subscription many times over! The quality of the decks available allows me to punch way above my weight – it’s like having the resources of a Big 4 consultancy at your fingertips at a microscopic fraction of the overhead.”
– Roderick Cameron, Founding Partner at SGFE Ltd
“Several times a month, I browse FlevyPro for presentations relevant to the job challenge I have (I am a consultant). When the subject requires it, I explore further and buy from the Flevy Marketplace. On all occasions, I read them, analyze them. I take the most relevant and applicable ideas for my work; and, of course, all this translates to my and my clients’ benefits.”
– Omar Hernán Montes Parra, CEO at Quantum SFE