A future-ready company is ambidextrous, innovating to engage and delight customers while simultaneously reducing costs by means of readily available technologies—for example, cloud computing or APIs, often combined with agile development approaches such as test and learn. Customers get a great experience no matter which of the company’s channels they choose, and the company strives to meet customers’ needs rather than push products.
Additionally, a future-ready company creates modular digitized services to both optimize operations and design and release new offerings. It treats data as a strategic asset—a single source of truth, supported by a set of data monetization capabilities—that is accessible by all employees who need it.[foot]B. H. Wixom and L. Owens, “Digital Data Monetization Capabilities,” MIT Sloan CISR Research Briefing, Vol. XIX, No. 4. March 2019, https://cisr.mit.edu/publication/2019_0401_DataMonetizationCapabilities_WixomOwens.[/foot] The company is ecosystem ready—whether to lead an ecosystem or participate in one—and works with a wide variety of partners via digital services and exposed APIs. And it enables future-ready endeavors by developing and retaining the right talent and facilitating rapid learning throughout the company.[foot]K. Dery, S. L. Woerner, and C. M. Beath, “Equipping and Empowering the Future-Ready Workforce,” MIT Sloan CISR Research Briefing, Vol. XX, No. 12, December 2020, https://cisr.mit.edu/publication/2020_1201_FutureReadyWorkforce_DeryWoernerBeath.[/foot]
Most importantly, a company’s purpose determines the company’s version of Future Ready and helps guide individuals’ behavior.