Chief Marketing Officers are perfectly positioned to help other C-suite executives take their transformations to the next level.
If transformation is an undeniable imperative for organisations to drive growth, then driving successful transformation is crucial. Yet the recent results of a research collaboration between EY teams and the University of Oxford’s Saïd Business School indicate that 67% of senior leaders have experienced at least one underperforming transformation in the last five years. This level of underperformance is concerning when business is booming. It becomes untenable as energy price spikes, inflation, rising interest rates, ongoing geopolitical tensions and persistent supply chain challenges raise the threat of recession. How can we work to be sure transformations are more consistently successful?
The EY-Oxford research shows that success requires us to lean into very human emotions and actions: we must lead, inspire, care, empower, build and collaborate. And, perhaps even more important, the research shows that putting these human-centered actions at the core of a transformation effort can increase the likelihood of transformation success by 2.6 times. CEOs and boards would be well served to look to their chief marketing officers (CMOs) to play a broader role in organizational transformations to reduce risk, given their natural alignment to success factors.
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