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How 6 Tech Leaders Tackle Their Biggest Industry Challenges

Written by

ODG Team Contributor

Published on

4 Sep 2024

Many companies are changing their methods of operation, from artificial intelligence to cloud computing. With these shifts, professionals and executives are compelled to keep up.

Aside from the many improvements being developed, the tech industry also faces numerous challenges. This article aims to help professionals like you be prepared for any situation by discussing the biggest industry challenges and how tech leaders tackle them head-on.

Table of contents show

Challenges Leaders Face in the Tech Industry

Before we jump into what tech leaders do about these challenges, let’s first look at the issues they encounter. As a leader, you might already know some of the following:

1. Rapid Technological Change and Innovation

New technologies and platforms keep popping up in the industry. This situation pushes both leaders and companies to find ways to deal with such fast changes. It is vital for businesses to stay competitive, especially when market shifts are constant.

2. Cybersecurity Threats

With technology advancing, tech leaders face increasing challenges in protecting their businesses from online threats. As hackers develop new methods to breach systems and steal data, it’s essential for leaders to find new ways to keep their information secure.

3. Talent Acquisition and Retention

As technological advancements continue, companies’ needs become more specific. This creates fierce competition for businesses to acquire professionals with the right skills and experiences. Moreover, businesses are faced with the challenge of retaining their current employees and equipping them with new skills relevant to their positions.

Exploring the Strategies of 6 Tech Leaders

In spite of the challenges faced, tech leaders are finding ways to empower their employees. Their solutions range from mediation strategies to technological adaptation. Some even focus on leading their organizations in a way that prepares them for further digital transformation.

Although you may operate in the same industry, it’s vital to consider the context of your business. What your people will need may be different, so it’s important to be critical of what methods you employ. Instead of copying the approach of one famous tech leader, it’s ideal to learn about different strategies being used within the field.

The following are some of the best methods shared by tech leaders to meet the specific challenges mentioned above.

Notable Mediation Strategies

Many tech leaders choose to face challenges by using mediation strategies that can resolve conflicts. Since the industry involves diverse needs and interests from different stakeholders, employing mediation strategies becomes a great way to navigate conflicts. Some examples of tech leaders who used these strategies are:

Marc Benioff, CEO of Salesforce

Benioff emphasizes the importance of a feedback system to solve the challenges within the industry. Through his company, he articulated how important open communication is. He even considers it a foundation for business culture and success. This is why he made it a point to nurture an environment that’s open to continuous dialogue.

Through feedback, organizations would be able to mediate issues before they escalate. Employees and other stakeholders would be able to share their thoughts and opinions.

To improve transparency and alignment, Benioff developed the V2MOM framework: Vision, Values, Methods, Obstacles, and Measures. This framework helps stakeholders understand the company’s goals and see how their contributions fit into the bigger picture.¹

Marc Benioff’s mediation strategy is an effective method that can tackle more than one industry challenge.

For example, constant feedback can:

help your company adjust to the rapid changes within the field
encourage your people to share, innovate, and collaborate, which can lead to positive outcomes
show employees how their efforts contribute to the company’s end goals, raising satisfaction, which can improve retention rates within your workforce

Tim Cook, CEO of Apple

Cook’s solution to industry challenges revolves around maintaining transparency and accountability. He believes many concerning issues can be avoided if a company remains responsible and accountable for its decisions.

This is why Apple, under his guidance, focused on transparency and accountability related to different industry challenges such as data privacy, sustainability, and changing labor practices.² He is vocal about how important it is to maintain corporate responsibility in every business endeavor.

By creating a culture of ethical decision-making within his company, he has positioned Apple to meet the changing demands and expectations within the field. His efforts have also helped his business reduce its carbon footprint and become more sustainable.

Aside from the positive impact of his mediation efforts on the environment, Cook’s decision to uphold their corporate responsibility meets the changing expectations of consumers for big tech companies. He can build a positive reputation for Apple as a business that cares for the planet’s future. This may also lead to gaining the trust and loyalty of consumers.

Technological Adoptions

As a tech company, it’s natural to adopt new technologies to remain competitive. There’s a need to constantly integrate cutting-edge technologies to meet the changing demands and challenges your business faces. This is acknowledged by the following tech leaders who embraced new tools for the benefit of their organizations:

Jeff Bezos, CEO of Amazon

As a multinational business engaged in e-commerce and online advertising, Bezos has guided Amazon to be a data-driven business. He recognized the increasing sophistication of cyber threats his company faced, which led him to prioritize cyber and data security along with the quality of services they offer.

To safeguard its vast repertoire of customer data, Bezos integrated advanced technologies ranging from artificial intelligence (AI) to machine learning (ML). These new tools enable the company to analyze huge data sets in real-time, making it easier to identify vulnerabilities and threats before they’re exploited.

For example, Amazon CodeGuru Security is a static application security testing tool that uses both ML and automation to identify vulnerabilities in different codes.³ It can even provide recommendations on how to fix vulnerabilities and track progress until resolution.

Ginni Rometty, Former CEO of IBM

Another tech leader who focused on technological adoption as a solution is the former CEO of IBM. Recognizing the need to remain innovative, Rometty is a strong advocate for the adoption of quantum computing. She believed it could give companies a competitive edge by helping them drive development.

Even after her leadership, IBM continues to value quantum computing as a way to create practical applications and tools. In fact, it even announced a joint effort with Google in 2023 to provide aid in advancing quantum computing. Together, they funded around 150 million dollars to universities in the US and Japan to continue quantum computing studies.⁴

By harnessing the principles of quantum mechanics, quantum computers have the potential to perform certain calculations exponentially faster than traditional computers. This can open up new possibilities for fields such as cryptography, materials science, and drug discovery. It can also help businesses innovate and adapt to the tech industry’s continuous shifts.

Different Leadership Styles

More than strategies and technologies, another effective method to face challenges is to focus on your people. This is why a tech leader’s success can be described by their leadership style. Some examples of CEOs known for their leadership are as follows:

Sundar Pichai, CEO of Google

Among Pichai’s notable contributions to Google, his visionary leadership is one of the most famous. Many report on his positive attitude and empathetic leadership style. Even in such a fast-paced industry where trends often change, he is known to gracefully navigate issues and emphasize cooperation.

Pichai is also a champion of both diversity and innovation. He is dedicated to creating an inclusive work environment where everyone feels safe to innovate and share their ideas. This type of leadership can help his workforce be more flexible and ready for rapid technological change.⁵

Satya Nadella, CEO of Microsoft

According to Nadella, Microsoft will emerge as a strong and successful competitor in the technological industry. This is because it’s grounded in three clear priorities. The first and second priorities of Microsoft focus on business-related aspects, while the third employs a specific leadership style.⁶

In order for their business to get ahead of other tech companies, Nadella aims to treat their people with dignity and respect. His leadership style revolves around understanding his employees and providing ways for them to communicate and collaborate. Moreover, he wants to focus on being transparent in all of his decisions.

By treating his people with respect and involving them in important business decisions, he is positively impacting employee experience within his company. This can eventually lead to higher retention rates and even attract new talent in the long run.

Persist Despite the Challenges

With the wide use of technology and innovative tools, the tech industry is experiencing a period of rapid evolution. As we make our way through this arena of constant change, we can learn from the successes of others and keep moving forward.

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