Business leaders today are challenged to enhance operational efficiency while also driving growth. Determining where to invest requires a range of perspectives that look beyond a single sector.
By taking a fresh look at their own businesses through the lens of other industries and the broader market, C-Suite leaders can identify areas for strategic growth that will ultimately increase customer loyalty.
Connecting insights across businesses and sectors creates a powerful multiplier effect for companies, unlocking exponential value for stakeholders today while showing how to transform for the future of tomorrow says Kristin Valente, EY Americas Chief Client Officer-elect.
“Leaders have to stop the siloed approach to problem solving and understand the interconnections, the ripple effects of each decision on the broader organization,” says Valente. “Think of it as business clairvoyance.”
Finding the force multipliers
The trick, says Valente, is to identify growth opportunities through the lens of other sectors, which can have a multiplier effect on your overall strategy.
Consider the case of an automotive manufacturer. At its core, the business may seem to require only a traditional manufacturing skillset. But the automotive sector also includes a number of other potential consumer touchpoints, including:
- Retail to enhance customer experience
- Financial services to expand into credit and insurance
- Technology to make smarter, more efficient vehicles
These ancillary services present an opportunity for companies to expand their core portfolio in order to capture more of the consumers’ wallet and mindshare.
This strategy requires leaders to have a deep knowledge not only of their own business, but of the other businesses and sectors they are seeking to enter. By drawing insights and engaging with other sectors and industries, leaders can better understand where they want to expand and identify potential partners to enable them.
“There’s power in convergence to rethink and grow value,” says Valente. “At EY, we know what’s happening in our clients’ business, and we look to connect what’s happening in their sector, then find opportunities across other industries and in the broader market.”
