So, how do you find strong leaders from different sectors who can help shape the evolution of emerging tech services business? Below we explore three scenarios that offer examples of how to answer this question.
1. Taking a new approach to existing clients
Leaders with deep insights and experiences within a company’s existing markets can offer valuable insights on the specific challenges and opportunities within those customer bases, in particular through their broad industry networks and their unique insight on customer buying, behaviors and dynamics.
For instance, an executive well-versed in the complexities of the healthcare industry — its regulatory requirements, patient privacy concerns and IT systems, for example — could provide invaluable insights when transitioning into a role at a healthcare BPO company. Their expertise can inform strategies to enhance service offerings, tailor customer experiences and drive growth.
Sector-specific knowledge and connections enable these executives to effectively meet their clients’ unique needs, fostering stronger relationships and establishing a competitive advantage in the market.
2. Expanding or reshaping the business model
Insights from different service sectors offer a powerful way to infuse new perspectives and innovative strategies into existing business models.
For example, executives with experience in strategy and management consulting are adept at addressing complex problems and developing customized solutions. The growing trend of these professional services experts assuming broader P&L responsibilities within services companies highlights how they are helping their new employers build higher-value, higher-profitability offerings.
The digitization of traditional white- and blue-collar business services firms has also led many companies to explore the tech services space for talent, particularly seeking executives with technical competence and an understanding of how to build, operate and commercialize tech platforms. Moreover, these companies value leaders with comprehensive commercial and go-to-market experience, especially as traditional consumption models evolve. All in all, this enables more customized and competitive propositions from their companies.
In one recent example, a CEO steeped in the world of tech services shifted to distribution services, where he has helped transform his company into a tech-enabled business service provider. His strategy has elevated the business’s competitive positioning and its value proposition.
3. Targeting a new client base
Leaders with experience across different sectors can act as bridges between the services company and new target customers. Able to “speak the language” of the client, anticipate their needs and customize solutions that deliver value, they can offer an invaluable insider perspective for crafting a compelling value propositions for new customers. They can help design services that address unique industry pain points, and ultimately, win the trust and business of new clients.
An executive with a strong background in retail technology, for example, brings deep insights into consumer behavior, omnichannel strategies and the retail ecosystem. For a services company looking to incubate or expand its retail vertical, for example, that type of leader would prove strategically savvy in comparison to a tech services veteran who lacks familiarity with the retail sector. The retail expert could leverage their retail experience to develop targeted service offerings, build meaningful relationships with key retail clients, and navigate the competitive landscape more effectively.
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Leaders with cross-sector experience can serve as vital connectors between a services company and its new or existing markets. Their ability to understand, anticipate or reimagine client needs enables them to address market strategies and often deliver unexpected value. And in particular, in situations where companies are looking for breakout business strategies, it may serve the company well to consider leaders who bring real diversity of experience and business models to the table.