My Top 3 “Unusual Suspects” for Growth in 2020

In my role as Chief Growth Officer at Deloitte, my world revolves around finding that silver bullet, the magic that will lead to incredible growth, not only for my organization, but also for our clients. And when it comes to growth, I like to think of the “usual suspects” (acquisitions, alliances, new offerings, etc.) and then there are the “unusual suspects” – those strategies that may not be as traditional or straightforward but play a critical role in driving business growth, especially as we look to 2020 and beyond. Read on to check out my top three.

#1 Technology moving from innovation to action

Technology continues to be top-of-mind for all leaders today. This is the year for previously hyped services and products to finally become a reality. For example, has a robot recently followed you in the grocery store cleaning up the floors? Well, expect to see more robots alongside humans in everyday life. According to a recent Deloitte report, of the almost one million robots we expect to be sold for enterprise use in 2020, just over half of them will be professional service robots, generating more than $16 billion in revenue – 30 percent more than in 2019.

This past October, I had the opportunity to interact with some of these emerging technologies during a visit to the WEF Centre for the Fourth Industrial Revolution. While there, I saw the many ways technologies will work to grow businesses and influence society – from the Internet of Things to blockchain. During my visit, I also saw firsthand the incredible work being done to harness these new technologies and what it takes to move them from innovative idea to actionable asset.

In 2020, these technologies will likely also become even more interconnected and interdependent, increasing their impact on a company’s growth as a result. But to make these incredible technologies a reality and drive growth, it’s critical for business leaders to ensure they have the right processes – and, maybe even more importantly, company culture – in place to enable these advances, which can lead to growth in 2020 and beyond.

#2 Doing well by doing good – and measuring it

The Business Roundtable’s redefinition of corporate purpose established the integration of the social enterprise and stakeholder capitalism as one of the biggest challenges facing corporations in 2020. The shift from a singular focus on shareholders to one that encompasses the business ecosystem – customers, employees, suppliers, and communities – has been a hot topic in the corporate world, and certainly something we’re driving at Deloitte. We are continually defining and redefining what it means to be a social enterprise.

According to Deloitte’s 2019 Human Capital Trends Report, when CEOs were asked to rate their most important measure of success in 2019, the number one issue was “impact on society, including income inequality, diversity, and the environment.” This sentiment was echoed by employees, with 44 percent of respondents saying social enterprise issues are more important to their organization than they were three years ago, and 56 percent expect them to be even more important three years from now.

In 2019, it was encouraging to see and hear so many leaders already recognizing that the new “social enterprise” is not just beneficial for society – it is an essential component of a company’s growth strategy. But while leaders recognize the importance of purpose, many companies are still struggling to truly measure its impact. For example, in a recent Deloitte report only 16 percent of surveyed executives said they use quantitative metrics to evaluate the return on societal impact initiatives. In 2020, the focus now shifts to how we measure the impact of these social impact initiatives – and how we leverage this data to do well by doing good.

#3 Diversity and inclusion as a business priority

A strong commitment to diversity and inclusion is part of our Deloitte DNA. And while this creates a positive culture, we also know that diversity and inclusion are essential to a company’s overall success.

In fact, according to an article in Deloitte Review, diverse thinking can enhance innovation by 20 percent, while enabling groups to better spot risks, reducing them by up to 30 percent. The same report highlighted that organizations with inclusive cultures are eight times more likely to achieve better business outcomes. This success is due in large part to a strong mix of diversity of thought and experience.

Prioritizing diversity and inclusion is not only the right thing to do, but it can also be a growth opportunity in 2020 and beyond – diverse perspectives can mitigate risk and boost overall business performance. A company’s ability to assemble a diverse and inclusive team deserves just as much attention from the C-suite as a company’s investment in technology and acquisitions.

These three areas – technology, the rise of the social enterprise, and the increasingly diverse and inclusive workforce – are by no means an exhaustive list, but they are the top-of-mind “unusual suspects” for me as we start the new year – one that I’m excited for as we welcome a new decade and embrace the growth potential ahead!