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Digitization may be necessary for many businesses' continued success, but in our increasingly complex world, what companies really need to do is build new forms of competitive advantage and transform themselves for the future. And that requires fundamental changes in their top leaders--not just in individuals' capabilities but in the way they collectively steer the ship. Drawing on their research at 12 prominent global firms, the authors note the contradictory-seeming skills that leaders are expected to have--being both great visionaries and expert executors, for example. But in this article they focus on the urgent imperative to improve leadership teams, arguing that CEOs should: (1) Identify the roles that are needed at the top to reimagine and then deliver on the company's purpose. (2) Fill those roles thoughtfully, assembling a diverse group of people who think boldly and work together harmoniously. (3) Focus the team on driving transformation rather than managing the current business. (4) Take ownership of the team's behavior, fostering trust, collaboration, and a commitment to leading the company forward rather than dwelling on personal advancement.

For many employees, the key motivator is a sense of purpose--and yet more than half of those surveyed say they're not even "somewhat" passionate about their jobs. If organizations want to inspire their workers, they must clearly communicate why they're in business and what value they provide. When employees understand and embrace those things, their companies thrive: Survey results show that more than 90% of companies with a well-defined purpose deliver growth and profits at or above the industry average. An effective purpose statement, the authors say, answers several questions: Why does our organization exist? Who are we serving? What value do we offer, and why are we uniquely capable of providing it? But a powerful statement is not enough; firms must also deliver on their promises to customers. That requires putting the right people in the right roles, breaking down silos to facilitate cross-functional collaboration, investing in the areas that matter most, and ensuring that leaders demonstrate every day, through their words and actions, their commitment to the firm's articulated goals.

The pressure to grow the top line is so intense that most companies pay too much attention to expansion, and not enough to building strong internal capabilities. A few companies start from the other direction: They figure out what they're really good at and then develop those capabilities (three to six at most) until they've created a set of complementary, best-in-class competencies. For them, strategy then becomes a matter of aligning what they do well with the right marketplace opportunities-and the market rewards them with sustainable, superior returns.