The role of the Chief Operating Officer (COO) has been undergoing a radical transformation since digital transformation took hold of companies in the 2010s. The COVID-19 pandemic precipitated this change. So much so that 86% of CEOs feel they’re facing business model disruption.

There’s almost universal consensus within companies on the value of an effective COO in boosting performance. Companies are paying more attention to pairing CEOs with problem-solving COOs that can boost innovation and agility.

The 21st century CEO isn’t just expected to be the chief decision-maker anymore. They’re also expected to be the Chief Brand Advocate; A master communicator who’s comfortable with the media and shareholders. And who leads thousands of employees worldwide towards ambitious goals.

It’s becoming increasingly challenging for CEOs to fulfill this dual role. So much so that other C-Suite executives have to step up to the plate.  COOs like Sheryl Sandberg are expected to build the structures (and provide the leadership) that drive successful organizations.

As a case in point, BNP Paribas Securities Services published the results of its report  “The Future COO” which examined the shifting roles of 250 COOs worldwide. They note that the role of the COO is changing from one of operational management to one more traditionally associated with a CEO, that is strategic transformation management.

COOs are expected to have extensive technical and operational expertise. But they’re also expected to match these to strategic organizational objectives. In any case, the business transformation brought on by digital transformation is an enterprise-wide initiative. The COO’s role isn’t an exception. In fact, COOs are expected to contribute to the creation of value through collaboration and technology.

Cross-functional collaboration was always on the agenda once companies began their digital transformation roadmap: the Future COO report revealed that 79% of COOs want closer collaboration with other departments. This is further emphasized with the creation of roles such as Chief Digital Officer (CDO) whose responsibility it is to drive transformation across the organization: their remit reaches as far wide as marketing, customer service, and IT.

COOs see their customer and stakeholder relationships as key to the creation of value. They understand the pressures the workforce is experiencing. And they understand the value they bring to customers. So they’re keen to embrace their new role and lead their organization to profitability.

The COVID-19 pandemic demonstrated only too well the pressures that companies will face in the 21st century. With increasing competition, compliance, and operational pressures companies will need highly competent and agile COOs to navigate the turbulent waters of the next few decades.