In an increasingly complex and disruptive world, changes come quickly, without any warning. Businesses today face intense competition which is challenging long-standing market positions and blurring traditional boundaries within industries.
Growing expectations from customers, employees, partners and supplies are only further mounting pressure on organizations today.
While traditionally companies relied on process optimization, cost reduction, and predictability – to improve performances these no long can deliver what is needed to maintain share and grow the next generation of customers.
In order to succeed in this challenging environment, organizations need to act quickly—to changes in the competitive and customer landscape – with insight, intelligence, and confidence. The mandate is clear, companies need to be more agile, flexible and responsive in order to deliver great customer experiences.
However, the implications of this mandate are massive particularly for business operations, the heart of the enterprise. Companies need to transform their operations to be the ‘intelligence engine’ of the business. Add capabilities to succeed, leverage new technologies to cut costs, improve quality and transparency, and build value.
Which brings us to the most important question – how can organizations adapt to this change?
For companies looking to provide compelling customer experiences and build value will need to move to more intelligent operating models. These next-generation operating models are new ways of running the business.
One that combines intelligent operations capabilities with digital technologies in an integrated, well-sequenced way to achieve step-change improvements in revenue, customer experience, and cost. It has four essential factors that companies need to consider while implementing:
Agile Human Resources: Talent of the future will need to bring creative problem solving to the table in addition to strong digital, operational and domain expertise. Firms will need a much more agile human resources function and a more flexible approach to recruiting in order to meet these talent demands.
Building a data-driven culture: Data-driven organizations are seeing upwards of 20% to 30% improvements in EBITDA (Earnings before interest, taxes, depreciation, and amortization) due to unlocked efficiencies and more granular financial insight.
A majority of the organizations today believe that data-driven business decisions will generate breakthrough customer insights. Organizations need to leverage data from diverse sources (both structured and unstructured) to gain new insights their innovative talent can use to achieve better outcomes.
For which they need a strong data strategy as well as mechanisms to turn data into insights and then actions.
Advanced analytics skills: Applied intelligence is another important aspect that organizations need to consider. Considered the holy grail of business transformation, technologies like automation, analytics and AI are changing the way businesses operate.
In order to be future ready companies needs skilled talent with the ability understand business problems they are solving and then augment this talent with the right combination of people, connectivity and technology to find the answer.
Breaking the Silo: Organizations often run multiple initiatives housed within various groups. While this may deliver incremental gains within individual groups, but the overall impact is most often underwhelming and hard to sustain.
Tangible benefits to customers like faster turnarounds and better service can get lost in due handoffs between groups. Which is why organizations need to move away from running uncoordinated efforts within siloes to move towards an integrated operational-improvement program organized around journeys.
They also need to move away from using individual technologies, operations capabilities, and approaches in a piecemeal manner inside siloes to applying them to journeys in combination and in the right sequence to achieve compound impact.
In fact experts feels plug-and-play digital services powered by cloud infrastructure to play a major role in the future. However, organizations looking to capitalize on the cloud will require significant efforts to replace or modernize legacy systems.
The future belongs to organizations with intelligent operations: Future industry leaders will use diverse data driven by applied intelligence and human ingenuity to empower next-generation, real-time decision making, exceptional customer experiences and breakthrough business outcomes.