Today’s rapidly changing business landscape is largely dictated by innovation and digital disruption. Change is happening quickly and it’s forcing businesses to evolve. To survive in this new environment, businesses must be agile and focus on responding to the increasingly high expectations of its customers.
Now, more than ever, agility is a key attribute to sustaining success. According to McKinsey, fewer than 10 percent of the non-financial S&P 500 companies in 1983 remained in the S&P 500 20 years later. But how do you define corporate agility in today’s market? More importantly, how does it drive business growth in today’s volatile, ever-changing market?
Leave Legacy Behind and Reinvent Business Processes
New technology is just one part of a digital transformation, as breaking down company silos are equally important. As you build and evolve your strategy, consider how new technology impacts customer experience goals. And how to integrate agility to be a core component in making your journey successful.
Today, corporate agility is a balancing act of how companies remain stable as they move quickly to address digital disruptions. The most successful companies prioritize the processes that focus on their customer journeys. They do not cling to legacy operations simply because it’s the status quo. Instead, they embrace change as a means for growth. Organizations must instill a culture of continuous and rapid innovation that considers the integration of digital technology into every aspect of business execution.
The initial challenge is moving past conventional thinking and legacy process by:
Examining fragmented business processes that cross organizational boundaries to understand the impact to customer experience
Assessing where handoffs from one organization to another might not be working and perhaps also creating problems for customers
Identifying complex processes that impede customer resolutions
Determining where lack of insight or an inconsistent view of customer status leads to wrong business actions
From there, prioritize redesigning and reinventing and apply technology to customer interactions to deliver exceptional CX at every touchpoint.
Assess and Invest
Embrace the potential for agile transformation with the continuous assessment and investment in technology, including:
Identifying where data and analytics can provide real-time, data-driven insights for improved decision-making and effective workflow execution
Establishing a 360-degree view of customers that can help business teams discover, predict and prescribe opportunities that optimize customer outcomes
Examine how advances in RPA, machine learning and AI can enhance productivity, increase accuracy, efficiency and improve overall outcomes
Consider how the application of integrated, and responsive automation enhances legacy technology capabilities
Build seamless end-to-end business processes for your customers
To be successful in today’s disruptive market, organizations must take a holistic approach in rebuilding business process. Stakeholders must coordinate and align the execution of their digital strategy across operations to transform the end-to-end value chain (i.e. Quote to Cash, Source to Pay, and Record to Report).
Corporate agility must be engrained in company culture. and management of transformational change in response to evolving customer and market requirements. Digital transformation to enable agility needs to be an ongoing mission – day in, day out – to not only sustain success, but to grow.