3 WAYS TO TRANSFORM YOUR BUSINESS IN THE NEXT DECADE
These past few years have been all about acceleration: ramping up the speed at which we work, adopting automation, and building a resilient, integrated business ecosystem run by technology.
Up until now, companies were able to use a number of different options to address their needs. We didn’t just have hybrid work, but hybrid solutions. And outsourcing came in.
The multiple solution model had its own set of challenges. Each solution came with a customized silo of data and processes, and it was difficult for leaders to keep track and know the full scope of what was going on. Breaking down functional silos is easy when people talk to each other. Unifying technology platforms, when the language of technology differs from app to app, is a lot harder.
Transforming your business over the next decade and beyond will require simplification, consolidating, and streamlining to protect data, ensure continuity, and stay ahead of disruptions. To do this effectively, people will need to be trained, cultures will need to evolve, and best-in-class companies will need to scale internal change while simultaneously meeting the changing needs of customers.
THREE POINT WAY FORWARD
- EMBRACE INNOVATION AND TECHNOLOGIES THAT SUPPORT PEOPLE: customer satisfaction and loyalty, employee experience, and training that help achieve speed, agility, and value creation and delivery.
- INVEST IN SOLUTIONS THAT PROTECTS DATA AND OPTIMIZES YOUR BACKEND: payroll, labor compliance, and advanced tracking that helps reduce operational overhead.
- FUTURE-PROOF YOUR BUSINESS with a strategic plan that includes ways to increase customer retention, puts sustainability into practice, and recruits and retains forward-thinking employees with leadership potential.
One of the biggest challenges will be maintaining your company culture. People leave jobs when the culture doesn’t work. Creating a culture that is difficult to leave is even more difficult when people have to adapt to new ways of working.
To increase your chances of survival, you’ll need to reduce your dependency on one profit center and think about ways to diversify to create additional revenue streams. If past strategies failed to excite customers, rethink your approach.
Start managing risks and identify potential weak spots in your systems or processes, data security, and talent pipeline, and observe what’s changing with your customer. Study, predict and prepare for shifts in customer buying behaviors, needs and thresholds, and have a plan in place to pivot. Never forget that your customer pays the rent. Disruptions hit their businesses too and being proactive about what’s going on in their world, could save yours.
FINAL NOTE
Things are changing so fast, to completely stay ahead of the game will require a culture of innovation and a team of experts who can help you address labor fluctuations and fulfill talent needs. When you roll out an agile strategy across your organization, it’s important to examine your bottom line and the various factors that impact it. This is especially true in the direct correlation you’ll see between using outside resources and independent consultants who can improve time to value and deliver greater ROI at scale across all of your organization.
