In times of constant innovation and changing customer expectations, business agility has never been so important. The most adaptable companies have the best chance of success. In contrast, time is wasted on companies locked in by complex and disjointed back-office systems.
In particular, established companies that have been on the market for more than a decade face real challenges – from silos to legacy systems – that slows down their innovation capacity and remains relevant to customers. A recent study by Oracle and The Confederation of British Industry shows how relentless this change can be, with half of the largest FTSE1
By contrast, business opportunities have the courage to adapt to today's circumstances and use the pace of change as a weapon of competition.
The Age of Confusion
It is no coincidence that some of the least connected companies suffer the most from complexity. To respond to changing customer needs, organizations need insight into a variety of data sources and the ability to respond quickly.
Further development is only possible through a state of hyperconnectivity where corporate, customer, and vendor data readily available is accessible throughout the organization. If the chief financial officer needs insight into employee productivity, he should be able to access HR data in seconds. Similarly, a Chief Human Resources Officer looking for information about the financial impact of a new employee should be able to extract data from the financial area.
While the quest for hyper connectivity is simple, the real challenge is to achieve that. The biggest hurdle for executives is the often neglected back office. Here are some of the key features, including Payroll, Human Resources, and the supply chain. It is the engine room of the organization. So if it does not run efficiently, the whole company stops.
To keep pace with change, organizations must leverage enterprise resource planning to effectively manage, optimize, and leverage data in day-to-day business functions.
Automate, integrate, iterate
In order for business leaders to be aligned, the underlying back office must be integrated and connected. Migrating your various functions to the cloud avoids system fragmentation. It also means that you have all the data in one place and have a flexible, scalable and secure environment where you can make changes. This leads to improved performance, agility and visibility.
However, organizational functions such as HR and finance still take time and resources. Simple, repetitive tasks such as payment processing will continue to distract your employees from higher-value tasks. And you will not change the prospects overnight. Your ability to adapt and change your organization is still hampered by cultural resistance and years of experience.
To overcome this resistance, companies should try to simplify, standardize and automate applications embedded in artificial intelligence (AI) and machine learning (machine learning). ML). For example, an ML application can easily approve issues automatically and mark those that require further investigation.
A connected, cloud-based back office provides a solid foundation for building these shared, self-executing processes more efficiently. and which filters throughout the company.
It is also critical that employees, partners and stakeholders drive change. Led from the top and done from the ground up, the expectation must be that a failure is not a bad thing. Small businesses can be agile but may not have the established processes, while large companies may have the opposite problem. To build the right culture of change for your business, it is important to be open to all answers and different models.
United we stand
The implications of connecting data and automating processes across business units are transformative. Equipped with the right tools, business leaders can gain unparalleled visibility into operations, resulting in improved collaboration, performance, and the ability to anticipate changes.
This could not be done at a better time. Our research shows that [3/45/09] nearly three-quarters of HR and financial managers struggle to focus on future strategic direction due to lack of collaboration and thinking too short-term. But with a single source of accurate data, business leaders no longer have to make decisions in the dark.
You can also use more complex tools. For example, predictive modeling enables companies to forecast budget and staffing needs and respond early to avoid future crises. AI solutions can also gain insight into large amounts of third-party data that would otherwise be unavailable to the business. Overall, better, evidence-based decisions can be made to help grow the business.
Many organizations have already recognized these benefits. Amplifon, the world's largest manufacturer of hearing aids, has been able to enhance its customer experience and work experience while expanding its network and customer base. The cloud-based platform was the catalyst, spreading common governance models, metrics, and KPIs across multiple countries.
The global fashion company Apparel Group has also brought innovation through a mix of smart cloud applications. By centralizing the data in a single source of information, the brand has gained an overview of its global activities and insight into the possibilities of new brands and markets.
Connectivity and complexity are like two ends of a saw. When one side goes up, the other comes down. The less connected you are, the harder it is to run the business.
With a networked, automated way of thinking, a strategy can be developed at the top and implemented quickly to the end. This agility enables companies to keep pace and evolve faster than their competitors.
Finally, do not introduce the market by following it.
Debbie Green, Vice President of Applications, Oracle Germany