5 Forces for Enterprise
Reinvention
In the wake of global and local disruptors like geopolitical upheaval, fluctuations in the economy, etc., businesses have realized that sustainable growth envisages adaptation and innovation. The outcome is that businesses, today, are in an exhilarating race toward digital transformation as a solution. However, accelerating extensive transformation strategies is not the solution.
Enterprise reinvention is the name of the game for a business to sustain and scale in a highly volatile marketplace. Automated, insight-driven, and intelligent reinvention on multiple fronts is the need of the hour. And, enterprise reinvention is not a one-time process but is an ongoing process that helps an organization stay agile and resilient to change. Enterprise reinvention makes a business sustainable and provides it the flexibility to scale its operations.
5 Forces that Help Reinvent Operations
01
Strive for a fully automated enterprise
End-to-end automation of business processes delivers consistent value while minimizing costs, and enhancing customer and employee satisfaction. Automation drives higher productivity through efficient processes that are faster and more accurate.
02
Commit to data-driven
decisions across the enterprise
According to 90% of enterprise analytics and business professionals, data and analytics are the key to their digital transformation initiatives.
Data fuels better strategic decisions, enhances the control of operational processes, and provides better insights into their customers. Also, data-driven businesses outperform their peers.
The best way to leverage the power of data-driven insights is by evaluating the potential business applications of an analytics platform before its implementation.
03
Process innovation for enhanced performance
While a fully automated enterprise lays the foundation of enterprise reinvention, it extends beyond that. Innovation of processes alongside automation results in better outcomes.
The complexities of a business increase as it scales. Businesses try to address this by using makeshift technology solutions. These further complicate the existing systems. Automation of existing processes provides the same data which does not add any value.
Businesses need to innovate by identifying bottlenecks in their existing systems and optimizing processes to overcome them.
One of the most effective technologies that fosters innovation is the Digital Twin technology. Digital Twin replicates the existing processes and provides a virtual model through which businesses can identify gaps and discover inefficiencies. These real-time insights enable professionals to audit, analyze, and optimize existing processes.
04
Automation experience must be humanized
Adaptability of the way operations function when automation is applied, should be the key area of focus while deploying digital technologies. This implies that the digital transformation strategies should be more user-centric. This will simplify the relationship of various stakeholders, like business leaders, employees, customers, etc., with technology. They must be given the required training to use the digital tools for successful enterprise-level reinvention.
05
Deployment of AI
and Gen AI
AI deployed in nearly all processes redefines performance benchmarks. AI and more specifically Generative AI helps reconfigure the way businesses are orchestrated. The analytical ability of Gen AI coupled with its near-infinite adaptability has made it an accelerator of enterprise reinvention. Research conducted by Accenture indicates that in the next 12-24 months there is going to be a significant increase in the number of companies that embrace Gen AI as a catalyst for reinvention.
The reason is that Generative AI has the potential to reinvent every dimension of the organization. Change is the only constant! According to the Accenture Pulse of Change Index, the rate of change affecting businesses has increased by a whopping 183% over the past four years. (Source).
Enterprise reinvention is the key to keeping pace with change and staying ahead of the curve. Digital technologies like AI and Gen AI are at the core of enterprise-level reinvention. These technologies can be effectively leveraged if they are augmented by cultural and operational shifts in mindset for continuous change.