The winners of tomorrow are resilient, and able to adapt in real-time during times of crisis. How have they achieved this success?
The short answer is that they have used digital transformation to pivot and supercharge their business models. Core to digital transformation is a modular architecture, which enables rapid response, prototyping and implementation.
The only way to adapt and meet fluctuating needs is to innovate and invest in your business to ensure you are aligned with your customers, employees and partners.
Resilient businesses are those that can adapt, and innovate, can integrate data and processes, use intelligent technologies, and be agile enough to overcome challenges. These attributes help companies stand out from the competition and build a sustained advantage in their vertical. SAP defines these companies as intelligent enterprises.
There are many moving parts, services and products, required to set up and embrace an effective innovation strategy. Building on a technology foundation that allows interoperability enables businesses to optimize processes, manage capacity and supply chain disruption, and lead the workforce in an agile manner, speeds time to success.
We are living in a world that is transforming quickly, so companies need the ability to adapt. They shouldn't have to innovate from scratch: if there is a template, they can build on to find success in this new economy, then it would benefit them greatly to seek it out and incorporate it into their technology stack.
Creating a foundation that is industry-specific, yet enables applications to be leveraged across industries, can help companies manage existing vendors and technologies in one place. With integration, they can innovate faster. And they don’t have to stop there.
With variation across industries and a need to differentiate, companies must have the ability to customize their innovation models and technology stacks in order to meet their specific needs - perhaps even borrowing ideas, technology and apps from other industries.
In addition to a customizable technology foundation that enables rapid integration, there are four approaches that businesses in any industry, can take to stay ahead:
Define new business models to meet changing customer needs
Leverage new and emerging technology to optimize and transform their business.
Research new best practices that extend to every corner of their business.
Implement emerging best practices from similar industries.
Intelligent enterprises must be more than just resilient to succeed during and after any crisis. They need to think bigger and focus their time and resources on innovation and investment.
The best way to recover from a crisis is to use it as an opportunity to innovate and evolve your business to build up a sustainable market advantage. Some companies have used available capital to invest their way out, but others may prefer to partner up with adjacent businesses instead to bring relevant products and services to their customers at a time when they are most in need.
Speed is an essential element as industries work to recover and re-imagine their business. It’s time to make use of an innovation model that arms businesses with the tools necessary to build and deliver new products and processes at scale.
Contact us to learn more about how to start the digital transformation of your business.