Signs of Changing Business Paradigms CXOs Need To Identify

Signs of Changing Business Paradigms CXOs Need To Identify-01

Data and analytics can help leaders to spot, and respond to potential risks ahead and explore new growth avenues. Another opportunity for reinvention and growth is embracing decentralized decision-making to become an edge organization with empowered, multidisciplinary teams centered on customer outcomes.

Longstanding trends like the increased importance of experiences, greater cloud adoption, and changes in buying patterns have all been interrupted, accelerated, or reversed due to the pandemic. At the same time, new supply chains and business models were set up in days, not months, and the promise of new scientific breakthroughs was undoubtedly realized in months, not years. When coupled with profound, structural changes following more than a year of turbulence, a business environment ripe for reinvention emerged, with a strong desire to look deeper into the future and better map the trajectory and impact of change.

Here are a few signals that have matured and significantly impacted organizations within the next three years.

Also Read: Five Key Teams that will Lead Digital Transformation in 2022

Learning from the future: See change before it happens

As organizations rethink ways to do business that brings growth, focusing on historical data to inform the future. According to a report by Accenture, on 25 SignalsTo make quick decisions, many organizations are now capturing new data sets and using statistics and artificial intelligence to identify, respond to and guide market changes and course correct. The report finds that 78% of organizations in India have increased their use of both internal and external real-time data sources over the past 12 months. Yet, only 43% reported that people across their organization regularly use real-time data on a daily basis. In addition, only 37% of businesses in India say they have a C-suite member responsible for these efforts, and less than half (45%) have enough skills for their employees to support this skill.

Pushing to the Edge: Decentralized decision making

The global crisis has caused markets to become increasingly fragmented, with different regions emerging from their governance systems, economic models, and cultural norms. At the same time, consumer behavior is changing rapidly, with new competitors providing flexible services. Businesses respond by pushing for decision-making power on the outskirts of their organizations, creating a network of teams that can do things faster and more efficiently. When businesses empower their “extremities” to make many decisions for day-to-day operations, they free up their headquarters to focus on critical strategic decisions. A report by Accenture on 25 Signals found that 97% of organizations in India are committed and able to function as a broader business organization to respond to different business areas. In contrast, 67% say their business model will change over the next year.

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Sustainable Purpose: Move from purpose-focused to purpose-run

Becoming a goal-oriented organization means recognizing the need to have a goal that benefits all its stakeholders, but lately enterprises are observing a growing gap between ideals and outcomes. The mission statement outlines the challenges faced while building resilience in their operations and fulfilling the commitments designed to help all their stakeholders. The Accenture 25 Signals report found that 32% of executives in India say they are not committed to bringing in the total number of participants, and about half (48%) of organizations in India report that one of the biggest obstacles is balancing their marketing interests. However, there are indications that the situation has begun to pursue sustainable development and profitability. Only 24 percent of Indian leaders say they will consider investing in environmental, social, and administrative (ESG) programs to avoid a shortage of wage indexes.

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Swapnil Mishra is a Business News Reporter with OnDot Media. She is a journalism graduate with 5+ years of experience in journalism and mass communication. Previously Swapnil has worked with media outlets like NewsX, MSN, and News24.