The COVID-19 crisis has brought many organizations to their knees. It has made them rethink their notion of a successful business organization.
Due to the constant innovation happening across all industries, it is becoming increasingly difficult for organizations to sustain themselves in the market. According to a survey conducted by Accenture, over 93% of executives believe that their organizations’ existence is in jeopardy, as it is becoming difficult to catch up with the demand of the dynamic marketplace.
The current draconic times with regards to the economy brought up by the COVID-19 crisis are rendering the approach and business model of most organizations redundant. Therefore, it is imperative for CIOs to develop a cohesive model, like that of Intelligent Enterprises that will help to keep up with the rapidly changing business landscape. This will help them to successfully tackle the dynamic nature of the market and to circumvent its uncertainty.
An intelligent enterprise can be best defined as an organization that is able to anticipate and adapt to the constantly changing marketplace, fulfill its customer expectations, stakeholder’s demands, and shows a sign of a strong ecosystem. Moreover, the organization would also have a flexible infrastructure that allows strong collaboration in a digital ecosystem, is progressive in self-management and its operating model – among other things.
The current unreliable marketplace, it is imperative for companies to strive towards being an Intelligent Enterprise, if they are to sustain and thrive. The good news is, it’s never too late to adapt. Because, even though there are many companies that are able to scale their business in today’s rapidly evolving marketplace, the actual number of these organizations is still very low.
Hence, below are a few steps CIO can take to reshape their organization into an intelligent enterprise:
Reshaping the Enterprise agility
Organizations across all industries have reaped the benefits of agile operations. Having an agile operating model enables rapid responsiveness. It ensures that all the employees feel safe, connected and seen. It also ensures rapid responsiveness, and scalability – two features that are priceless during the current times.
With the pandemic hovering over the business operations, organizations should set up crisis command centers that will help their employees, who are working remotely, to focus on critical business issues. This will help enterprises to endure the current crisis and will prepare them for future as well.
Reviewing End-to-End Value Chains
The pandemic has presented executives with an opportunity to rethink the customer behavior and their organization’s supply channels. As the business landscape is witnessing a massive shift, CIOs need to think about their sector, business partners, distribution channels, and integrated planning as well as forecasting capabilities. Furthermore, applying these practices to the enterprise’s technological infrastructure to evaluate and to increase its capacity, stability and security -can elevate the efficiency of the business operation.
Rethink the Way You Work
The current pandemic crisis has forced business leaders to take a closer look at the way they run their business operations. It has helped them to identify business-critical activities; which work requires proximity to products, customers, and partners.
Alongside these, the crisis has also revealed CIOs which of their business partners are resilient and are prepared to face a crisis. An Enterprise’s initiatives and responses during this economic crisis will redefine the speed at which it can innovate, pivot, invest and make informed decisions.
The crisis has shown that there’s nothing structured or certain about businesses and the marketplace. Hence, it is essential that organizations adopt an Intelligent Enterprise mindset that will enable them to transform business practices, operations, and systems. These will transform the organizations to be more agile and resilient and will pave the way for a sustainable future.