In an increasingly online and networked world, the CEO has two things to take care of – Ensuring that there is an effective governance and compliance program that is being executed well and driving stakeholder relationships and overall value. It gets increasingly challenging to stay on top of this, especially in the context of immense competition and a variety of stakeholder expectations.Moreover, in today’s digital business world, several CEOs recognize that competition can come from anywhere with no boundaries.[read more=”Read more” less=”Read less”]
Technologies such as Internet of Things, Mobile, Information management, Analytics and Consumerization of IT can bring about tremendous disruption in your business if you are adequately prepared. To stay competitive, as CEOs you need to continuously bring down the cycle time to innovation both in terms of new offerings as well as your engagement with the ecosystem. You also recognize the need to better understand your customers to be able to increase loyalty and reduce churn.
At the same time, you also need to ensure that the organization stays on top of Governance, Compliance and Regulatory risks. Doing more with less, maximizing profits and returns for their stakeholders is increasingly challenging in today’s hyper networked world where customer choices are many and competitive pressures are immense. Thus CEOs need to balance well between ambitious organizational transformations to meet the new norm vs. running everyday business with excellence.
In today’s business environment, the CEO must continuously undertake performance transformations to stay on top. Incremental improvement on its own, is not going to help. While several such transformation opportunities can be identified during our engagement cycle, herein listed are some of the more common ones:[read more=”Read more” less=”Read less”]
- Identifying new business models leveraging digital and feeding innovation: Digital transformation is both an opportunity as well as a challenge. CEO’s understand that technology can be used to launch a completely new product line or can accelerate the process of taking on existing businesses to newer customer segments / geographies.
- Delivering an engaging customer experience: Digital has brought about changes in customer behavior and there are immense opportunities today to engage with customers in differentiated and innovative ways. Irrespective of the industry, digital has literally enabled businesses to talk individually to each customer, something that was really unfathomable a few years back. This has resulted in a better understanding of then customer, to then be able to create really engaging and long lasting customer experiences.
- Improving operational efficiencies: With digital, enterprises can now significantly bring down the cycle time to conduct business processes as well as enable innovation in business processes. This gives the opportunity to bring down overall operational cost and improve efficiencies.
CRITICAL SUCCESS FACTORS
The CEO plays a very critical role in the success of such a transformation given that you are on top of the pyramid. Despite executing everything in a well-planned manner, these transformations may not yield the desired results if some of the fundamental factors are not taken of:
- Getting the internal organization to personally relate to the change and see meaning in it: Getting internal business users to see meaning in the change and drive it personally is probably easier said than done. Unless the team believes in the power of such transformation, adoption will always remain a challenge. It doesn’t matter however great the strategy or if the best technology has been invested in. The ultimate impact will only be realized if the CEO is willing to engage with others deeply and help them realize the deeper meaning behind such a transformation.
- Building a strong next in line team to spearhead the transformation: Such a team should not only be able to influence the next layers in the organization to adopt change, but also be the role model via their actions and behavior.
- Continuously communicating the impact of such a change: A powerful way to reinforce the story comes from continuously communicating the positive impact that such a change is yielding. This, further builds motivation in the team to keep working at it to accelerate the pace at achieving the desired end result.
Key Business solutions
We enable you to create a digital strategy aligned to your business goals. We not only help you identify areas of improvement but also identify the best digital channels for you to leverage and create a blueprint for your digital strategy. As a part of our integrated technology solution offerings, we evaluate and recommend the best technology products for your digital requirement. We believe that change management is one of the most critical success factor of such transformations. We work as your extended team to ensure adoption by your business stakeholders. We work with your teams to create a change management execution plan including communication plan (to create the right internal messaging) to putting a reward plan.
Avaali is a specialist in enabling enterprises leverage Digital. We have skills on most of the best of breed solutions in this space. With our strong base of Information Management, Mobility and IOT consultants, we’re able to implement the recommended solutions for your enterprise. These solutions enable your enterprise to significantly improve operational efficiencies and improve your customer engagement and loyalty. With our comprehensive support service offering, we collaborate with your business users to address any issues you may have proactively and maximize ongoing value from the solution.