Pivot to Modernization
Geopolitical Uncertainties & Macro-Economic Factor: Impact On Supply Chain Management
The ongoing Ukraine conflict is a key indicator of decelerating globalization. As a fallout of renewed tension, businesses operating in multiple nations must comply with new regulations and monitor policies in a fragmented and insular world thus intensifying the complexity and dynamism in supply chain system. Adding to the uncertainties, businesses remain cautious about the impact of inflation and higher interest rates.
Climate Change: Effort Towards A Sustainable Future
There is a global commitment to reduce carbon footprint and governments, organizations are intensifying practices to contribute towards environmental sustainability. Nations are spearheading revolutionary efforts to prevent the dire consequences of global warming. We are witnessing an upcurve in the usage of Big data, artificial intelligence (AI), blockchain, mixed reality and 3D printing to better manage and optimize the environment and achieve Net Zero.
Customer Expectation: Shift In Consumer Behavior
Customers are constantly evolving and so are their needs and demands. Seamless buying journey, transparency, speed, convenience and cost. Consumers today across generations have adapted to availing services ranging from retail goods, travel, fitness and entertainment to education from the comfort of their homes as the new normal.
Rapid Changes Of Technology: Reshaping The World/Redefining Processes
We are witnessing new capabilities in weeks, instead of months and years, with drops becoming even more frequent. New capabilities like generative AI are creating opportunities for innovative transformation and intelligent automation across industries and domains.
Beyond Today: Modernization To Achieve Business Excellence
Given the magnitude of change, can businesses insulate from the ever-changing and erratic direction of change? It will be rare to spot any sitting on a sweet spot. The solution lies in closely monitoring the market dynamics and gearing up with adaptive sustainable strategies.
Three Cornerstones for delivering exceptional customer experience are:
Organizational Agility: The Success Mantra for Sustainability
Organizations have to be more agile, resilient; process driven for long term sustainability and explore opportunities to stay ahead of competition. The surfacing of recent geopolitical issues has prompted governments and businesses to take measures to ring fence critical data warehouse, strengthen oversight and scale up budget for cyber security. Data driven insights is gaining prominence to overcome emerging threats that encompass technology, trade and most importantly customers and employees.
Staying Ahead Of The Game: Adapting To Meet The Changing Needs Of Customers
Businesses must reach out to millennial and Gen Z consumers to deliver seamless services and amidst challenges attract, serve and retain them. This has necessitated reimagined and differentiated engagement and intelligent platforms.
Surviving And Thriving In The Eco System
To create an eco-system with increased transparency and regulatory reporting globally. Organizations have realized the relevance of connecting businesses, partners, and customers in the common platform. Continuously reimagining business model and processes has become key to remain relevant for internal and external stakeholders. However, being relevant is no longer a long drawn transformation programs, with an expectation of long-term returns.
Modernization can no longer be a one- time process. The key is to pivot to continuous modernization as a core strategy directing towards incremental transformations and incremental returns, taking advantage or new business circumstances and new technological capabilities. Continuous modernization allows organizations to respond faster to external and internal challenges, with outcomes measured at every phase.