Many companies have been forced to adapt to stay afloat over the last year, yet some are thriving as they adopt digital technology for new agile ways of operating. Somehow, a small core of companies has found ways to become more efficient and profitable even during these uncertain economic times. These companies have done this by investing heavily in digital transformation and wholesale reinvention.
It’s no secret how critical technology is for driving growth and reducing costs. In fact, 82 percent of business leaders surveyed by Accenture believe that technology is the key to developing and growing a company. However, many CIOs are not equipped to manage a digital transformation, despite its many benefits. Nevertheless, to remain competitive, they will need to learn how to leverage technology to be predictive, precise, and future-ready.
How To Achieve Future Readiness
It was usually the CIO’s job to adopt new technologies as they become available in the past. However, in today’s world of constantly evolving and shifting technologies, the digital landscape is far too complex to be managed by a single individual. As such, technology decisions need to be spread over C-level executives. The problem with this strategy is that many of these executives may not have technological backgrounds. One solution for this issue is to assign each executive a technology partner with the necessary knowledge to advise on all digital decisions.
The provision of digital tools can also be employed to manage resources and streamline productivity. Journyx timesheet specialists recommend using software for scheduling and resource management, for example, to gain a full overview of projects and their development. This gives businesses greater control and ensures that executives can effectively monitor projects, even when their technical knowledge is lacking.
Agile Businesses Focus On Five Key Digital Strategies
Successful businesses are focused on five central strategies in order to remain agile:
- Use analytics data for smarter decision-making. Producing rich data generates actionable insights to make informed decisions.
- Adopt an agile workforce strategy to leverage special talent as needed. It pays to have the resources and personnel you need for the future already prepared and ready to hire.
- Deploy cloud infrastructure at scale for efficiency. Cloud technology enables businesses to scale quickly to keep up with ever-changing practices.
- Automate end-to-end digital processes to handle rapid growth. Many successful, agile businesses continue to scale automation processes as they develop.
- Scale AI and data science capabilities to augment the decision-making process. AI is a powerful tool that many agile businesses continue to scale, enabling executives to make decisions based on data.
The truth is that the vast majority of businesses can do more using digital technology to advance their operations. By leveraging technology and taking an agile approach, companies can become more profitable, efficient, future-ready, and agile. However, companies have to be willing and able to capitalize on new technologies and innovations.