What does speed have to do with transforming the business in the digital economy? plenty it seems?
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Speed is the new currency of business to win in the Fourth Industrial Revolution driven by digital technologies. Market changes that used to take decades to happen, now transpire within weeks and months. Traditional companies, who have a strong grounding in their markets are in an excellent position to capitalise on the Fourth Industrial Revolution or the machine age. While having good understanding and the right assets puts traditional businesses in a favourable position, they often struggle to set the right pace for digital transformation.
Though businesses need ambitious goals, overblown promises and expectations will only lead to disappointments. The following AHEAD model points to the five areas in which businesses must act to effectively compete in this machine age.
A: Speed to automate: Robotic process automation (RPA) applied in long-standing core business processes can make businesses cut costs by 30-60% while making operations error-free.
Speed to monetise halos of information: Companies using advanced analytics and machine learning are twice as likely to be top-quartile financial performers, and thrice more likely to execute effective decisions. Businesses should therefore start thinking about instrumenting all their key products and machines and use the resulting insights to accelerate their decision making and create new business value.
E: Speed to enhance the workforce: Businesses should target to enhance every employee to speed up the company’s performance by making the AI-driven machine, every worker’s new ‘colleague’.
A: Speed to abundance: As prices decline, demand rises, and once a mass market is created, there is a perennial need for a product or service. This is the definition of abundance. Businesses can create markets of abundance by leveraging artificial intelligence (AI), analytics and automation to drive down costs and widen market volume.
D: Speed to discovery: Companies aiming to trigger innovation should break rules, and dare to experiment.
While the AHEAD model shows the path forward for digital success, a speed framework is needed to set the right pace of growth. Here are five actions recommended for accelerating growth:
Improve collaboration: This will enable fast communication and decision-making.
Embrace asset-light business model: Companies should transform from the ‘we own’ to the ‘we control’ mind-set.
Move from speed data to speed intelligence: To stay ahead of the curve, businesses should set a target for the next one year to match their decision-making speed to the anticipated growth in data volume.
Cybersecurity as competitive differentiator: Around 49% of businesses fell victim to cyber-attacks in 2016, and redressal costs are set to hit a whopping $6 trillion per year by 2021. With so much at stake, companies have to up their game in cybersecurity.
Making IT the speed heroes: Firms should encourage ‘speed heroes’ from among their IT teams to lead their organisations to reinvent their IT toolbox, and take charge towards making critical business decisions with authority.
Though businesses need ambitious goals, overblown promises and expectations will only lead to disappointments. The following AHEAD model points to the five areas in which businesses must act to effectively compete in this machine age.
A: Speed to automate: Robotic process automation (RPA) applied in long-standing core business processes can make businesses cut costs by 30-60% while making operations error-free.
Speed to monetise halos of information: Companies using advanced analytics and machine learning are twice as likely to be top-quartile financial performers, and thrice more likely to execute effective decisions. Businesses should therefore start thinking about instrumenting all their key products and machines and use the resulting insights to accelerate their decision making and create new business value.
E: Speed to enhance the workforce: Businesses should target to enhance every employee to speed up the company’s performance by making the AI-driven machine, every worker’s new ‘colleague’.
A: Speed to abundance: As prices decline, demand rises, and once a mass market is created, there is a perennial need for a product or service. This is the definition of abundance. Businesses can create markets of abundance by leveraging artificial intelligence (AI), analytics and automation to drive down costs and widen market volume.
D: Speed to discovery: Companies aiming to trigger innovation should break rules, and dare to experiment.
While the AHEAD model shows the path forward for digital success, a speed framework is needed to set the right pace of growth. Here are five actions recommended for accelerating growth:
Improve collaboration: This will enable fast communication and decision-making.
Embrace asset-light business model: Companies should transform from the ‘we own’ to the ‘we control’ mind-set.
Move from speed data to speed intelligence: To stay ahead of the curve, businesses should set a target for the next one year to match their decision-making speed to the anticipated growth in data volume.
Cybersecurity as competitive differentiator: Around 49% of businesses fell victim to cyber-attacks in 2016, and redressal costs are set to hit a whopping $6 trillion per year by 2021. With so much at stake, companies have to up their game in cybersecurity.
Making IT the speed heroes: Firms should encourage ‘speed heroes’ from among their IT teams to lead their organisations to reinvent their IT toolbox, and take charge towards making critical business decisions with authority.
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