Source – https://www.analyticsinsight.net/
Organisations often block their own path towards scaling by delaying innovations purely out of their loyalty to their core businesses. Unfortunately, fixed organisational structures and legacy operating models result in frailty, disabling the sight of potential market changes. Enterprises hesitate to build products or services with new technology as they are unsure of whether the growth rates would satisfy their shareholders.
Today, to compet in a VUCA environment, businesses and their change agents must consider relooking and reconsidering how they engage and conduct business with their customers and leverage innovative technologies to enhance or introduce products/services to the market.
With rapidly changing consumer buying patterns and preferences, enterprises are increasingly focusing on digitization to evolve their business models, they are being mindful of the efficiency of business operating units, which enables them to pinpoint areas that need additional focus or restructuring quickly. Some of the possible initiatives organisations can opt for are:
- Growth hacking:Organizations need to be agile and iterative in their approach to keep up with the changes in the industry. Having a growth mindset can enable management, embrace challenges, show resilience while working through obstacles, and bounce back from impediments sooner, leading to overall higher achievement. Organizations backed by a growthhacking mindset will be ableto foster innovation and generate higher financial returns.
- Retooling organization:Companies should ‘avoid putting all eggs” in one basket regarding technology infrastructure. The focus should be on adopting technology like building a Lego structure, where individual components are replaced if the scalability and validity for the current and future needs of the business aren’t met.
- Adopting new age innovation rather reinventing: Applications of AI is evolving within the industry at a fast paced, which enables organizations to evaluate quickly, adapt, pilot and scale within the organizations. Reinventing AI would mean wastage of resources of time, instead organization precious resources can be spent on identifying the right opportunity to evaluate and scale the benefits of AI.The global COVID-19 pandemic has crushed standards and redefined how business is conducted, affecting most enterprises in some way or another. At the same time, enterprises were already leveraging data science and AI in the past few years. A significantly greater number of organizations are now looking for ways to harness them to reinvent themselves. Key-focused areas remain in strategy building, decision-making and governance setup, business planning and budgeting, funding decision making, managing performance and company culture, risk management, and more.For businesses, resiliency will become even more significant than efficiency as they move forward and data science will help companies maintain. For instance, retail stores and restaurants that were more dependent on brick-and-mortar sales before the pandemic had to make drastic changes to survive and sustain. While some were forced to shut shop, the rest kept steering ahead with new business models to adapt and thrive. Data science helped companies stabilise their organisations, build new processes, establish new communication channels and workflow, adapt to the remote working environment, recognise (and adapt to) changing consumer patterns and identify the emerging trends by using AI and machine learning.Traditionally, legacy companies used to focus only on their core business. With the new wave of transformation and new opportunity post the pandemic, these prominentestablished players are reinventing themselves and creating businesses in new areas with a very different mindset and culture than their traditional organizations.The new digital era demands asignificant change in traditional thinking and focusing on the practical approach of collaboration, competition, and innovationthat can combine data science, AI,and business acumen to conceive, build and bring new digital products to market at scale.