Why Enterprise Modernization? (Four Es for Enterprise Modernization?)
Enterprise modernization is a must-have “business strategy” in this highly competitive business environment. Enterprise modernization consists of four essential pillars.
- Modernize business processes.
- Modernize business applications.
- Modernize enterprise data.
- Modernize infrastructure.
Enterprises that cave into the technology hype may get hurt. However, enterprises that do modernization with a business strategy will thrive. Here are a few benefits (four Es) of why enterprise modernization is essential:
Empower your customers.
Irrespective of your industry, being obsessed with your customer’s empowerment and engagement will result in outstanding business results. Let’s take Amazon, for example. Amazon prides itself on being the most customer-centric organization in the world. As an avid Amazon buyer, my family has been spending 15 to 20 times more than we used to buy five years ago. Why?
- More and more categories – very few categories where Amazon is not competitive
- Price – Reasonable price for most goods
- Ratings – Open and accessible ratings. Products with bad ratings won’t sell
- Delivery – Super fast delivery of many products. Some of them delivered on the same day. COD and return policies provide an additional value to customers.
- Ease of buying and Cashback — Thanks to the features such as one-click buying, Paypal, and cashback rewards.
Amazon continues to amaze investors despite AMZN’s high Price/Equity ratio (much higher than WMT or MSFT). Amazon achieved these results after some time by empowering its customers. It’s customer obsessiveness and empowerment of customers which resulted in the stock valuation.
Enable your Employees for Success
Employees are your most valuable assets whether you are a brick-and-mortar or a technology enterprise. When you ask your employees to work with legacy and outdated systems (or processes), which results in a sub-par experience for them, you send the wrong signals as management. You would want your front-line or back-office employees’ morale to be high. There could be other complex business challenges, but your processes and systems should be easily manageable for your employees to do their work with high productivity. Enable your employees to do their job in the best possible way by using modern processes and systems which drastically improve their productivity and creativity.
Besides, today’s modern and knowledge-based organizations focus on employee engagement with sophisticated AI-enabled tools to assess, reward, interact and enrich them.
Envision your Future!
New technologies disrupt the way business processes work. Primarily, these new technologies can drastically improve the velocity and quality of the business process. (In some cases, businesses could eliminate redundant processes). For example, Robotic Process Automation (RPA), along with Artificial Intelligence and Machine Learning (aka Hyper Automation or Intelligent Automation), is disrupting the way many things are being done in the BPO industry. While there is a real threat to routine and mundane work, employee productivity of information workers is considerably increasing.
Similarly, many technologies, such as Visual Analytics (a modern way of data capturing), are becoming cheap, faster, and better solutions for solving sticky problems. Businesses must go beyond the hype and look at the thorny issues with a solution mindset. They can envision a bright future by investing in “proof of concepts” of these technologies and preparing a business case.
Educate your investors.
Educating your investors on your efforts on the enterprise modernization journey will have a positive effect on your perception as an organization in two ways. Firstly, by educating them on empowering your customers and enabling your employees, you are sending a signal to the market about how you treat your most valuable assets (customers and employees). Secondly, by demonstrating how you envision your future, you get your investors excited about your commitment to excellence.
Organizational performance KPIs and metrics reporting, enterprise risk management, effective quality control and governance, and context-sensitive market updates – all lead towards a more predictable business and trust-driven investor relationship.
TruVs continues to deliver incremental value for its client using the 4 Es of enterprise modernization through continuous learning and improvement process. For more information, visit: www.truvs.com.