Digitization and the automation of operations have been redefining the work and business landscape. However, future-ready organizations are those that adapt and succeed in any environment. The industry experts have identified a few foundational characteristics of a future-ready organization. What are they? In this article at CIO Dive, Katie Malone explains these foundational characteristics.
Empowering Future-Ready Company
Build Customer-Centric Organization
Technological advances undoubtedly drive fundamental market shifts and a new wave of digital-driven disruption. But business leaders must adopt a customer-in mindset, shifting focus from selling a product to nourishing a customer relationship. “Building a technology strategy around the customers can help businesses conquer tech debt and anticipate future digital needs,” says Malone.
Promote Digital Education
Business leaders must know how to navigate a complex digital environment that is constantly evolving. The key principles around business operations—finance, product-market fit, marketing, branding, and positioning—may no longer be applicable. Digital education helps business leaders and employees create a resilient and competitive business. From evaluating business ideas to project execution, digital knowledge will fast-track an organization’s growth.
Eliminate Legacy Technology
Legacy technology and processes prevent innovation and the company’s ability to adapt to change. According to studies, organizations spend nearly 80% of their IT budget on legacy maintenance. Additionally, many legacy systems are no longer supported by their manufacturers. Therefore, a single unpatched weakness can allow attackers to obtain all databases and applications.
COVID-19 has made speed a priority for many organizations. Additionally, it has reinforced how difficult speed is to harness. To be future-ready, organizations must ensure that their operating models are fast, nimble, and frictionless to foster agility.
Creating an ecosystem that brings agility in facing customers with faster time-to-delivery will massively impact the business growth. Future-ready organizations also ensure enhanced customer experience, allow for greater governance, and meet modern business requirements. To read the original article, click on https://www.ciodive.com/news/MIT-Sloan-CIO-symposium-future-ready-enterprise/599136/.