The vaccination for COVID-19 has led business leaders to think that the pandemic is finally starting to wade off.
Decoding the Key for Future Businesses to Be Risk Averse in a Market
Many leaders see large post-pandemic opportunities, and they plan to examine the organization’s identity and work towards its growth.
What are the essential objectives that will drive business over time?
A Long Due Call for Change
Long before the COVID-19 pandemic set in, the need for a change was building up for years.
Worried senior management has been voicing their opinion about slow growth pace and complex bureaucratic structures.
The leaders had fear about the increasing chances of the company failure, aided by standardization and predictability. The confirmation of the same came with the pandemic. The latest trends are re-writing the business dynamics in combination or unison of:
- Lower transactions costs
- Unprecedented automation
- Heightened connectivity
- Shifting demographics
The experimentations are underway, and organizations are yet to crack the code. What one misses to mark in their strategy, the competition surely helps them identify the pass overs. However, industry movements suggest that future-ready companies have three major traits:
The ability to learn, seek good ideas from any source, and innovate is propelling growth and scaling up their abilities
- Their understanding of the core values and identity
- Simplicity and speed-driven operations
Though the downside for the companies is that time is of the essence and there’s not much to lose. On the other hand, it also presents a once-in-a-lifetime opportunity to embrace the long-overdue changes.
Reinvent the Wheel
The leaders, who are responsible for running the show, acquaint themselves with the concept of an organizational chart from day one. They visualize hierarchy, coordination, and a matrixed organization as the pivotal points for management concept implementation and execution.
It is the biggest challenge that needs immediate handling and attention.
Theoretically, these organizational charts provide a path that lays a clear line of authoritative power from the frontline employees leading up to the top brass. But, in reality, such structures are so complex and cumbersome that they hardly function as they should under normal circumstances.
The old models, by design, are to bring in control, bureaucracy, uniformity, and control, which are against the new age company objectives like speed, creativity, and accountability.
Organizing the company to meet the goals set forth by the management can help streamline the jobs and day-to-day operations.
The need for bold action and reimagining the organizational imperatives is critical to maintaining the successful functioning of the organization. Digitization of the entire financial institution is a bold step towards such a change.
Digitization of the financial institution may involve a quick response to any process or function. The same may be aided by the use of modern technology and new-age tools.
For example, if someone in your organization is looking for solutions to get business checks printed the next day, they can avail the services online. It will help meet any urgent payment deadlines and project timelines. It can also help save money on office supplies.
The result of this action will be the speedy processing of the company checks and disbursement of funds. Funds disbursement on time ensures on-time delivery of the services opted, resulting in higher productive hours for a business.
Bolster Your Identity
Identity is what connects the brand or the company to the people. It is a normal human tendency to try and connect with something bigger than themselves. A company whose offerings transcend beyond the company-customer profit relationship lasts longer in this era.
A company with the sole goal of profit tends to lose ground to create a strong identity that can meet the employees’ need for social cohesion, affiliation, meaning, and purpose.
A future-ready organization steers clear of its goals. They have
- A clear idea of their purpose
- Unique value proposition and know how to maintain it
- Strong cultural foundation, attracting the best talents.
Optimizing for speed harnessing is not an easy task. The pandemic has led companies to rank speed over other factors. The new-age companies are gunning for “increasing the clock speed” and tweaking their models accordingly.
The operating models need to realign and should be nimble, frictionless, and fast to create working methodologies that promote simplicity and agility. It gives rise to the need for a dynamic workforce, who are empowered to identify value, even at the last mile, i.e. during the customer interactions.
But organizations can not simply dial in key aspects like an operating model, the firm identity, or the operational procedures. It is also crucial to identify the organizational structure and its needs and adapt to the new age rules accordingly. Agility and speed of work should be the priority while formulating such a strategy for any business.