With our Business Transformation Conference quickly approaching, we decided to dive deep into the topic of transforming all aspects of a business. From digital transformation to workforce value, we analyze the critical ways to give your operation a makeover.
1. Technology–Keep Embracing It
Just when we think technology couldn’t get any more convenient, quick, or complicated, it does. The Cloud, automation, ERP systems, IoT and robotics are just a few examples of many that are transforming businesses across all industries. To stay ahead of the game, whether you provide technology in your service offerings or not, business owners need to have up-to-date technology systems and processes. It is becoming less scary and expensive to implement high-tech options.
Robotics, for example, are more attainable than you would think, “Businesses think buying a robot is a complex technology they can’t handle and a six-figure investment,” says Gregg Hague in the 2018 M&D Report, partner in Sikich’s Supply Chain group. “You can acquire a simple-to-install robot for under $20,000.”
2. Workforce of the Future
The workforce environment is competitive and challenging—this is a fact most employers and business owners have been aware of for some time. Overcoming this challenge starts with the right human resources tools, such as a perfected process for recruiting and retaining top talent. Through this, employers should then prioritize talent acquisition strategies and take proactive steps to grow and develop their workforce. Give your employees competitive benefits, flexibility, the right resources to complete their work, room to grow, and a platform to introduce new ideas. A company culture should be motivating to your employees—as the workforce of the future continues to improve, businesses will find themselves competing with one another for the best talent. Make sure you have recruiting and retention plans in place.
3. Regularly Refine Your Security Strategy
What happens when your digital security is breached? Do you have steps in place to react to a cyber attack? Better yet, do you have processes to prevent an attack? Cybersecurity is an aspect of your business that should be revisited regularly. As hackers become more knowledgeable on breaching your security, you have to expand on your knowledge and protection, as well. Attackers understand that your data is valuable, so you must, too. If you don’t have the expertise, be confident enough to hire a consultant (or multiple) to build and maintain the correct cybersecurity strategy for your business.
4. Disruptive Innovation
When it comes to your business, it’s important to not only be competitive, but to be on the cutting-edge of technology and innovation in your field. This means that your company cannot just meet the status quo; to truly achieve excellence or disruption, an organization should surpass the status quo, and demand attention from the competition. To do this, continue to learn and stay informed.
- Attend conferences and webinars
- Join associations
- Regularly read industry news
- Be open to drastic changes in terms of structure, processes, customer needs, and more
If you make the time to look ahead, you can better plan your organization’s next steps. Beyond this, it’s important, too, to build relationships with industry experts—whether you end up hiring this individual or you simply develop a connection, these relationships will bolster your business’s competitive edge.
5. Embrace Change and Adapt Quickly
Lastly, if you don’t embrace change and adapt quickly to your industry’s environment, then you and your business may risk being left behind. The pace of change is accelerating and to survive in the market, you should be flexible and willing to change with it.
Spend a day with us figuring out how to deal with some of the major changes facing your organization. Register for our 2018 Business Transformation Conference here.