Four Digital Transformation Strategies for the Adaptive Enterprise
At EPAM, we’re obsessed with business agility. From the simple definition to the formal methodology, agile defines us and how we strive to work for our customers, and train them how to work, on digital transformation projects. Now, with tightening innovation cycles accelerating the pace of transformation, enterprises are looking to the next market ‘leap’ to get ahead.
An interesting concept gaining momentum is the ‘adaptive enterprise,’ which is a type of company that proactively adapts to new technologies, business models and customer expectations by innovating its underlying value proposition, mission statement, services and capabilities. In fact, a recent Forrester survey showed that “advanced adaptive companies have 320% greater revenue growth compared to industry averages” while firms just getting their footing as adaptive enterprises are not growing at all.
While these survey results could be considered anecdotal given the relatively new nature of this concept or methodology and its adoption compared to agile, it certainly should give executives in enterprises some quantitative incentive— increased revenue—to get serious about becoming more adaptive.
What’s Driving the Shift to Adaptive Enterprise?
According to Forrester, “symbiotic loops between technologies and people are forcing market changes at a pace most firms can't match with digital's reactive responses and agile's iterative delivery.” Thus the forces driving the shift to adaptive enterprise are varied, but we can separate them into two distinct categories: external and internal.
External: From outside the organization, rising customer expectations and rapidly changing technologies are converging to disrupt both high-level and day-to-day business planning and operations, especially when it comes to customer-facing platforms and experiences.
Internal: From inside the business, employees are limited in their growth and adaptability due to the rigidity of siloed teams. Organizational technology changes are equally disruptive, driving companies to react without the prospect of ever getting ahead.
Four Digital Transformation Strategies to Become A More Adaptive Enterprise
So, how can businesses stop this vicious cycle of reactive iteration and become more adaptive? Here are four strategies for dealing with digital disruption:
- Know your (adaptive) workforce. The primary factor enabling adaptive enterprises to deal with disruption is having an adaptive workforce that is full of employees who are capable of performing hybrid jobs on hybrid teams. In order to make the most out of your flashy new adaptive hires, it’s important to know your workforce as well as keep them engaged and motivated with an innovative workforce management tool.
- Manage operations with a single, holistic platform. With new and innovative platforms hitting the market, there’s no need to juggle multiple systems of record to manage your business operations, workforce, vendors or even IoT devices. Identify and invest in ‘one platform to manage them all’ to boost efficiency and improve management of your digital transformation projects.
- Have on-demand insights at your fingertips to drive decision-making. Adaptive enterprises don’t have time to spend hours or even days searching for the information they need. Instead, they rely on text analytics and sentiment analysis tools with AI and machine learning capabilities to help employees find the information they need faster, and even anticipate the information they will need in the future.
- Make upskilling a part of your employees’ jobs. Prioritize professional development to help your workforce adapt to the rapidly changing digital landscape and master new, digital technologies that are changing business as we know it. By making digital learning and education a priority for your workforce, they’ll naturally have a more adaptive mindset and openness toward change.
These are just a few of the strategies that could help your business deal with digital disruption and make the transition toward becoming an adaptive enterprise. Take the next step to streamline your organization by partnering with a proven technology consulting firm to deliver an objective assessment on current challenges and a roadmap for reaching your business goals as an adaptive enterprise today.