By: Venkat Nanduri
Do you think the next wave of business innovation will come from making your existing business processes faster?
I seriously doubt it. While I agree that it is important to make business processes efficient to spur innovation, speed alone cannot be the basis. A company’s ability to act quicker than the competition and respond to disruptive changes, be it COVID-19 or changing economic conditions, has a lot to do with it. What this essentially underscores is the need for businesses to transform.
Whether you have a start-up or an expanding midsize business, you are preparing for risks at every turn, while acting on every opportunity as well.
I’m of the firm opinion that opportunities are all around. All you need to have is the line of sight. Fortunately, technologies today give great insight into data strewn across the organization.
A case in point
I’m quoting an example from a blog by Christian Horak, Global VP at SAP, and Uwe Erdtmann, Product Marketing Director for Digital Core at SAP, published in Digitalist Magazine: “The vodka manufacturer Alcohol Siberian Group or ASG digitalized its end-to-end processes with a cloud-based ERP and business planning solution.”
“This approach led to a transformation of data-driven decision-making, standardizing and automating workflows, logistics, order processing, supplier engagement, data management, and internal controls. And as processes and organizational structures became more unified and simplified, ASG enhanced employee productivity using analytics to steer operational processes and risk-management practices.”
Uncertainty looms large as natural disasters like COVID-19 are on the rise. The question on everyone’s minds is – how can one gather insights from tumultuous situations, as when the inventory runs out and the economy is at a low ebb? Only Cloud ERP can help with this, opening companies to insights in ways that would not be possible otherwise.
I’m looking at Cloud ERP as the answer to our questions and apprehensions regarding the new normal.