The coronavirus pandemic has caused massive technological changes. As most work cultures shifted to work-from-home setups, immense changes have accelerated across the globe.
Further, there has been a shift in demand and the supply chain. These changes necessitate a new type of operating model that includes flexible workplaces and new ways of working.
According to Growth Jockey, technology-driven operating models that are AI-based will facilitate smooth functioning and growth. Therefore, companies need to emphasize examining and revising their organisation's operating model for maximum optimisation.
Future strategies to create successful businesses rely on factors like internal and external operation management. While these have existed for a long time, there is a need for revival and a fresh outlook. Despite the brightest minds brainstorming ideas and innovations to promote growth, companies have yet to be able to live up to expectations.
It is time to focus on a broader and more collaborative angle in the digitized space for businesses to boom. Below are essential attributes of a modern operating model in digital strategy.
Changes to only discrete parts/aspects that seem obsolete can bring about incremental changes. However, it will contribute at a low speed to the company's growth. Hence, there will be a lower return rate.
Hence, future operating models should build integrated and collaborative interactions among various business pillars. There is also a need for association with external partners rather than singular functional silos. This represents a foundational shift, especially for companies with a private and close-knit working model.
Modern times call for dynamic solutions as the world gets connected digitally at the micro level. We at Growth Jockey keep up with the latest industry trends and developments to achieve faster growth at reduced costs. Through high-quality strategy and marketing with immense flexibility, we help businesses augment existing skills. You can expect four times faster execution and ten times your current revenue growth.
Companies with rigid functional capabilities often need more vigour and enthusiasm to strive for more. This model may have performed well in the olden days, but the digital age is extensive and transcends all limitations.
Let us consider a contemporary ecosystem: a freelance content writer would need the help of a designer for a website portfolio. Additionally, a copywriter and a Social Media manager will assist with SEO and promotion of the brand. Further, a copywriter could rely on the content writer with copy, and the designer could draw inspiration from the SMM, etc.
In this example, we see that all the members of the organisation work in harmony and often, their working capabilities coincide. Hence, when all the elements work in tandem with each other, landing a client gets easier.
Therefore, new business operations should involve reframing the capabilities and ways to manage them. The best operating model is the right mix of expertise and cross-functional generalists.
Further, external relationships play a huge role when the company falls short in certain areas. Depending upon a company's future value proposition, it is wise to outsource some skills that have been handled in-house so far.
A single business model may seem enough in the first lap of business growth. However many businesses tend to fail at the fact of an untimed accident. While one cannot avoid mistakes, a plan B or C can cushion the blow.
Relying on one solid operating model for business can yield extensive results. However, there will always be a new technology or business idea looming down the street. Hence, future-oriented operating models should enable organizations to explore, test, and scale a range of different business models simultaneously.
This multi-model system aims to solve the "plurality dilemma." It is the challenges organisations face in this rapidly changing environment that are prone to keep evolving at unprecedented rates. Optimising the business models from multiple levels with the help of an agile team is necessary.
The phrase 'Survival of the fittest' holds for business models in the digital era. To bulletproof any business in the future, you need to keep an open mind. Companies must be able to experiment, expand, test, and scale new products/services, and experiences way faster than they do today.
The future operating model allows you to move at the speed of the market. Unlike traditional models, you must manage data constantly and adapt to emerging trends -
Focus on product life cycles from rapidly developing market interests
Launch new offerings tailored for specific markets to the end of products' lives.
Performance management is a set of processes to aid employee development. Managers indulge in constant communication and feedback with employees to achieve organizational objectives. This ensures efficient employee performance and, in the process, allows the managers to address any issues that may arise along the way.
In today's evolving organizational culture, technology empowers managers to foresee problems based on current employee performance. Consequently, they can initiate corrections and guidance to bring the employee back on track.
Automation plays a significant role in performance management in the digital era. There can be streamlining of processes for strategic employee management.
There is an added benefit of performance management. It helps the employees to envision growth opportunities. Since operating models depend on them to develop and operate them, employee retention needs to be at the top of mind.
The final and most important aspect of a resilient business is having a growth mindset. Stanford University psychology professor Carol Dweck states, "The growth mindset is based on the belief that your basic qualities are things you can cultivate through your efforts’’.
Although people may differ in every way in their initial talents and aptitudes, interests, or temperaments, everyone can change and grow through application and experience." In today's challenging and very fluid environment, there is constant pressure to avoid mistakes and risks.
But such a system impedes growth, creativity and freedom of expression. It, therefore, becomes more critical to allow room to take thoughtful risks, make mistakes, and learn from them. Any company that seeks to make it big in the future needs to drive with an unhinged idea of what growth looks like.
It is not always linear but can be lateral, also. The company culture must encourage the development of growth mindsets in its employees. It will foster a truly agile organization where individuals become more adept at thinking and behaving in agile ways.
Businesses should work along the lines of creating opportunity in adversity. In 2020, healthcare was swamped with work beyond capacity, and the world had to shift to digitisation in a flash. The transition involved reinventing the healthcare operating models and moving to online bookings and telemedicine.
Such examples are proof that changes are the only constant in life. Hence, all businesses must learn and employ the strategies from successful enterprises to prepare an agile operating model. We at Growth Jockey help companies realise their vision through the latest strategies and cross-collaboration in technologies.
At Growth Jockey, we are fully committed to developing customised operating models that effectively address the critical challenges faced by our clients across various industries. Irrespective of your company's size, whether it's a small-scale enterprise or a large corporation, you can now benefit from our tailored solutions.
Take the decisive step towards unlocking the next level of growth for your brand by reaching out to us today!