Every company needs to make key decisions to both conduct and grow their business and in this digital era, the need to make decisions faster has never been more important than in all the history of humankind.
A study referenced in the popular magazine Psychology Today
concluded that it takes an average of 66 days for a behavior to become
automatic. The COVID-19 was a full-reboot on business as usual (at least for a
lot of organizations) and a launching pad for them to become virtual,
digital-centric, and agile—and to do it all at a lightning-fast speed.
As business leaders look forward to the coming year and
beyond, they are pondering: How to keep this momentum going? How to take the
best of what has been learned and put that into practice in the coming post-pandemic days and make sure it’s seamless and continues to be embedded into
everything we do going forward?
According to McKinsey Leader Kate (https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/how-six-companies-are-using-technology-and-data-to-transform-themselves)
- “Business leaders are saying that
they’ve accomplished in 10 days what used to take them 10 months. That kind of
speed is what’s unleashing a wave of innovation, unlike anything we’ve ever seen.”
As with the availability of more and more data, we are also
seeing the rise of AI which is now an integral part of an enterprise (already
or strategy in place to get it there) to make it more frequent, more responsive,
and more accurate business decisions. It has become evident, painfully so
during the pandemic, that in a fast-evolving business environment, strategic
objectives need to be paired with the ability to make more frequent, more
responsive, and more accurate business decisions.
The description of services and the pace of evolution have
shifted drastically in recent years and mastering the conventional facets of
service delivery will no longer be enough. New digital upstarts are challenging
the bottom lines, growth opportunities, and the business models of conventional
service providers. It is time for the functionaries to innovate—or be left
behind. Read more about this in my article published here…. https://etinsights.et-edge.com/how-transformative-technologies-can-drive-better-smarter-business-decisions/
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