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Engine of the Intelligent Enterprise
Every business – big or small, new or established – is a never-ending experiment. Rapid economic, political, social, and technological shifts make sitting still impossible if there is any hope of growth, profitability, and marketing leadership.
This new world order may sound scary to some executives. But for those who are aware of intelligent technologies, such as artificial intelligence (AI), automation, cloud, the Internet of Things (IoT), and predictive analytics, it can be a liberating moment. These business leaders are not only breaking down old ways of working but also matching the demands of the marketplace faster and more flexible than their competition.
Contrary to traditional thinking, constructing such an intelligent enterprise requires much more than purchasing, implementing, and using technologies that are shiny and new. It’s also about creating a unified network of employees, suppliers, and partners focused on driving operational and customer outcomes at the exact time and place they are expected and needed.
Change has never been this fast nor will it ever be this slow again. However, this doesn’t mean businesses are mastering the art of evolution. In fact, it’s been widely said that eight out of 10 early digital transformation initiatives have failed.
For the two out of 10 that are doing well, their success can be attributed to a focus on three dimensions of significant business implications:
• Total customer experience: End-to-end processes are reimagined from the point of first interaction to order fulfillment and post-sales engagement. This can be accomplished by digitalizing products and services, monetizing data, or reinventing the business model.
• Step change in productivity: By combining digital technologies with processes and employee skills, companies can achieve a significant jump in business productivity, which, according to McKinsey, can range between 15 percent and 20 percent. This coveted improvement has the capacity to completely transform cost structures and profit models throughout the value chain.
• Employee engagement and support: Touch-less systems, automated processes, and similar technologies are the norm for an intelligent enterprise. These companies augment human capabilities to empower the workforce to undertake value-added work and manage exceptions.
• This to-do list of the Intelligent Enterprise is endlessly supported by data – from having the right information and insights to executing decisions and actions. These businesses do not operate with traditional processes to get work done. Instead, they use a series of connected metaprocesses that combine every piece of data to generate real-time insights that then trigger transactions automatically.