Basically, if there was a 'DIY' manual for shared services that sought to provide tips on how to achieve successful digital transformation, it would start with deploying technology that can meet business requirements. To do this, companies need to understand how technology is changing the way we work, so, let's start with that.
Pre-COVID, there were perceptions that some processes simply could not be performed remotely. However, the pandemic changed that and there was a shift to the adage that necessity is the mother of invention. People have had to work from home and manage projects remotely. Teams have found ways to move away from paper and centralise information.
Essentially, businesses re-examined their end-to-end processes but through a digital viewfinder, with the goal of harvesting the best from the workforce and the deployed technology − this is the only way to ensure they are able to deliver the best possible service.
Let's look at the finance department as a case in point. This is an area often laden with complex and cumbersome processes because they have evolved from the days of paper invoicing or legacy systems. But if the organisation were to strip down the finance processes by using state of the art technology, think about how they could be changed.
Today, companies can utilise software that can receive, process and pay invoices without human intervention, and also manage workflow and post documents to the right systems and build reports. So, if the business had to reconstruct the finance functions from scratch, think how different and massively more efficient they could be.
New pressures means regrouping
It is important not to separate the business strategy from that of the digital one. At times of increased pressure, it's vital to regroup to ensure the digital strategy still aligns with the central business strategy and that it strives to meet both short- and long-term goals. That means not just digitising in a reactive manner.
In a nutshell, don't let technology drive the agenda; rather use it to achieve goals.
The drive to go digital is being propelled from various directions these days: business continuity, IT, finance and HR, to name just some. In a nutshell, don't let technology drive the agenda; rather use it to achieve goals. Yes, technology can indeed transform the organisation, but it cannot do it alone − it still needs to set goals, have KPIs to work towards and have people who are capable of, and accountable for, achieving the programme's success.
While building a plan for digital transformation, the firm must take time to align with key stakeholders and use their priorities to set targets. This is particularly important if scattered from a location perspective − it's crucial to understand the needs of IT, finance, HR and the C-suite to make sure technology is being used to deliver on strategy goals.
COVID-19 may have shifted business goals
At the beginning of this year, the business focus may have been about driving efficiency, but companies have now had to shift their focus to resilience and stability. Also, the cash position of many firms is dramatically different in the wake of the pandemic. Whether the organisation is new to digital transformation or well on its journey, it's crucial to balance the need to act while not over-reacting. Technology can help achieve short- and long-term goals, but only if the right strategy is in place.
When the pandemic broke, organisations that were still handling paper or maintaining on-premises solutions unquestionably took a bigger knock in terms of business interruption than those that had already moved to cloud and SaaS-based solutions.
Being able to access data, documents and content digitally with remote access has been crucial to continuity − technologies that enable these capabilities have made telecommuting and working from home possible for millions.
Moreover, it is vital to use solutions that transform data into analytics and meaningful content. Getting key data and documents such as invoices into systems electronically is the most important and basic step. However, turning that information into analytics and actionable insights is transformative.
Nobody could have predicted the global economic and commercial impact of this pandemic, especially not the speed with which life on earth changed, and possibly forever. But if nothing else, it is a wake-up call for preparation and using available technologies that aim to keep the lights on and that are agile. Companies must seek solutions that not only handle corporate processes but that meet requirements within a single platform.
Certainly, it is important not to be panicked or pushed into digitisation − any solution invested in must aim to achieve business goals. Ensure this by bringing process owners and experts into digital explorations and discussions, so that the company does not end up with a patchwork quilt of technologies that turn out to be non-compliant in key areas and will possibly kill efforts to centralise, standardise and simplify.
Seek solutions that deliver a software platform flexible enough for requirements. Successful transformation will be built on the foundation of aligned goals, visions and technologies that meet the needs of the entire organisation.
In my third and final article in this series, I will look at how to prepare for a flexible, modern workforce.
Share