Wednesday, June 17, 2020

Unlock IT Potential and Accelerate Organizational Performance

IT can select the measurement for assessing the potential for any business improvement opportunities, feature enhancement, or taking business initiatives to unleash organizational potential and build competitive business advantages.

In the digital era, information technology potential directly impacts the potential of the company. IT potential is an investment, for catalyzing IT-enabled innovation, improving revenue, and catalyzing business growth.

IT-driven innovation, in general, is surely a discipline that covers innovation management, knowledge, entrepreneurship, technology transfer, or information mining. Here are three pathways to unlock IT potential and accelerate organizational performance.

Tapping the new business models for exploring an alternative way to grow the business: Digital technologies are creative disruptors, information is one of the most time-intensive pieces of innovation puzzles and provides the very clue for the business growth opportunity. IT becomes known as a revenue rainmaker by associating its efforts directly with sources of income. The strategic value proposition of IT is how to capture the emerging business trends, mining abundance of information, leverage resources and assets of the IT departments to create the optimal business value, and contribute to new business model development. Because information technology is often the linchpin of differentiated business competency, the quality IT enabled capability model allows business leaders to establish business goals relevant to their unique capabilities and reinvent business models for generating new revenue streams.

More and more companies are recognizing that IT could become the “magic” behind emerging business models, and it is roughly coupled to the business strategy. With emergent digital technologies and consumerization of IT trend, the biggest challenge to business success is IT and IT has to do more with innovation to propelling business growth and profitability. Sometimes when one business area has a new product that can be used by another, IT leaders can connect the wider dots to come up with innovative solutions as well. IT leaders should work as a strategic business partner, launch innovative delivery channels for improving sales revenues, and then, determine what information and technology investment will tap new business models and increase business profitability you want to achieve in the performance indicators.

Innovate towards simplicity and employee engagement: Nowadays the contemporary workplace is the right mix of the physical building and virtual connections. To unlock the collective potential, IT departments need to innovate towards simplicity, redesign existing transactions to something new, being innovative and creative, and discover secure ways to allow users to do the things that have not been allowed in the past. An innovative IT can engage and empower the IT workforce to drive competitive advantages and let capabilities shine. The goal of workforce engagement is to encourage independent thinking, inspire creativity, and improve productivity, etc. At the end of the day, IT-driven business value should be judged at the enterprise level considering the overall satisfaction over each combination of cost, schedule, performance, and satisfaction of the various stakeholders.

Information based workforce planning and management create synergy by putting the right talent in the right position. The technology-based platforms and collaboration tools enable employees to brainstorm and contribute to either strategy or innovation, and explore the best practices and next practices for building an engaged and high performing digital workforce. The organizations with the culture of empowerment by leveraging IT as powerful tools will reap the benefits of knowledge workers who have self-actualized, the abundance of creativity via out-of-box thinking, and the amplified human capabilities.

Focusing on end customers’ needs as a great path to grow the innovation fruit: As the intersection of IT and people is often where innovation happens. IT is business, and the very purpose of business is to create customers. IT has both internal business customers and end customers. To unlock business potential, IT plays a crucial role in optimizing and digitizing every touchpoint of customer experience and improving overall customer satisfaction. Customer-facing applications are critical as they generate revenue for the business.

People-centric innovation is the digital trend. Innovation is not purely about technological advancements or breakthrough innovations, but also about different propositions approach to a problem, or new interpretations. Customer delight is often one of the goals to initiate IT-enabled innovation. If you're going to innovate without knowledge of "evident customer needs," then the things that you are good at may distract you to build something which can really increase customer value. IT strives to provide value-added features based on systematic understanding and data-based customer insight, delivering innovative solutions to exceed the expectation of customers.

Highly innovative organizations naturally have closer connections between functions and all functions and levels are more intimately involved with the market and each other on a regular basis. It’s crucial to explore multiple pathways for unlocking IT-enabled business potential. IT can select the measurement for assessing the potential for any business improvement opportunities, feature enhancement, or taking business initiatives to unleash organizational potential and build competitive business advantages.


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