Thursday, October 22, 2020

Various Success Factors for Running a Viable Digital Organization

Running a digital organization is to connect the old and new, mix solid and fluid to enforce digital confluence,  and foster various success factors to improve business competency. 

Today’s business environment is dynamic, complex, and uncertain, there are always different complexities at a different time or dimensions. 

Organizations large or small are on the journey of digital transformation, they need to develop various competencies and success factors for running a viable digital organization to enjoy a powerful tailwind, and improve business performance and speed.

Dynamic attention: With high velocity and continuous disruption, business executives are sensitive to emergent trends, pay dynamic attention to the opportunities and risks on the way. They have to look beyond today and ask open-ended questions for future orientation, such as: What can we do better tomorrow or what do we think are the likely scenarios that could unfold in the next one to three years! Forethoughtful leaders have their visions well crafted with the desired future state or destination, pay dynamic attention to emerging events, and have "aligned" their organizational structure and capabilities around that vision while remaining soundly anchored in their "core purpose" of being a business.

In practice, if the organization has a clear vision, everything starts moving in the right direction. Futures Orientation gets you the path to where you need to go. And dynamic attention enables you to keep balanced views, not via stillness, but through the state of the flow, and avoid pitfalls on the way. Besides dealing with tangible business elements such as people, process, and technology, also pay more attention to invisible factors such as the organizational culture which will determine the behaviors and practices that everyone from entry level to senior executive engages in - these will either enable or inhibit the ultimate success of the organization.

Strategic clarity: To improve the success rate of business strategy, the managers and business stakeholders should work together to clarify a clear picture of the desired state with well set strategic goals via predictive questioning: What does revenue look like? How has the business model evolved? What is the desired position in which markets? What's going on in the market? Where are my suppliers headed? Where are my competitors headed? And most importantly, where are my customers headed? You always have to have the business strategy that will include the mission/vision/values as well as objectives and goals to achieve them. If these things aren't clear, then there should be no planning for a strategic plan. The goal is to review the plan for relevancy and increased clarity.

However, most companies may have a strategy on paper, but in all likelihood don't even look at it. It's an even bigger challenge today because companies are still trying to “feel their way” through these economically stressful times and any kind of strategic business thinking seems to be taking a back seat to simply keeping things together. To clarify the strategic goals, you must ask “why” enough times to uncover the negative factors that create a divide between the vision of the desired future and the current reality. Gather as much input from all the business functions including adherence to industry standards, approach to human resources showing support of overall organizational growth or shrinkage and sourcing alternatives, with an in-depth understanding about organization's capacity for change.

Hybrid innovation: The digital era upon us is about innovation. Innovation capabilities typically require a combination of people, processes, and technology to achieve. Technically, there are incremental innovation, evolutionary innovation, and disruptive innovation. It is hard to think of any innovation as not a hybrid, a combination of something old with something new or a number of new things. Probably, the more hybrid, the more familiar things are combined, the less likely is any disruption, although all innovations are disruptive of something or some behavior to some degree.

Mutual trust, innovative leadership, and emotional maturity are all critical in developing an innovative workforce as well as building hybrid innovation competency. Either individually or collectively, to be creative, we need to understand and challenge the routine. And any new thought needs to be further challenged. The highly innovative team embraces: Imagination, Information, Implementation, and Integration, Influence. The  change-friendly digital working environment like the melting pot to inspire creativity, encourage free thinking and experimenting with better ways to do things. 

Integrated capacity: Organizations have limited assets, resources, talent, and time, business capacity planning needs to be part of the corporate initiatives around continuous improvement. It’s important for business leaders to improve organizational capacity management effectiveness by keeping the process transparent, enforcing accountability at all levels. A quality capacity planning program will enable the business to switch to a proactive mode and bring you in control when experiencing high velocity and uncertainty. Capacity planning needs to be part of the corporate initiatives around continuous improvement.

Capacity planning allows for a transparent view from across the organization that should help to level the playing field well. Capacity planning will not lower the workload, but give management a true picture of activities so a decision can be made on the ideal workload. For any company to succeed, it is essential for the entire company to develop a holistic capacity planning to improve business efficiency and maturity. Technically, the arrival of capacity on demand helps businesses move closer to enhance organizational harmony and efficacy. If all the departments in an organization practice capacity planning, you will be a step further to improve business transparency and the overall organizational maturity.

Cohesive collaboration: Surviving and thriving in today’s business dynamic requires cross-functional communication and collaboration. Collaboration in the business requires a much higher degree of innovative thinking than the competition and winning. Collaboration becomes a whole lot easier if you give people time to hear what they have to say without constant distractions or unhealthy internal competitions, The real power of emerging digital platforms and collaboration tools comes from the innate appeal of social interaction and intellectual stimulation that people derive from sharing what they know, expressing opinions, brainstorming new ideas, and co-solving problems smoothly.

Business management has become an art out of necessity to address critical issues, handle conflicts, and leverage enterprise platforms to give everyone a voice on how the organization and the people in it can prosper and thrive. They also optimize inter-relational processes to reduce business friction and deal with conflicts or disruptions that arise to improve the organizational responsiveness, changeability, and flexibility. It starts to leverage powerful technology tools to make formerly invisible patterns of social interaction more visible, and apply such information to boost social engagement and foster collaboration, to harness the intellectual harmony between humans.

Running a digital organization is to connect the old and new, mix solid and fluid to enforce digital confluence, enforce 8viivarious success factors, deal with management paradoxes & challenges, take a structural approach to dynamically transform a mixture of systemic intensity related capabilities, and deliver quantitative & qualitative business results continually.


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