For a long time, businesses have defined success through greater profits, larger shares of the market, or even the launch of brand new products or services. Recently, however, the term “success” has been defined to include far more. For instance, businesses are being assessed for the performance and efficiency of operation.
Leaders of the executive are pressured by the media to
- Reduce costs and manage their services for enterprises effectively
- Inform stakeholders of a commitment to environmental social, governance, and(ESG) projects
- Show shareholders that the company is resilient
- Run their business efficiently and with a high degree of the scale
Operations are the mainstay of any business. However, now shareholders, employees customers, employees, and others want evidence that operations are handled to ensure an efficient, responsible and transparent business.
Table stakes of different types
With the advent of new markets, methods of delivering, and issues that are constantly arising, leaders of operations are thinking about how operations in the enterprise are managed and organized. The stakes at the table have changed.
- If a business isn’t running effectively, it’s possible for its rival to take advantage of the situation.
- If a company isn’t managing risks effectively Cyberattacks can bring it under the spotlight for the wrong reasons.
- If an organization doesn’t invest in ESG and organizations that place a high priority on ESG are able to benefit because their customers perceive the sustainability commitment as a distinct competitive feature.
- If an organization isn’t achieving results that are strategic, it will be able to see competitors take over it on the market.
In the meantime, until decision-makers can find how to allow people to collaborate better to innovate, improve efficiency, and reduce risks within a reasonable limit They often find it difficult to solve all of these issues.
Enabling operating excellence
The key to connecting all areas of the enterprise is to break down traditional, siloed enterprise operations where disparate departments–finance, HR, risk, legal, and strategic planning–function independently from each other with their own goals, systems, and sets of metrics. Operating excellence is about establishing the foundational framework that is common to all departments that connect all departments of the organization and enhance visibility.
It can be difficult for the chief risk officer to comprehend how their objectives are related to those of the chief human resource officers ( CHRO) or the chief of the business service department. The new C-level business initiatives show how the goals of seemingly distinct areas of enterprise operations are actually interconnected.
For instance, return-to-work initiatives are usually controlled by CHROs. In order to achieve their objectives to retain and attract workers and protect them from the aftermath of the epidemic, CHROs need to work together with their counterparts in corporate finance and real estate.
They must ensure that the right departments and systems are connected to establish a baseline so that they are able of all the activities happening across the organization in support of the plan. Without a base, it’s hard to constantly improve or to determine whether commitments are being fulfilled.
Where to begin
For companies that want to achieve operational success, It can be difficult to figure out where to begin since it’s not an all-in-one initiative. It is the first thing to do for the C-level executives in operations to collaborate and talk about what their objectives and goals are linked to those of the other teams within operations in order to improve agility in the enterprise.
If a business has taken on GBS, or global business service (GBS) and is already embracing GBS, it is sensible to consider the leader of GBS to direct the efforts. The GBS head’s job is to look across the company and collaborate across departments to categorize processes, identify workflows, and create an organization that optimizes the operation and services using technology, tools, people, and processes.
Then, this GBS framework can establish the baseline for operating excellence across the enterprise–connecting departments, empowering employees, and supporting continual innovation.
Learn more about how to harness the effectiveness in operating efficiency. ServiceNow provides solutions to GBS and risk management, ESG, and strategic portfolio management to assist.
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