Executing business strategies goes the digital way

Ideas don’t make you rich. The correct execution of ideas does.” The man who said this was Felix Dennis, a poet, and publisher, is credited with pioneering computer magazines in the 1980s.He built a fortune by creating great media companies and most definitely understood the power of strategic execution skills.

Failures can beset any business

In our times, we saw businesses facing execution challenges every step of the way. What adds to the woes is that there is way more competition and customer expectations are getting higher. Delivering products and services with impeccable quality and promptness has become imperative for business success.

Even those B2B businesses which are near monopolistic in their markets and may not find competition as a challenge, can’t afford to lose track of customer engagement, work management, and business productivity.

For instance, a recent analysis of Boeing showed how the company despite being a literal market leader is facing major execution challenges which are affecting its market valuation, so much so that its earnings have been steadily dropping so are its stocks.

Keeping up with innovation

Execution in the digital era means that the organisations really need to step on the adoption of appropriate technology and business solutions that serve the business’s current and future needs. Most times the biggest hurdle in this process is the inertia of the management itself or being afraid of changes. Surely, it is a hassle to go for new system implementations every few years but that’s becoming the new normal now.

Innovation is continuous and instead of looking at it as one time project, it should be a regular part of the business. Organisations need to continuously innovate and adopt new business models and updated technology and business solutions to support them. Continuous innovation and adoption need to be in the fabric of the organization and its people.

Growth depends on the ability to tap data

The risks of missing out on the emerging trends and customer behavior run deeper than we realise. Business growth is inherently dependent on how it gathers data and its ability to analyze and understand it. Certainly, it doesn’t stop there.

Organisations then need to be able to use the insights into execution including product development, service standards, and customer experiences. The most recent example of this is the phenomenal fall of the Revlon brand which was a household name up until the last decade. Today this 90-year-old company is going through bankruptcy proceedings and drawing huge loans to pay off debts to just keep the operations going.

People like investing in agile organisations with continuous innovation

The complexities of modern businesses cannot be emphasized enough.There are obvious indicators based on which stakeholders decide to keep investing in your company. Vendors and Customers drive changes in any organization.Not keeping up with the changes can cause production delays, mismanagement of the supply change and overall bad customer experience.These things might lead to even severe challenges like cost overruns and revenue decline.

Advaiya has a proven track record of making technology work for various organizations by assisting in the adoption of the right kind of business solutions to improve productivity, customer experience, and data processes. Every business has its own kind of execution challenges thus the solution implementation really needs ‘discovery’ of the true pain points and identification and implementation of appropriate technology platform that can allow solutions to be tailored for them with minimum customizations.

Remember, any implementation ultimately has to do with the human element of the organization, and there lies the real execution challenge. Stakeholders in any business are people, and they need to know if the organisation is agile enough to handle the new-age challenges.

(The author, Dharmesh Godha, is the president & CTO of Advaiya)