How enterprise leaders can step as much as the plate in 2021
2021 will be another year of significant change. Experts from Serviceware and partner companies Coeus Consulting and Centigo share their views on some of the top business priorities for executives in the coming months.
For Dirk Martin, Chief Executive Officer of the software solutions company Serviceware, the top priority for executives in the coming year will be in the area of digital business services and the related financial data. “2020, with its extraordinary challenges, has motivated many companies to accelerate their digital transformation initiatives, while many others felt the need to suspend their investments in this area.”
“Finding the right level of digital transformation by improving the level of service while reducing costs is critical to enabling companies to grow in challenging times,” he comments. Over the past year, cash flow has been a critical barrier to companies maintaining stability, earnings forecast, and growth. “The future of your business depends on your obsession with great customer service and your adaptability to be profitable and successful in 2021,” added Martin.
Another major external factor in curbing business innovation will be the buzzword everyone has been discussing for years – Brexit. The UK’s exit from the EU will undoubtedly have a huge impact on businesses across all sectors this year. “New logistical challenges, pricing and tariff problems will result in a decrease in customer satisfaction in terms of delivery and value,” said Ronnie Wilson, Group Executive Vice President at Serviceware.
He went on to highlight the sectors most affected and added, “Manufacturing needs to develop and design new strategies to address these challenges and new IT applications and related processes. Finance and banking need to deploy new finance applications to enable companies to have a more in-depth analysis of their spending, which in turn should enable them to better serve any company with financial support. “
Watch out for icebergs
While vacations and layoffs have hit workers hard across the UK – and indeed worldwide – no one has envied business leaders either. The C-Suite has been torn between keeping its business running and satisfying its most important asset – its people.
Financial headaches kept CFOs up late and worked through the night. Some CEOs have had to choose between their company and their employees. And while things look better for 2021, this year will still require tough decisions, nerves and smart choices.
“Focusing on demand and having the flexibility to adjust your strategic goals in times of constant uncertainty should be a key priority for executives. You need to be able to adapt faster to market conditions and make sure that you take your people with you, ”explains Rob Walker, Director at Coeus Consulting. “Cost reduction, market development, innovation, leadership and the use of digital will be of the essence,” comments Kevin Bell, Partner at Centigo.
Preparing for the storm also means looking for icebergs at the same time. There will still be some barriers to growth for the next year, and planning those bumps with minimized resources will be another headache for the C-Suite. “Put simply, organizations need to do more with less – get more out of cost budgets, maintain and improve current levels of service, while investing in new future digital initiatives with the same or a lower cost budget allocation,” said Wilson of Serviceware.
Value creation with technical innovations
More than ever, solid IT infrastructures and technological innovations that unleash value are critical for companies. Cloud usage increased massively in 2020 due to the flexibility, scalability and speed of deployment required to manage business operations. In the meantime, the cloud also benefits sustainability. But how important will it be for 2021 – and what do business leaders need to look out for?
Research firm Forrester predicts, “… The pandemic has a happy ending for 30% of customer-obsessed businesses who will take advantage of the pandemic’s opportunities and leverage their cloud-first and platform strategies.” In fact, its research suggests that “… these organizations could grow their companies up to 3.5 times faster than the average of their colleagues. ”
“This trend is becoming more and more important as it is the software provider’s strategic path. Financial concerns concern almost every migration challenge. In addition to the long-term financial risks of a low or slow introduction and training after the migration, there are direct costs for the migration itself, ”comments Claudia Blümle, Sales Manager at Serviceware.
While it remains unclear what this year will bring for business, one thing is certain that cost control will remain an important factor going forward. Transparent data and transparency in all areas of the company, whether IT or operations, form the basis for precise and effective decisions in the coming months.
Companies that arm themselves with quality data can pave the way for future competitiveness and growth – in 2021 and beyond.
