Immense amounts of data are flowing into and out of today’s businesses, but it's often difficult to know how to turn this data into actionable insights. Data science has incredible potential for businesses of all types to create models that find patterns in this data and use them as the basis for transformative software. From location sensor data and customer loyalty programs to predictive analytics that improve the customer experience, employee engagement, and operational efficiency, a world of possibility awaits organizations that can crack the data science code.
In the current hypercompetitive business environment, it’s not enough to automate processes and increase efficiency. To succeed, companies need to differentiate themselves from their competitors. But with the growth of digitally savvy customers who expect more from every transaction, it’s becoming increasingly difficult to differentiate on product alone. Customers are demanding a more personal, service-oriented approach from the companies with which they do business, and the bar continues to be reset at higher and higher levels. To meet this demand, and stay competitive, companies need to move from a transaction-based model to more value-based interactions. This means putting the experience first.
Digital transformation is on the tip of many tongues in the technology industry of late; but like many potentially seismic shifts, this concept’s meaning and the impact it will have on how day-to-day business gets done are taking some time to develop. CIO defines digital transformation as “the acceleration of business activities, processes, competencies, and models to fully leverage the changes and opportunities of digital technologies and their impact in a strategic and prioritized way.” But more than just acceleration, digital transformation is about the need for businesses to outpace digital disruption and stay competitive in a rapidly evolving business environment.
Regardless of industry, market, and geography, nearly every business on the globe has been touched by technological change. And these ongoing, and often unexpected, disruptions are impacting how business is conducted. For example, the World Economic Forum states, “It used to take Fortune 500 companies an average of 20 years to reach a billion dollar valuation; today’s digital start-ups are getting there in four.”
While increased competition is a powerful motivator for embracing digital transformation, so are the potential revenue opportunities. The World Economic Forum estimates that “the combined value—to society and industry—of digital transformation across industries is upwards of $100 trillion over the next 10 years.”
Infor® LX is an ERP solution that offers deep industry functionality and flexibility to help you adapt to new manufacturing trends and industry changes.
Infor LX is a comprehensive, flexible and advanced enterprise resource planning (ERP) solution for mixed mode and process manufacturers that operate with an IBM System i environment (formerly AS / 400 or iSeries). This solution improves the efficiency of the main business processes, including manufacturing, logistics, channel management, customer relations, relations with suppliers and financial management. With Infor LX, companies can improve their efficiency, agility, sustainability and profitability by improving their ability to manage variable demand and adapt to changing market conditions.
Why should you invest in this technology?
In a perfect world, functionality and ease of use would be the top criteria manufacturers use when deciding to purchase, replace, or upgrade their Enterprise Resource Planning (ERP) solution. Unfortunately, in the real world, cost considerations rear their ugly head. Business leaders are concerned about the price of not only purchasing the solution, but also how much it will cost to implement, support, and maintain. Further, there is significant concern that an ERP implementation will cause significant disruption to the business, cause the organization to lose focus, or even “break” business processes that the company looked upon as core to their success.
By Nick Castellina, Director of Industry & Solution Strategy at Infor®.
The Chief Financial Officer (CFO) has been mistakenly stereotyped as a back-office miser, worried about only one thing: the company’s bottom-line. CFOs have often been frugal, protecting the company’s wallet with an unwavering vow to be prepared for the proverbial rainy day. At least, that is the old-school notion.
The Chief Executive Officer (CEO) is the highest-ranked executive in a company. The CEO has many responsibilities, ranging from setting strategy and direction to configuring the company’s culture, values and behavior. The chief executive is also responsible for building an executive leadership team and allocating funds to match the company’s goals and priorities. Some CEOs have even more on their plate, especially those at the head of startups. Oftentimes they are responsible for more than just the traditional duties, and can include anything from brewing coffee to marketing their product.
The list, compiled by ERP's Solution Review, includes Infor CEO, Charles Phillips.
Digital disruption is the new normal. And, as part of their digitalization journey, manufacturers now have a whole spectrum of modern tools to embrace. Greater agility is often touted as one of the important benefits of these digital tactics. Greater speed is a coveted prize, sought after by manufacturers since the era of Henry Ford’s assembly line.
Now, though, responding to change with lightning fast reflexes is not enough. Manufacturers must anticipate future trends and strive to predict customer demands before the customer even has acknowledged the need. Being the first in a market pace is often the key to owning it.
So, having a view of tomorrow is now more important than ever. Today we call it predictive algorithms and data science. We strive to speed product releases and adopt new features as quickly possible. Accelerating speed in one department drives the need for acceleration in other departments. The continuous rush of change, when not controlled, can start to resemble a hamster spinning in its wheel—but getting nowhere. Without meaningful objectives, speed for the sake of speed starts to become fruitless.
As manufacturers undertake digital initiatives, they should pause and consider the ongoing quest for speed and understand its true value. It’s important to be cautious about blind, over-emphasis. Speed has its risks, from higher levels of errors, quality issues, and a workforce that isn’t trained on new policies or processes. There is a fine line between efficient decision-making and rash, knee-jerk responses which can take a company down circuitous routes, far from the prime objectives. In fact, some would contend that reactionary measures lacking cost analysis and thorough financial impact study are simply reflexes, with a 50-50 chance of being right or wrong.
How did we get here?
By Carol Fitzgerald Tyler
Global Senior Practice Director, Organization Change Management | Infor
Challenging though it may be to create a vision that will transform an organization, it is crucial to effectively spread the message of digital innovation. Communication is often cited as the number one challenge for business transformation and change management. A strong communications strategy can lead an organization to a successful transform. Leaders can encourage teams to innovate by communicating both the organizational vision and the acceptance of occasional failure. Companies with a clear vision are on average more effective in their efforts, and as a result, more profitable.
A strong communications strategy can lead an organization to a successful transform...