The COVID-19 pandemic has raised alarm in many business sectors. To deal with the rapidly changing market conditions caused by the uncertainty of the pandemic, companies agree that they need to achieve business transformation by adopting supporting mechanisms.
The following are 3 supporting mechanisms and how they help companies improve business sustainability:
1. Business Agility
Business agility can be defined as the ability of a company to adapt quickly to market changes by maximizing the variety of available sources. It enables companies to swiftly adapt to changes, build resilience, and adjust their business processes to meet the targets in the midst of pandemics.
According to the report released by BizOps Coalition, 87 percent of surveyed respondents agree that companies need to be more agile and 83 percent believe agile is critical to their business in 2021.
2. Data-Driven Decision-Making
According to Isaac Sacolick, president of StarCIO, data is the lifeblood of modern business. Leveraging data operations technology, citizen data science, proactive data management, machine learning and AI, IT can drive businesses to make effective business decisions.
According to data derived from BI Survey, Economist Intelligence Unit, and The MIT Sloan School of Management, companies that were mostly data driven had 6% higher profits and 4% higher productivity. 83% of respondents said that using data had made their existing offerings more profitable.
3. BizOps Accelerates Opportunities
Based on BizOps manifesto, BizOps is a supporting mechanism for better business function connection and smooth operation. Focusing on business operations means a company has to seamlessly integrate with today’s digital technology to achieve long-term success.
Based on the BizOps Coalition report, 98% of respondents said that BizOps benefits would be valuable to their companies, 88% said that BizOps had elevated company culture, 78% stated that they planned to adopt BizOps.
Business agility, data-driven decision making, and BizOps are supporting mechanisms that have proven to provide significant benefits to companies, especially in increasing business sustainability amid this pandemic.
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