Only the most digitally advanced organizations have navigated remote-everything with ease in 18 months. Most companies scrambled to stay connected to consumers and employees as regional shutdowns occurred. Indeed, nearly every enterprise business learned a few lessons during the pandemic. It revealed weaknesses in supply chains, staffing, and technologies.
These lessons were a wake-up call for leaders and drove home the importance of future-proofing their operations. So, how can your company remain competitive in the upcoming years? Based on data from top organizations, we discovered 10 core factors contributing to their success during the pandemic. By creating goals and actionable steps around these objectives, leaders can overcome disruptions.
1. Your Digital Transformation Is on Track for Completion
According to an Accenture study, only 7% of organizations were future-ready when the pandemic hit. And these companies realized three times the profitability and double the efficiency of their peers. However, many businesses were caught off guard and unprepared.
Today, few companies can afford to hold off on a digital transformation. Nor can they be complicit, thinking the worst is behind us, and there’s plenty of time to build their tech stack. Instead, leaders must take a “no shortcuts” approach to prioritize and complete digital transformation goals.
PwC reports, “While 52% of companies plan to cut or defer investments because of COVID-19, just 9% of those surveyed will make those cuts in digital transformation.” Moreover, the Flexera “2021 State of Tech Spend Report” finds, 56% of CIOs and senior IT executives consider digital transformation a top objective this year.
Taking swift action may require bold moves. But the right digital transformation strategy closes the technology gap and transforms your organization. If you’re on track with your digital objectives, your company is a step closer to being future-ready.
2. You Use Best Practices for Automation and AI
Manual processes are error-prone and tedious. Consequently, it’s not a good use of your human capital. When looking at future-ready businesses, 58% of them leverage automation, integrated solutions, and artificial intelligence compared to only 6% of other organizations. Manish Sharma, group chief executive for Accenture operations, tells TechRepublic, “We have to see automation as an enabler, not a threat if you want to succeed.”
3. You’ve Identified a Reliable Cloud and Technology Partner
A scalable, cloud-first approach is essential to future preparedness and a top priority for leaders. Flexera reveals that 48% of senior IT executives and CIOs focus on cloud and cloud migration actions. Cloud solutions, including managed services, can help businesses reduce costs and inefficiencies while clearing a path towards innovation.
But it’s vital to select the right partner. The migration process can get messy, and there’s an abundance of startups without a long history of reliability. Strategic alliances with trusted cloud and technology providers can help your company see a faster return on investment (ROI) and increase uptime.
Cox Business offers scalable managed cloud solutions for small businesses or large enterprises. Secure data centers and dependable performance keeps your teams connected to business-critical information. Since 90% of future-ready organizations adopted a cloud-first approach, and Sharma expects “cloud maturity to reach 80% over the next few years,” partnering with the right cloud provider can help your company move towards digital-first goals.
|Discover how Cox Business Cloud Solutions can simplify your move to the cloud. Visit us online at CoxBusiness.com.|
4. Your Employee Benefits Cover Telehealth
The Business Group on Health finds, “The number of employers who view their health care strategy as an integral part of their workforce strategy increased from 36% in 2019 to 45%” in 2020. Offering telehealth isn’t a perk; it’s an expectation. In addition, their survey notes, “Nearly all employers will offer telehealth services for minor, acute services while 91% will offer telemental health, and that could grow to 96% by 2023.”
Using connected health solutions, such as Trapollo, helps organizations increase employee satisfaction while reducing absenteeism and healthcare claims costs. Telehealth benefits show current workers and job candidates that your company prioritizes health for all team members, even those who work or live outside your region.
5. You’re Using Scalable Internet Services
With more tasks moving to the cloud and workers relying on virtual desktops, a stable internet connection is a must. Yet, a small business doesn’t require the same bandwidth as a large enterprise, and switching services each time your company expands isn’t sensible. Therefore, future-ready organizations select flexible, scalable internet solutions.
As your company grows, you can benefit from speaking to a local partner who can assess your current and future business needs and help you select the best solutions. Business-grade internet from Cox Business provides:
- 99%+ service uptime
- Flexible plans
- Automatic software and firmware updates
- Business Internet backup solution
- Speeds up to 1 Gigabit per second
|Discover how business-class Internet and WiFi can transform your organization by contacting Cox Business today.
Visit us online at CoxBusiness.com.
6. Your Company Offers Remote Work Opportunities
According to Gartner, “48% of employees will work remotely at least some of the time in the post-pandemic world, compared with 30% before.” Remote or hybrid work opportunities and the technology to support them help companies attract and retain highly qualified job candidates. It can also reduce overhead costs, increase productivity, and improve customer and employee experiences.
However, leaders must have the technologies in place to engage virtual teams and ensure efficiency. By meeting your future-proofing goals and exploring ways to insert your business culture into virtual workspaces, business owners can stay competitive in upcoming years.
7. Your Business Telephone System Is Upgraded to VoIP
Although you may want to keep your landline phone services, it’s important to look at Voice over Internet Protocol (VoIP) packages for mobile team members. Unlike traditional phone services, Hosted voice services provide phone features that are key to excellent customer experiences. Additionally, switching to VoIP can save your company money. Typically, it costs less to set up VoIP, make international calls, and maintain the system.
As employers adopt bring your own device (BYOD) programs, they turn to flexible VoIP solutions to ensure high-quality calls and always-connected services. Organizations can take advantage of:
- Call forwarding to send callers to off-site workers or mobile sales teams
- A virtual assistant to answer and route incoming calls for quicker response rates
- Call recording to meet compliance rules and improve customer service calls
8. You’re Training Employees for the Future of Work
Sharma says, “What we have seen is that the future-ready leaders understand one thing above everything else. It is about maximizing talent in an era where people are critical to success.” Yet, future-proofing your workforce requires ongoing training initiatives.
McKinsey & Company finds, “High-performing companies promote a mindset of continuous learning that encourages and supports people to adapt and reinvent themselves to meet shifting needs.” To meet future needs, it’s essential to invest in training to support your digital transformation goals, including virtual training options.
9. You’re Using Diverse Datasets to Drive Decision-Making
There’s no doubt that how you use data can affect your business outcomes. Data helps leaders develop products and services, identify new retail locations, and make better, faster decisions. In short, learning how to get, analyze, and use data can differentiate your organization from the competition.
McKinsey & Company notes, “Organizations that make decisions quickly are twice as likely as slow decision-makers to make high-quality decisions.” Moreover, Accenture explains, 45% of future-ready companies rely on diverse datasets for decisioning.
10. You Have a Clear Contingency and Recovery Plan
Staying flexible is key and building resilience into every business action can give your company the competitive edge. To future-proof your business, a solid contingency and recovery plan is vital. Managed solutions, such as Backup as a Service (BaaS), can automate backups, whereas cloud monitoring services let authorized users quickly decode and download encrypted data.
Ensure Your Enterprise Business Is Future-Ready
The bottom line is that digital-first organizations outperform less advanced enterprises. To secure your company’s future and stay competitive, leaders should prioritize these objectives and create a plan of action.
Prepare your business by partnering with an industry leader in business Internet, telephone & cloud services.
|Discover how enterprise-grade infrastructure, devices, and support can transform your organization by contacting Cox Business today. Visit us online at CoxBusiness.com.|