In today’s corporate world, things move quickly, and even a successful company can’t ensure its survival if it isn’t prepared for the future and can’t adjust quickly to unanticipated shocks like the GFC and COVID-19. Read on to learn the 3 Signs to Know Your Business is Future-Ready
Future proofing is defined as “the process of anticipating the future and devising measures for minimizing the effects of future shocks and strains.” Doesn’t this sound a lot like planning? You will also notice how important the word “process” is. This implies that future proofing is more than a one-time gimmick or a quick fix; it is a process, a continuous function.
The term also mentions reducing the impact of future shocks.
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Businesses are more vulnerable than ever before due to rapidly changing technology, fluctuating economic conditions, regulatory constraints, and unforeseen international events. It is considerably more difficult to foresee where new hazards may arise. We help you in overcoming unexpected setbacks and future-proofing your business so that it becomes risk resilient and risk ready.
Only 7% of firms were future-ready when the pandemic struck, according to an Accenture study. And these businesses had three times the profitability and efficiency of their competitors. Many businesses are caught off guard and unprepared.
Few businesses today can afford to put off digital transformation. They can’t be complicit if they believe the worst is over and there’s still time to construct their tech stack. Instead, executives must prioritise and fulfil digital transformation goals using a “no shortcuts” approach.
Swift action may necessitate strong steps. However, the right digital transformation plan bridges the technological divide and transforms your business. Your organisation is one step closer to becoming future-ready if you are on track with your digital goals.
Manual methods are inherently error-prone and time-consuming. As a result, it is a poor use of your human resources. Automation, integrated solutions, and artificial intelligence are used by 58 percent of future-ready enterprises, compared to only 6 percent of other businesses. “If you want to thrive,” Manish Sharma, group chief executive of Accenture operations, says TechRepublic, “we have to see automation as a facilitator, not a threat.”
A scalable, cloud-first strategy is critical for future readiness, and it should be a top priority for executives. According to Flexera, 48% of senior IT executives and CIOs are focused on cloud and cloud migration actions. Cloud solutions, such as managed services, can help companies cut costs and inefficiencies while also paving the way for innovation.
However, choosing the proper partner is critical. The migration procedure might be complicated, and there are a substantial number of start-ups that don’t have a track record of reliability. Strategic partnerships with reputable cloud and technology providers can help your business achieve a faster return on investment (ROI) and improve uptime.
Understanding the effects of rapid changes and disruptions on your business, as well as the ability to fulfil current and future environmental change needs of your consumers swiftly, is key to ensuring your company’s long-term viability and survival.
Businesses must be agile, flexible, and creative, as well as possess the technique and procedures necessary to address day-to-day operational difficulties while also assessing and solving for the future condition of the company using agile approaches and design thinking.
So, these were the three signs to know that your business is future-ready. It’s not about having all the answers up front when it comes to developing a future-proofed firm and determining how to stay relevant. It is more about being more open-minded and resilient, as well as planning ahead of time and being self-aware enough to recognise when to rip up or rewrite the plan as you go.
BGES is a “one-stop shop, business growth, future proofing, and exit service provider” for Small and Medium Businesses, with a track record of delivering outstanding results, including assisting businesses in being named to the renowned BRW Top 100 Fast Starters List and Business Award Winners.