Successful companies understand that the purpose of any business is to create value for customers, employees, and investors. Since the interests of these three groups are intricately connected, sustainable value can’t be created for one group unless it’s created for all. To accomplish this goal, an organization’s fundamental structure must enable its employees to access real-time information so they can execute against a well-defined and orchestrated strategic plan.
What do we mean by creating value?
- For customers: Companies must provide products and services that customers will find consistently useful. In today’s economy, such value creation is typically based on product and process innovation, and meeting unique customer needs with ever-increasing speed and precision.
- For employees: Companies can innovate and deliver outstanding service only if they leverage their employees. Employees will excel at their jobs if they’re given useful and pertinent information that motivates them and involves them in decision making.
- For investors: Companies need to deliver consistently high returns on investor capital. This generally requires both strong revenue growth and attractive profit margins. These, in turn, can be achieved only if a company delivers sustained value for its customers.
Real-time information enables all these successful value-creation strategies. This critical component positively impacts value when it enables a company to:
- Adopt product and process innovation
- Understand the changing demands of well-defined customer segments
- Leverage emerging technologies in existing markets, such as mobility for a task- oriented environment
- Leverage technology or regulatory changes to create new markets
- Reconfigure company and industry value chains
- Create win/win partnerships with customers, employees, and suppliers
Want to increase business value? Instill the use of real-time information across your enterprise. It’s all about the data!