The Evolution of Enterprise: Embracing NexGen Strategies

The Evolution of Enterprise: Embracing NexGen Strategies

The Evolution of Enterprise: Embracing NexGen Strategies

All sectors are experiencing and driving faster rate of change. With advancements today coming in in quicker succession than ever before, news technologies and innovations only mean that enterprises have to trivially change with the shifting trends or risk staying stagnant. The importance of pursuing next-generation or NexGen strategies being apparent, the issue becomes which ones to follow towards sustainability and growth in such a dynamic environment.

The Digital Revolution & Emerging Technologies

The current technological change is the biggest business change since industrial revolution is an ongoing digital revolution. New technologies are disrupting the existing structures of organizations and their value creation logics. Useful technologies ranging from cloud to data, IoTs, AI, ML and more are all experiencing radical automation, better insights and unique operations.

At the same time, customers’ tastes are shifting at a dizzying pace, and companies are attempting to ensure they are as well. The world is deeply connected through the digital screen and it wants on-demand customization on the digital canvas. Many traditional businesses, including retailer, media, banking, & manufacturing industries experienced young technology savvy new entrants, also known as “digital disruptors” who can challenge them effectively by implementing with new ways of doing things.

Strategy in the NexGen Enterprise

In order to sustain their competition in this changing business environment, the traditional businesses requires strategic and operational transformation to act as the NexGen Enterprise. The key characteristics that define a NexGen enterprise include:

Agility at scale
Continuous innovation
The use of data analytics to inform decisions for an organization
Integrated and integrated digital solutions
Flexibility and training
Individualized, 360-degree integrated solutions at the multichannel level
In other words, future sustained leadership demands enterprise to compete, respond and innovate more like a startup. Contemporary nexgen enterprises operate at high velocity, stay relevent, are insightful, and integral and intelligent.
There are five core strategies for established enterprises to adopt in their journey toward becoming NexGen:

1. Customer Experience (CX) Transformation

Delivering ever-growing customer expectations and creating relevant and personalized experiences on proper channels is a must. Engaging activities like mobile/web properties development, analyzing customer data to gain insights, content customization, and handling real time engagement can all a have a tremendous impact on the overall CX along the buyer’s journey.

2. Business Model Innovation

Therefore, it is necessary to maintain constant interest in new business models, revenue generation strategies and revolutionary concepts. New technologies offer the chance to develop new forms of business as the examples of Uber, Airbnb, Tencent and Alibaba have shown. To foster innovation, it is necessary for enterprises to develop a corporate culture of filtration, incubatory input and quick output often referred to as intrapreneurship.

3. Ecosystem integration

Vinod Kumar demonstrates how with the prograssion in technologies, tech brings in higher requirement for degrees of specialization. This is a situation where enterprises should leave as a core competence everything else that is not immediately focused on their operational value proposition to the business and seek the entire remaining complementary support from the larger external ecosystem independently. The adoption of APIs, open innovation for standards improves agility, TCO, and quality of solutions across the value chain.

4. Operational Excellence

Adopting AI, automation, IoT sensors and such capabilities supports the enhancement of internal operations. Enabler strategies typically regarded as applied intensively for sustainability improvement are supply chain transformation, product engineering and order-cash, manufacturing, and processing automation, among others.

5. Enterprise intelligence

This is about converting information into intelligence and decision at NexGen enterprises. Establishing operational necessities for data platforms, advanced analytics, and artificial intelligence and data science provide a consistent, optimal approach to decision making across the organization.
Call to Action: In contrast, it is suggested that a company focus on the development of NexGen Capabilities.

In today’s environment where business environment becomes complex and technologies bring change, enterprise has to act on change in strategies. Thus, to become the NexGen enterprises, the business models, as well as the operating practices, have to be redesigned for the digital era. Discontinuous change and embracing the culture of a start-up will be the key for the new champions, as will the first principles and the ability to build NexGen capabilities in automation, intelligence, innovation and customer focus within the business. Transformational change should be a focal point in any growth charter of the leadership teams in organizations. The time for action is now.