Published on November 9, 2023, 5:25 am
The Benefits of Embracing Accelerated Change and Generative AI for CIOs
In the second annual Business Future Index 2022, it is clear that there is a direct correlation between embracing accelerated change and improved business performance. The report by Unit4 also highlights specific areas where action needs to be taken to remain competitive in today’s rapidly evolving business landscape.
One of the key findings of the report is the impact of the Covid-19 pandemic on organizations. Over nine out of ten organizations reported a great acceleration across their businesses as a reaction to the pandemic. This included efforts in digital transformation, flexible working practices, and adopting software and tools to enhance employee productivity and experience.
Those organizations that embraced change have seen significant benefits. They have experienced better workplace digitalization, improved wellbeing, stronger team collaboration, and enhanced customer/end-user experiences. These positive outcomes demonstrate the advantages of adapting to change.
The report also indicates that organizations that have focused on rapid growth since the pandemic are outperforming their 2021 targets. On the other hand, those that haven’t prioritized rapid growth are lagging behind. This highlights the importance of pivoting and embracing change to stay competitive.
Looking ahead, attracting and retaining talent, building new products and services, and digital transformation are cited as top priorities for organizations over the next 12 months. To achieve these priorities, there is an urgent need to enhance talent strategies, respond to competitive pressures, and transform organizational operations and structures.
The Business Future Index 2022 emphasizes an action plan for change: people, policy, and tools. Organizations must prioritize improving flexible working strategies to avoid losing employees to other employers with more attractive working conditions. Furthermore, leaders need to show a deeper understanding of their teams’ needs.
Environmental, Social, and Governance (ESG) initiatives and diversity are highlighted as areas requiring further attention. Poor ESG credentials can affect an organization’s ability to attract talent, and diversity is crucial to attract talent from different generations.
In terms of tools, there is significant room for adopting technologies such as cloud computing, data management and real-time reporting tools, workflow automation, and AI/Machine Learning. These tools can help organizations respond to competitive pressures and adapt their structures effectively.
Mike Ettling, CEO of Unit4, emphasizes that organizations that were innovative and progressive in their people, technology strategies, and company policies have emerged with better business performance. Looking ahead to 2023, businesses will face various challenges such as geopolitical issues, inflation, rising energy prices, and competition for talent. The ability to adapt quickly will be crucial for future performance.
In conclusion, CIOs must recognize the benefits of embracing accelerated change and adopting generative AI technologies. The Business Future Index 2022 highlights the connection between embracing change and improved business performance. By prioritizing people, policy improvements, and implementing the right tools, organizations can position themselves competitively in an evolving business landscape.