Cutting cost or growing revenue in a competitive world.
We are all feeling the pressure from the pace of change that is impacting our businesses. Innovation is critical if we are going to stay competitive and relevant. Customer expectations are increasing and new technology provides opportunities for new products & services, or the streamlining of our processes and operations. However, many businesses are still struggling to capture, evaluate and act on the innovative ideas which could mean the difference between success and failure. We have all seen some high profile examples of major companies that have hit the headlines as they have failed to adapt or transform their business models to the new reality of the digital era.
CEOs are seeking to deliver initiatives that both optimise cost and bring new products and services to market and they are demanding greater transparency and accountability across their organisations. Ask yourselves these questions:
Projects are the vehicles for change within your business but are you really geared up to deliver the business outcomes that are required, at the speed that is needed, whilst keeping costs under control?
Do you have the processes in place to capture, analyse and make decisions on innovation ideas?
Do you have the technology in place to enable projects to be executed efficiently whilst providing the transparency required to make better decisions on where to invest and how to react to projects that need to be put back on track or stopped before more money is wasted?
Over the years I have seen many organisations that are trying to operate with outdated processes and legacy systems that do not fit their current needs. Improving operational effectiveness is increasingly one of the top five goals of executives in senior management surveys and the challenges below are being experienced by many of them:
A lack of strategic alignment - A failure to cascade the communication of the strategic objectives and required business outcomes through out the organisation is exacerbated by a failure to create a well defined ideation process.
Too many projects running concurrently - Too few resources are overloaded with too many projects, some of which will deliver little value and deflect from the real strategic goals. The most important resources are not working on the projects that matter, and the projects that are being completed are often late and over budget.
A lack of visibility into the project portfolio. Disparate systems and inconsistent ways of working covering project planning; management of issues and risks; document management; status reporting and financial management result in provision of management information being both time-consuming and error prone.
Isn’t it time to address these challenges? Or will you find your customers moving to the new breed of agile, innovative, disruptive competitors that are appearing in all industry sectors? Will your profits be eroded and your brand tarnished by poor results and outdated products and services?
By implementing new processes and business management solutions, organisations are significantly enhancing their ability to capture and evaluate innovative ideas and provide the means to complete the right projects successfully. The improvement comes from providing timely information to the people who can act upon it:
Allowing the improved management of the project lifecycle from idea to execution, delivering cost saving and reducing time to market of new and enhanced products & services;
Providing visibility and control for enhanced decision-making, co-ordination & collaboration;
Enabling optimisation of resource utilisation and the allocation of your talented people on the strategic initiatives;
Simplification of administrative tasks, improving operational effectiveness and allowing greater focus on more meaningful work.
It is no wonder that many senior executives see ‘Turning great ideas into reality at speed’ as a top priority for their business.
Read about how The Navigator Company have aligned tradition and innovation to bring about a sustainable future.
If you have any question or if you would like to discuss the topic, contact me by email (email@example.com) or LinkedIn.
The Navigator Company Case Study
Align tradition and innovation to bring a sustainable future
Despite being the Portuguese’s leading player in the pulp and paper industry and having a reputation for innovation, The Navigator Company needed to gain control of its group-wide projects. Implementing Governance.Business has allowed the business to gain greater visibility and transparency, helping it to improve the allocation of resources and ensuring new services get to market faster.