BUSINESS TRANSFORMATION & OPERATIONAL EXCELLENCE KEY CHALLENGES
Operational Excellence Key Challenges
Speed and the ability to adapt to changing market conditions are a significant challenge for business.
The threat of new competition (the #1 driver), rising customer expectations, expanding markets, and digitalization are the key drivers of change. These are driving force behind the every increasing need for Operational Excellence, especially for end-to-end Business Transformation, and rapid, agile, flexible solution offerings and execution.
New technologies and innovation acceleration are disrupting all traditional industries and markets. Start-ups no longer have major barriers to entry, computing powering is accelerating, and business models are being disrupted in just a few months, causing massive pressures on margins.
Every change in the market affects how a company operates and performs, often dramatically. And these days, it is difficult to respond to one disruption before being thrown off course by the next one. Advanced technologies, increasing digitization such as AI, Robotic Process Automation, Machine Learning, IOT, Cloud Computing, Big Data, Data Analytics, Advanced Robotics, 3D Printing, Mobile Applications are just some of the technology shifts.
These digitalisation’s’ bring a quantum leap in productively improvement, but consequently leaders have to rethink their operations end to end, including how to incorporate digitalization activities along the whole value chain, e.g. use of big data in customer operations, or 3D printing technology in manufacturing.
Teams will need to embrace a culture of operational excellence, reimagined operations every day, foster open communication and faster decision-making. Product development, procurement, supply chain management, production system design, and all manufacturing and services will need to be transformed. Operational Excellence professionals needs to adapt and actively embrace all these new technologies and the new business models they create to ensure the organization is always at the cutting edge of execution excellence.
Whether its the need to keep up with new technologies, the pressures of implementing and sustaining a fully-fledged culture of Operational Excellence, or encouraging the allocation of resources and buy-in for Operational Excellence projects, it is clear that Operational Excellence practitioners are facing a period of incredible change and upheaval.
Exceptionally savvy companies manage these changes by developing end-to-end global operating strategies that enable profitable growth that take charge of innovation execution and stay nimble enough to respond to rapidly changing condition. Strategies that embrace and thrive on the power of technology to drive innovation.
Operational excellence is a key attribute of leading companies in any industry. Through the combination of the right business strategy, the right technology strategy, the right operating model, and the right execution path, companies ride out recessions more successfully and emerge from them more quickly, developing competitive advantage regardless of economic conditions.
Operational Excellence Key Challenges
- Rethinking operations end-to-end, incorporating digitalization / new advance technologies along the whole value chain.
- Adapting and embracing new technologies and the new business models.
- Cultural Transformation and creating a culture of Operational Excellence and Innovation.
- Implementing effective Change Management programs.
- Driving Corporate Culture Change and How to build and transform Organizational Culture.
- Leadership Understanding, Buy-In, Support and Sponsorship from ALLLeaders is critical. Operational Excellence needs commitment; resources and this cannot be optional.
- Sustaining a Continuous Improvement Culture (Key to this is Leadership Buy-In)
- Achieving an Enterprise-Wide Operational Excellence Strategy
- End-to-end business transformation, with all departments’ processes working in unison at scale to aligned goals and priorities.
- Keeping up with new technologies, relative value relevance, and the creation of new opportunities. AI, Robotic Process Automation, Machine Learning, IOT, Cloud Computing, Big Data, Data Analytics, Advanced Robotics, 3D Printing, Mobile Applications are just some of the technology shifts.
- Integrating New Advanced Technologies
- Acquiring and managing start-ups
- Changing Customer Demands & Channels
- Building New Competitive Advantages.
- Integrating CI methodologies personalized to the organization.
- Ensuring initiatives are aligned with key strategic priorities, across the organization.
- Failure to innovate fast enough.
- Building a culture of innovation & agile mind-set.
- Changing Workforce, Millennial Generation, Freelance Culture, & Open Innovation.
- Customer Experience Excellence in a less high touch environment.
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What is Operational Excellence?
Operational Excellence is the execution of the business strategy more consistently and reliably than the competition, with lower operational risk, lower operating costs, and increased revenues relative to its competitor. It is needed more than ever is today’s technology driven rapidly changing business models, which require organizations to undergo end-to-end business transformation. Operational Excellence can also be viewed as execution excellence.Some of the key process methodologies used are Lean Thinking, Six Sigma, Hoshin Planning, Balanced Scorecard etc.However, the focus of Operational Excellence goes beyond the traditional continuous improvement methods to a long-term change in organizational culture.
Companies in pursuit of Operational Excellence do two things significantly differently than other companies: they manage their business and operational processes systematically and invest in developing the right culture.
About the Author
Vijay Bajaj is the CEO and Founder, respectively, of the Business Transformation and Operational Excellence Annual World Summit and conference producer company, Proqis. Vijay instills a firm belief in the team’s vision to build the best, content superior business events in the world. Proqis derived its name from “Pro”, which means “positive” (the impact the company intends to have) and “Qis” meaning “life balance and energy” – that is the higher outcome to be delivered to both their employees and customers. Vijay and his team also believes in producing fewer bigger annual events, the objective being to represent the largest gathering of industry leaders, innovative disruptors, and leadership-level thought leaders across the entire ecosystem of their target markets.
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Forecasting 850+ leadership-level attendees, this summit is the largest gathering of progressive leadership-level executives within Business Transformation & Operational Excellence.
With over 100 speakers, over 100 sessions, 12 Keynotes, 9 Track Themes, 5 parallel tracks, 60+ track sessions, 50 roundtable discussions, 20 Interactive Workshops, 6 Thought Leader Panels, 5 Leaders Boardrooms, The Industry Awards Program, Site Visits, 20+ hours of social networking including 2 gala cocktail parties, dinners, numerous group activities, this is the ultimate event to benchmark, network and drive Operational Excellence to the next level.
BTOES18 will help you design and delivery value-oriented operational excellence transformations and take an end-to-end approach to achieving excellence in strategy execution.
Register (early bird discounts end soon)