Sept. 4, 2024

This paid piece is sponsored by Eide Bailly LLP.

A version of this insight first appeared on EideBailly.com.

By Loren Mendel, principal, technology consulting, lmendel@eidebailly.com

Organizations have been operating in a time of profound uncertainty, and the speed of change is only increasing. How do you break down what feels impossible into manageable, actionable steps?

Here’s what we recommend for organizations looking to grow, innovate and stay ahead of the competition.

Be ready to adapt

It all starts with innovation. Focusing on core competencies, eliminating product lines or services that distract from core business objectives and providing superior customer service will keep organizations viable. You can’t always use the past to predict the future.

Leaders should develop three to four business models that outline various plans for success. Developing multiple scenarios encourages a more deliberate path forward, eliminating the tendency to choose the middle path.

Truly resilient organizations will be those that focus on staying relevant. They will take a deep look at what they offer, from product to consumer experience, and take the necessary steps to enact change.

Embrace new technologies

Strengthening digital capabilities will be a key component of future growth and innovation for leaders.

Generative AI already has had profound impacts on organizations. Early adopters of Copilot for Microsoft 365 report a 70 percent increase in productivity. But it’s important that organizations go into new technology initiatives with a clear strategy, making sure that their technology road map aligns with their overall business objectives.

Understand your data

With digital transformation comes more data than we’ve ever had before. Understanding and harnessing that data will be critical for organizations that wish to make strategic growth decisions.

The future of business is based on the ability to make informed business decisions in real time with accurate data. This means relying on far more than just your financial statements. Business leaders should embrace leading indicators like operational analytics to get a clear snapshot of their organization’s current state and where they’re headed.

Moreover, it will be impossible to maximize the value of emerging AI technology without first addressing an organization’s data infrastructure and ecosystem. Leaders must have a data strategy in place that lays out a plan for data security, privacy and governance.

Prioritize security

As your organization strives to embrace new technologies, it’s imperative to start with strategy so your data and people stay secure.

Leaders must understand how complex it is to secure the digital workplace. Technology is advancing rapidly, making cybercrime more sophisticated. Cybercriminals often operate as businesses, using marketing, HR and internal customer support. This shift in cybercrime is causing the cost of dealing with an attack to rise, with the average cyberattack now costing $4.45 million.

Do you have a clear plan for data security and privacy? Evaluate whether there are provisions in the budget for data governance, data security tools and compliance with data privacy regulations.

Focus on the future of your organization

While it’s hard to know what’s around the next corner, organizational leaders who reevaluate their business model, look for ways to embrace digital transformation, prioritize their employees and learn from their data will be better positioned to move forward and plan for the future.

If you’re unsure where to start or have questions about digital transformation, you’re not alone. An experienced adviser can be an invaluable resource as you define your digital future.