3 actions that can better a firm’s performance in 2016
With the new year just around the corner, many firms will be considering how they can best compete in the global market. Investments for new projects, changes in policies and the need for increased adoption of technology will all be top concerns at this time.
What can companies do to develop strong strategies for 2016?
Encouraging better diversity and inclusion
Having an active strategy for diversity can improve a firm’s financial results.
According to Bersin by Deloitte, having an active strategy for diversity can improve a firm’s financial results. Out of the 454 global businesses surveyed, large firms with mature talent management schemes had 2.3 times better cash flow per employee over three years than firms with underdeveloped strategies. In smaller firms, this proportion increases to 13 times higher.
Many firms are currently missing out on the benefits of a multi-cultural workforce, with 70 per cent of companies in the developing stages of a diversity program. Utilising methods such as recruitment software can be an effective way to ensure businesses can achieve a more balanced workforce in order to capture these advantages and drive maturity in these strategies.
Utilising the latest technologies
While the Software as a Service (SaaS) model is yet to see widespread adoption among businesses, there are certain areas that are showing strong potential.
In a recent survey from Accenture, 44 per cent of business leaders stated they would move away from legacy IT projects if a cloud solution could offer better returns in terms of speed and value.
As Senior Managing Director Michael Corcoran explained, the SaaS model will soon become a vital adoption requirement to remain competitive. Businesses need to consider investing in efficiency software before being outpaced by rivals in the market.
Building a stronger digital strategy
A recent report from PricewaterhouseCoopers (PwC) outlined the key strategic considerations that leaders need to make on behalf of their business. Only 1 per cent of executives consider digital technologies as a way to drive disruption in their industry. However, this process can be spurred within the company itself.
Chris Curran, PwC advisory principal and chief technologist, explained firms need to reconsider their internal models in order to find new methods of driving performance.
“Everyone talks about digital, but few understand the specific leadership behaviours that drive performance,” he said.
“We are seeing signs this is changing, with leading digital practitioners looking to how today’s investments can improve tomorrow’s business results.”
Remaining ahead of the competition can be challenging, but with investments in the right areas, businesses will be well positioned for success in 2016.