Any professional services firm can benefit greatly from being agile. However, large enterprises across sectors such as engineering, IT, audit and advisory, consulting, and advertising have a lot more to gain from achieving agility. It’s quite simple! The potential failure of these organizations to meet the expectations of their customers will be met by a mass exodus to their predatory competitors (read start-ups and other global innovators) all competing for their work.
Enterprise agility grants these organizations the ability to respond to changing market conditions as well as emerging trends rapidly. At the same time, agile enterprises can optimize their stakeholders’ valuable time, whether they are publicly listed, private equity owned, or partnerships. Any large organization that hasn’t implemented an enterprise-wide agility risks getting left behind by its competitors. However, if you have enterprise agility but you would like to improve and maximize the benefits, here are the top five ways you can do that:
Minimizing Fixed Costs
As a business, you need to start thinking and acting more like a start-up. The amount of baggage the business is carrying affects its agility; obviously. It’s time to start dropping any activity that doesn’t add direct value to your bottom line. Take a look at some of your fixed costs and start making those tough decisions, and the earlier, the better. Embrace the gig economy by hiring the number of employees you need.
Have the Ability to Sense Upcoming Changes
There are plenty of benefits to gain from being able to look into the future and sense upcoming changes. You don’t need to be a prophet to do that! All you need to do is develop an anticipatory organization – it can be instilled in your workforce. You will be able to anticipate changes, take advantage of the opportunities, and shape the future.
Get Your Culture Right
The only way to accelerate changes in business today is by learning the true management behaviour. The traditional ways of managing employees can’t get you anywhere. Focus on building a culture upon taking educated risks, making data evidenced decisions, innovation, customer obsession, empowerment, and trust. Building the right company culture goes a long way towards improving your enterprise agility.
Do Away with Bureaucratic Decision Making
Bureaucracy is a killer of time, motivation, and productivity. There’s simply no time to run decisions up and down the chain of command anymore. Excessive management is also expensive, costing the companies in the US over $3 trillion per annum. Focus on enhancing communication and transparency.
Set goals, have them known to each one of your employees, and establish accountability metrics. Focus on eliminating burdensome controls that regulate the capabilities of people close to the issue – agility values people and interactions over tools and processes. Give your employees the freedom to be creative.
We live in a very different business world where everything is volatile. Change is the only constant and is accelerating fast. Competition can come from anywhere in the world; entry barriers are lower than ever. The customer is in control and expectations are high. Enterprise agility is only way large organizations can survive.