Plan for the Velocity of Change to Keep Increasing!
From the Voices on Project Management Blog
by Cameron McGaughy,
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Voices on Project Management offers insights, tips, advice and personal stories from project managers in different regions and industries. The goal is to get you thinking, and spark a discussion. So, if you read something that you agree with--or even disagree with--leave a comment.
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By Peter Tarhanidis, Ph.D., M.B.A.
Today, developments in emerging technology, business processes and digital experiences are accelerating larger transformation initiatives. Moore’s Law means that we have access to exponentially better computing capabilities. Growth is further fueled by technologies such as supercomputers, artificial intelligence, natural language processing, Internet of Things (IoT) and more across industries.
Emerging Tech
The global IT industry is valued at $5.3 trillion in 2020 and is poised to grow 6.2 percent by 2021, according to tech market research firm IDC. Emerging technology like augmented reality and robotics will make up an increasing share of that growth.
Business Process Maturity
Organizations are improving the maturity of their business processes. They’re doing this by automating tasks, eliminating them, improving performance or finding the lowest-cost way to perform a task. Organizations are connecting with experts to collaborate across a wider network of colleagues. This enables strategies to be integrated across the value chain to quickly drive business outcomes.
According to market research group IMARC, automation and the IoT are driving growth in business process management (BPM); the BPM market is expected to grow at a 10 percent compound annual growth rate between 2020 and 2025.
Customer Experience
In addition, having a formidable customer experience strategy can make the difference between customers choosing your brand or your competitors in 2020. That’s according to Core dna, a digital experience platform vendor.
Customer experience is redefining business processes and digitizing the consumption model to increase brand equity. Gartner reports that among marketing leaders who are responsible for customer experience, 81 percent say their companies will largely compete on customer experience in two years. However, only 22 percent have developed experiences that exceed customer expectations.
Economic Forces
Lastly, the potential for cash flow growth remains high in 2020, despite economic risks, according to the U.S. Corporate Credit Outlook 2020. This will likely lead to capital investments and a fair portion of companies funding transformational projects.
The Way Forward
While transformations have evolved, they encapsulate the way we think and operate. Old methods may seem encumbering and administratively difficult, creating bureaucracy and delays in decision making. The challenge is the velocity of change, which is very disruptive to organizations.
I’ve developed a few guidelines to help navigate this change:
- Work with an agile mindset.
- Fail often and fast to ultimately filter out winning initiatives.
- Define the cultural attributes that propel staff and colleagues to succeed on their endeavors.
Change is now inherent and pervasive in the annual planning process for organizations. Given that, I like to ask: What is the plan to prepare staff and colleagues to compete in this hyper-transformation age?
What observations have you made to keep up with this new era’s velocity of change?
Posted
by
Peter Tarhanidis
on: February 13, 2020 04:31 PM |
Permalink
Comments (4)
Please login or join to subscribe to this item
Luis Branco
CEO| Business Insight, Consultores de Gestão, Ldª
Carcavelos, Lisboa, Portugal
Dear Peter
Interesting is your perspective on the theme: "Plan for the Velocity of Change to Keep Increasing!"
Thank you for sharing your perspective with us as the big trends
Important points to highlight:
"I've developed a few guidelines to help navigate this change:
Work with an agile mindset.
Fail often and fast to ultimately filter out winning initiatives.
Defines the cultural attributes that propel staff and colleagues to succeed on their endeavors. "
Vincent Guerard
Coach - Trainer - Speaker - Advisor| Freelance
Mont-Royal, Quebec, Canada
Peter,
Velocity as changed, but many points like customer experience are recurring. Major investment need to happen corporation have refrain investment in the last years.
Drew Craig
Sr. Agile & Product Coach| Vanguard
Philadelphia, Pa, United States
Thank you, Peter. By advocating and supporting an adaptable culture, organizations can be better equipped to deal with any changes or directional shifts.
Rami Kaibni
Community Champion
Senior Projects Manager | Field & Marten Associates
New Westminster, British Columbia, Canada
Peter, great post. Resonates with me a lot.
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