Strategically Update Your Systems Amid Seismic Business Change
It was just a few years and a pandemic ago when we first shared our advice for companies that wanted to modernize IT platforms to drive growth. The dilemma for executive leaders is how best to strategically update systems while minimizing business disruptions.
The urgency and questions swirling around the build or buy continuum* in 2021 and 2022 have greatly increased as companies recover from the pandemic’s impact on global supply chains and markets. As reported by Gartner in its 2021 CEO survey, “many companies will spend the next few years recovering revenue and growth to pre-pandemic levels.” At the same time, customer adoption of digital experiences has soared, creating pressure for business leaders to innovate to stay competitive.
But the good news, says Gartner, is that 60% of surveyed CEOs anticipate an economic boom. Consequently, senior leaders are busy developing new business strategies to recapture what they have lost in growth and market share since 2020. CEOs continue to invest in technology, particularly the digitalization of customer experiences and e-commerce efforts.
Overall, these ideas can help you consider how to strategically leverage your existing digital systems and to determine where to invest further, saving time and resources while delivering value to your customers.