The study identified revenue, efficiencies and risk as executives’ top priorities to support business growth. These are the key ingredients for successful transformation. A highlight of the research was sustainability’s increasing importance for realising strategic goals.
“This is a new concept in the business world. Our research shows revenue growth drivers include the need for greater innovation through improving the sustainability of existing products, as well as the introduction of new products and services and targeting new markets and customer experiences,” Bloomfield says.
Making connections
It’s important to understand the synergies between the three essential business priorities – revenue, efficiencies and risk – and their relationship to successful transformation.
For instance, increasing the level of automation in a business provides opportunities for staff to support revenue-generating activities, while reducing time spent on routine, repetitive tasks. The data also shows business leaders are focused on innovating and attracting new employees and customers to grow revenue.
Additionally, leaders said implementing technology to support hybrid workplaces and cyber security incident management is vital in managing risk. As a result, more firms are exploring how collaboration tools, cyber security infrastructure and cloud computing can help address internal and external challenges.
“Today, the conversion is about more than responding to risks, it’s about how to transform the organisation to get ahead of risks,” Bloomfield says.
“Through this, technology helps organisations cope with their challenges. It makes them resilient by bringing all their business processes together. It also helps them stay nimble by providing new, modern, intelligent technologies to unlock growth opportunities,” she adds.
Harnessing opportunities
When a business has the right building blocks in place to support transformation and growth, the focus can then move to supporting flexibility. Technology is also the game changer here.
Says Bloomfield: “Flexibility is so important as organisations grow and change. Moving to cloud-based technology is a great way to support that and delivers continuous innovation in the same way apps do. If an organisation keeps its core business processes clean, safe and robust, they can then extend them to deliver innovation and agility.”
She explains this is the best of both worlds. “You get the trust and assurance of a strong underlying platform, as well as all the benefits of modern technology and innovations such as bringing artificial intelligence and machine learning into day-to-day business processes. Sustainability is the next logical step in that discussion.”
Atkins agrees. “If you are not engaging in the conversation on sustainability, if you are not actively looking to improve the sustainability performance of your operation, it’s ultimately going to affect the way your customers engage with your business and its products and services. So, there’s a direct link between sustainability performance and revenue growth.”
Across the board, companies are incorporating sustainability into their transformation strategies and decision making. Outstanding technology is the common denominator among firms taking this approach and the link to long-term revenue success.
SAP is committed to helping SMEs keep pace when facing a variety of challenges. From managing cash flow, supply chain and operations, to taking care of remote work and employee engagement, all while meeting fluctuating market conditions and customer needs. With 80% of our customers considered small and midsize enterprises (SMEs), we can help you move faster, adapt quickly, and face any competitor, no matter your company size.
Learn how growing companies are transforming to drive revenue, efficiency, and innovation in the Transformation Mindset reports, based on findings for specific industries and job functions.