Australian managers are increasingly concerned about productivity, whereby the labor productivity of the country records a decrease of 0.5% in the quarter of September 2024, according to the Productivity committee.
With the financial year that ends on 30 June, many organizations are investigating technological investments in the hope of increasing productivity and driving value.
What defines a productive organization?
In general, productivity should be a strategic tool to encourage profit, to improve shareholders’ value, promote mutual benefit and accelerate product innovation. The most productive organizations are characterized by specific properties. They not only report themselves as more productive than their sector, but they have also seen higher revenue growth in the last three years.
Infor’s latest study, How possible happensInvestigated 250 respondents from Australia (of the 3,600 global decision makers) to discover how the most productive organizations generate real value from their technical investments. The study showed that a vast majority of organizations (80%) agree that success depends on the possible acceptance of new technologies, while 78% will increase investments in technology by 20% or more in the coming years.
CPA Australia Research indicates that 60% of the companies saw an increase in profitability as a result of increased investments in technology and the acceptance of new technologies, while 49% of companies reported higher profits by increasing the technological possibilities of their staff. But despite the implementation of new technologies, some companies are disappointed about the lack of considerable improvement.
Companies in production, distribution and health care continue to struggle with considerable changes within their industries and companies, because they are looking for specific data and insights about the effective use of technology to unlock value. Those who chase productivity must find the right balance between investing in the right technology, developing efficient processes and promoting an agile and proactive corporate culture.
Organizations can successfully build value by concentrating on four important characteristics.
- Invest in the right processes and systems
Even if organizations accelerate their unique digital transformation trips, there is a gap between the promise of the technology and what is supplied. There is a need to optimize processes and to continuously improve to achieve value creation. A centralized software platform can offer organization-wide visibility in real-time information, streamlining communication and stimulating operational efficiency. This can help companies to eliminate less effective areas over time.
- Include agility and future reading
Disturbing new solutions make bold promises of even greater success, but leaders must remain grounded and navigate through the waters to tackle their pain points of the organization at the same time. Embracing the power of advanced technologies such as Genai and process information can help reduce risks and respond faster to the turbulent and unpredictable nature of the modern world. Maximizing these tools distinguishes the best performing organizations except the rest.
- Make data a top priority
The best data practices are demonstrably based on all successful decision -making. The best performing organizations use their data in more insightful ways within their core activities, so that they can innovate value and unlock value for each turn. A data model can help by cutting the noise. When organizations make a blueprint to guide how their data is stored, accessible and managed, they remove silos and form the building blocks of data -controlled decision -making.
- Customer focus
Successful organizations have a deep dedication to customer results. They integrate customer feedback into every aspect of their company, strive to anticipate the needs of their customers and to be responsible for them – from using smart technology in their products to use customer insights in product innovation. There are indications that AI solutions can stimulate customer service, shorten the processing time of sales orders and help agents to respond to customers’ questions faster. AI tools can facilitate more complex use cases, as organizations enable organizations to build adapted outputs; For example, a recommendation motor is embedded in the sales order screen.
Recipe
Australian organizations are about to a shift that can yield enormous business productivity and efficiency gain, giving them access to rather untouched value flows and have a real influence on revenue growth. The real challenge is not just about accepting technology, it is about the mentality and cultural shift that is needed to unlock its value. Organizations that succeed will be ready to develop their processes and to fully embrace data -driven readyness, to get a clear vision for the future.
Digital strategies must be fat, with transformation that is measurable and tailored to business goals. Although finding the right path is far from simple, organizations must feel authorized to assume innovative solutions. A majority of Australian organizations will need an industrial ERP to meet their unique needs, but by combining technical innovation with configurable possibilities, they can build tailor -made solutions and maximize their business potential in the new year.
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