Industry
Cognitive Business Operations
Unlocking Business Agility & Future-ready Operations with TCS’ CBO
Highlights
- Modern organizations require a future-ready operations model.
- Business operations infused with cognitive capabilities help drive companies’ strategic priorities.
- Our ‘The future of operations’ survey uncovers four enablers for a future-ready business operations model.
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Engine for growth
Intelligent operations are a must for businesses to drive their strategic priorities.
The global economic environment is becoming increasingly complex, competitive, and dynamic. Businesses are under pressure to optimize their operations and reduce costs. They have to continuously integrate new technologies and manage an avalanche of data to make better, quicker business decisions that drive growth and transformation. Keeping up with rapidly evolving customer preferences is another challenge. In boardrooms, there’s increasing acknowledgment that business operations are a crucial engine that powers the enterprise by helping meet these challenges.
Modern organizations require a future-ready operations model infused with cognitive capabilities to drive their strategic priorities. These capabilities use machine learning, AI, and analytics to enable companies to capitalize on their business data for greater cost efficiencies, growth, and transformation. But what are companies doing to build a futuristic business operations model? How are they getting there?
TCS survey
The future of operations
TCS’ survey on ‘The future of operations’ gives insights into how companies are building their business operations strategies for 2024. We also look at how ‘Pacesetters’ or top-performing organizations are setting themselves apart and what others can learn from these leaders.
A cross-industry survey, it was conducted across Australia, France, Germany, the UK, and the US, and explores the top strategic focus areas for the C-suite of large enterprises. Through our survey of C-level executives of large enterprises in 10 industry sectors, we sought to understand what’s on their mind—their top strategic focus areas, key business operations enablers, and what they think are the biggest factors to break down organizational silos.
We live in a world where technology is core to business. And so, we explored the role of AI, automation, and cognitive technologies in their operations model now and for the future; dependencies for successful technology deployments; and what technologies they are betting on.
Figure 1: TCS survey category – The future of operations
Four enablers
Chart the path to a more intelligent, integrated approach to operations with four key enablers.
I am excited to share that our survey uncovers four key enablers for a more resilient, integrated, and intelligent approach to business operations. It shows that companies can establish future-ready operations by taking a customized approach that builds on a digital and data-driven foundation, technology harmonization, a business outcome focus, and integrated operations. This approach allows them to become more agile, innovative, and cost-effective while driving improved customer engagement and higher profit margins at the same time.
Figure 2: Key business operation enablers
When asked about the key business operations enabler to achieve their top strategic focus areas, it’s interesting that as many as 89% of the respondents ranked digital and data-driven foundation most important, while 88% said technology harmonization and modernization is a must. Meanwhile, 86% said business outcome focus is key and 83% said integrated operations is essential.
Pacesetters
Organizations with higher-than-average growth and revenue performance have embraced many of these key enablers.
We weren’t surprised that 'Pacesetters’ have embraced many of the key enablers of future-ready organizations that emerged from the survey findings. Pacesetters are organizations with higher-than-average growth and revenue performance from 2018-2022. So, what are they doing that's giving them a competitive edge and which others need to catch up on?
In the next blog, we will look at Pacesetters’ behaviors and explore what they are doing differently from other organizations and how they could see even stronger business performance with the four key enablers.
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