That is because investment in technology in itself isn’t enough, according to a McKinsey report from 2023. Too often, they say, “businesses are enticed by the promises of an exciting new solution, only to be disappointed by the lack of tangible improvement post-implementation.”
Solutions look good on paper, but in the end didn’t really solve anything.
The new report How possible happens, where Infor have interviewed 3,600 respondents worldwide, points to several success factors defining the high rollers in productivity.
Here’s what we take from it.
The Infor report shows that the high performing companies use digital tools to gain real-time visibility into performance. For example, tools that allow you to see which purchase orders are stuck or spot errors before they turn into big problems.
– I mean, it makes sense, right? Visibility is the difference between guessing and knowing. If you know what’s wrong, you can fix it, says Audun Stuland, CEO at Vince.
High performers also automate tasks that don’t add value a lot more than low performing companies, according to Infor.
“If you collect data, but none can access or understand it – who is it helping?”
The Infor report shows that the most productive organizations have built a culture around data, using it to make smarter decisions, anticipate customer needs and drive innovation.
High performing companies score 15% higher on using data to innovate.
– I love those stats. One of the things we try to do at Vince is making data available to end users, so that they can make data driven decisions on their own – without consultants or the IT department, says Stuland.
– And it works. Many of our customers report just this, that more people are engaging with the data, leading to faster decisions and more ideas for innovation coming in.
To really help companies out, tech solutions need to either create value, improve productivity or lead to new opportunities. Preferably all three, the Infor report argues.
And for that, you need customizability. In the words of Mark Schwartz, enterprise strategist at AWS:
– Buyers are becoming builders, in the sense that you can now purchase composable business applications that can be reused and recombined to create a tailored, differentiated solution.
There doesn’t really have to be a one-size-fits-all system, argues the Vince CEO, Audun Stuland:
– When you build solutions with customizability at the heart of it, smart companies pick and mix from what’s available and make their own perfect solution. By choosing and building on the right products, it can feel like M3 was built just for you.