According to recent studies, 50% of companies report that their business model has changed or is changing. Meanwhile, 40% of executives seek cost savings, 35% seek improved client experience, and 38% seek better control as the benefits of operations optimization. This is why 91% of businesses are involved in transformation efforts, with 87% prioritizing digital transformation. Unfortunately, 50% of businesses that prioritize transformation do not have a dedicated team in place, and 25% do not have an overall strategy. This is where operations optimization comes in.
Operations optimization refers to the continuous improvement the operation to drive cost savings, increase operational control, and enhance client experience. In the past, many businesses relied solely on intuition, personal experience and external consultants to make decisions, but with the advent of digital technology, it is now possible to make data-driven decisions that can have a significant impact on competitive positioning and market success.
The first step in operations optimization is to identify all areas that prevent optimal performance and determine the root cause. This is where design thinking comes in, as it takes a holistic, objectives-first approach to problem-solving. By considering all the different aspects of a problem, it is possible to find the best solution that will drive the most impact.
Another key aspect of operations optimization is the PROFIT framework. This framework takes into account all the different operational levers that can be used to drive results, including Process, Risk, Operations, Finance, IT and Talent to achieve the strategy set out by the cost, client and control goals. Only by considering all of these different elements, is it possible to create a comprehensive strategy that will drive the desired outcomes. Earlier, it was inconceivable that all these functions could be brought together in a single framework. Today, advanced algorithms and the computing power they require makes it possible to combine machine intelligence with human intelligence to get the fastest results.
In conclusion, every business needs operations optimization in today's digital world. With readily available information and the right tools, it is possible to drive cost savings, increase control, and enhance client experience. By using design thinking, augmented intelligence, and the PROFIT framework, businesses can make data-driven decisions that will have a significant impact on their bottom line. With 3-Cubed, it is possible to optimize operations faster, while achieving better results that are more assured.