In businesses the world over, phrases like “time is of the essence” and “time is money” are well-worn clichés. So why is it that some South African corporate decisions are unnecessarily delayed?
By De Wet Bisschoff, sales and growth lead for Accenture in Africa
In today’s intense corporate climate, being quick in decision-making and implementation is essential. But in our country, the time it takes to procure resources, implement a project, and take it to market, is simply too long.
I’ve seen respected companies and respected business leaders take months to get projects off the ground. The speed is simply gone. We must ask why.
There are numerous reasons why processes stall and projects sit idle. In a country plagued by tender irregularities and corruption, proper process and due diligence become essential.
But there is a downside. Cautious companies are often slowed down in their decision-making because of in fighting and differing opinions. Making a simple decision to get a project on the go can devolve into hours of meetings and extensive email threads – that has a serious impact on revenue or business performance. In this regard, large companies have much to learn from smaller and newer digital players.
Companies in emerging sectors rarely have the spare time for internal squabbles. They make quick decisions because a highly competitive environment means that they have no choice but to get the work done. It’s a survival imperative.
There’s also the question of bravery and accepting a certain degree of failure to learn. Ask yourself, are you courageous enough to make mistakes and learn from them?
In emerging sectors, experimentation is a risk that’s encouraged. Disruptive players just go for it; they take failure in their stride and make bold decisions, just as long as they fail fast, and the failures are not repeated or terminal.
It’s high time to take these disruptor models more seriously in corporate circles instead of paying lip-service to the notion of agile disrupters. It all starts with a clear strategy followed by rapid implementation of tech. But that is just one part of the equation.
A critical part of getting businesses to speed up their operations are efficient internal processes. This means developing a strong, well-informed leadership and a well-oiled internal machine that can cut through bureaucracy and yield quicker results. In this respect, tech provides a competitive advantage because it provides instant data to support quick decision-making.
However, tech shouldn’t just be thrown into the mix without a clear business plan. I’ve seen that happen too often. Integrating technology into your business is essential, but it requires a solid business case to back it up. You must be sure of what you want to get out of the technology you’re implementing. You must be sure of your desired return on investment. This may not pan out the way you expect it to but having tangible expectations to measure progress against are essential. Otherwise, you are wasting your time.
Your return on investment will obviously be measured according to its financial value. That’s a given. But whatever positives you’re considering, make sure you’re looking at the idea of value holistically, considering not just financial elements, but taking a broader perspective. Other factors to consider are sustainability, talent, diversity and inclusion, and your user experience journey (UX).
And UX is a big one. A few years ago, it wasn’t a huge priority, but now the consumer experience is rightly given much more consideration, particularly in saturated sectors. Tech giants like Facebook and Instagram have set the benchmark for a world-class integrated UX experience. So, you’re not just going up against the competition in your sector as consumers readily compare experiences from different sectors. Your user experience can be what sets you apart from the competition.
It also helps to remember that optimised tech solutions are only an enabler. Unless you have the right business processes and the right people with the right skills, you’re not going to get anywhere. Your tech implementations should, ideally, work in conjunction with or enhance your existing processes. Adopting a technology that’s been pushed as a solution to optimise your work processes just won’t be able to do its job if you don’t understand how it works, and it doesn’t fit into an existing system.
Well-integrated tech solutions lay the foundations. But there’s a lot more to consider, particularly when competing with smaller start-ups and businesses spouting innovative, fast-moving ideas. The key is to be aggressive in the market in terms of acquisition and funding. Buy them out, bring them in, and take that offering for yourself. You can also look inward and put company muscle behind innovative ideas that are formed in-house. Funding disruptive ideas will put you on a level playing field with the smaller guys. You could even launch a new business entirely. Once you’ve made the initial data-informed moves, another factor influencing your success will be the company effort you put behind the project to propel it forward.
It’s also worth noting that while first-mover advantage is important, sometimes being second isn’t always a bad thing because there’s much to learn from those who venture out first. At Accenture, we tend towards launching businesses on the leading edge, not always the bleeding edge.
So, while companies need to pick up speed, and tech-based solutions can help, always try to find a balance between optimised processes that work, and speed in implementation.