Enterprise Modernization: Foundation for Innovation and Resilience

Oct 21, 2022

HIGH-TECH | 5 min READ

The constantly changing market landscape post-COVID era has entailed agility and digital transformation at the core of business processes. As a result, businesses need to reinvent their core technology systems, enhance data architectures, transform operating models, and create coherent operational processes to achieve greater resilience.

Nitesh Mirchandani

VP and Global Head

Communications, Media & Technology (CMT) Vertical

Birlasoft

The high-tech businesses that power the modern economy are experiencing profound changes in their business models and operations as the wave of digitalization is transforming and modernizing the marketplace. These high-tech industries have yet to update their enterprises. To meet rising demands and achieve organizational goals in the era of modernizing the core, high-tech firms must rebuild their foundation to enable new business models, market entries, and product introductions.

As a reactive response to COVID-19 and evolving market conditions, these organizations have shifted from legacy technical environments to modernized systems. Yet, adopting their business models to augment more resilient operations, working agility, and cutting-edge capabilities remains an operational challenge.

Future Perspectives

Enterprise modernization can mean the difference between business resilience and operational failure. It is a process that involves changing a business model, technology framework, data architecture, and operating models to adapt to new competitive environments. The transformation aims to create an enterprise-wide digital platform that enables customers to access products and services through multiple channels at any time, meeting their needs wherever they are.

Businesses must understand that as their existing infrastructure transforms, there might be gaps in capabilities or skill sets within their organization that need to be bridged to explore business opportunities. Two crucial factors can help businesses derive growth through enterprise modernization:

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ERP Modernization and a Refreshing Technology Stack

Organizations with legacy ERP face significant risks that lead to lower productivity, decreased efficiency, and missed opportunities. Over the past few years, enterprise modernization has become a key element of business strategy for organizations to take advantage of new technology and enhance their performance. At its core, it is about embedding automation processes in business frameworks to free up resources for expansion. A modernized ERP supported by the cloud can optimize business models to improve operations and accelerate growth for high-tech firms.

While the evolving marketplace demands organizations adapt to the new normal, organizations are shifting towards sustainable technology infrastructure to increase business potential. A refreshed technology stack can assist high-tech businesses to enter new markets in different geographic locations, increase scalability and expansion, incubate new features for clients, and eliminate deprecated legacy platforms that are a roadblock for development.

Reforming Talent Acquisitions, Retention, and Augmenting Skill Sets

As businesses strive to survive market shifts and combat growing competition, reformed talent acquisitions and workforce skills play a critical function in driving transformational roles in the enterprise. As a result, managing talent and developing human resources to match operational abilities remains a top challenge for organizations. While speculations suggest that automation will lead most peripheral activities to scout and select talent, it remains crucial for leadership and stakeholders to transform human resources into strategic business resources to synthesize growth.

Economic shockwaves post-covid have impacted high-tech businesses to re-evaluate skill gaps in their enterprises to bridge them through automation, workforce augmentation, data-driven workflows, and AI-powered solutions to propel operational agility and resilience to succeed.

Enterprise Modernization Essentials for High-Tech Businesses

Leveraging Modern ERP to Unlock Automation

A modern ERP can assist in efficient data management compared to legacy systems, which brings greater visibility to operational processes with analytics. Better data handling unlocks automation potential across enterprises through IT/OT integrations. Advanced ERP helps build a digital core that heightens agility, supports real-time decision-making, and fuels robust omnichannel experiences to explore new marketplaces. High-tech businesses can build data-powered enterprises through bold big-data strategies and AI/ML solutions to make navigation easier for growth and transformation.

Industrialize operational agility

Industrializing operational agility can help high-tech business organizations face market challenges and roll out products that can reach consumers faster than the competition. Businesses can bring operational agility through robust IT solutions, including SaaS services, information management, and solid data frameworks to run faster business operations. Apart from empowering business viability in the marketplace, operational agility can boost efficiency, improve product quality through continuous monitoring, reduce costs, create seamless collaboration across departments and provide a sustainable platform for innovation. In addition, high-tech companies can build responsive stimuli to changing market conditions through goal-based processes that play pivotal roles in creating resilience

Enterprise Modernisation: Foundation For Innovation And Resilience

Personalize the customer experience

The legacy-based hardware-centric models fail to deliver seamless, integrated, and dynamic customer experiences. Therefore, enterprise modernization can enhance processes to bring customer-centric business models to the forefront. Integrating AI-based support and conversational interfaces brings greater coherence to customer management. High-tech businesses can augment customer experience by strategically modifying customer placements from front-end to back-end. They can be uniquely identified (ID) to understand demands and incorporate them into finance and supply chain processes. To bring new personalization mandates across the enterprise, companies must form cross-functional teams to gain more visible customer insights and optimize omnichannel presence to meet customer requirements.

To Foster Digitization of the Workforce

The evolving digital economy is resulting in the need for enterprise organizations to foster digitization across their workforce. To remain competitive, it is becoming increasingly important for high-tech businesses to provide employees with the tools and training needed to work effectively in a digital environment. This includes developing online collaboration, data analysis, and customer management skills. By upskilling their workforce, businesses can ensure that they can take advantage of new opportunities and meet the challenges of the ever-changing modern economic landscape. High-tech businesses should also facilitate cultural transformation through increased commitment to inclusion and diversity, optimized employee experience, and continuous learning to expand the working ecosystem.

Redesign the operational model

To deliver value and elevate customer experiences economically, high-tech businesses require a redesigned operating model. Through redesigned operating models, firms can modernize business processes that combine digital solutions and operations capabilities in a coherent, sequential, and seamless manner to increase revenue, augment customer experience, and reduce IT costs. With the right operational capabilities, high-tech organizations can be better positioned to support go-to-market strategies that are more sustainable and efficient. These modernized operational models can also bifurcate the strenuous business decision-making process into multi-level analytics and intelligence-based approaches to resolving operational problems, mitigating risks, and accelerating the growth potential across the enterprise.

Conclusion

The post-COVID era has shown that companies with greater agility, operational resilience, and intelligent workforce attain significant competitive advantage during the disruption. Through enterprise modernization, high-tech businesses can improve their supply chain resilience, enhance manufacturing capabilities, and elevate customer experience to meet key global market challenges. Birlasoft's Digital Powered solutions for high-tech industries (such as semiconductor manufacturers, OEMs, ISVs, and consumer electronic manufacturers) help to transform businesses through digital engineering, smart operations, a digitally-powered workforce, and enhanced customer management to drive new revenue streams.

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