The path to business services transformation and delivery model optimization can be chaotic when considering organizational changes and staffing alignment, process improvements, system implementations or upgrades, stakeholder management, and more. Today, companies are adding economic uncertainty and geopolitical turbulence into the equation, making the path to improvement seem harrowing. With volatility in the market, organizations are tightening their belts and business strategies. So, how does your business navigate uncertain times, find windows of opportunity, and position itself to ride the wave?
The workforce shortage and chatter of a looming recession should alter how organizations attract, engage, and retain talent. Talent and workforce planning strategies must be agile and holistic in nature. Restructuring today requires an approach that meets business objectives and retains talent that is hard to come by. Efforts must continue to upskill existing employees and apply effective contingent workforce and outsourcing strategies as labor costs and competition for talent continue to weigh on operations. Now is the time to assess your talent acquisition and talent management strategies and implement an approach to mitigate challenges to position your organization for success.
Recession or not, COVID-19 and other black swan events have proved that companies must ensure their organization can effectively operate during uncertain times. Executives from JPMorgan Chase & Co., Walmart Inc., and United Airlines have become vocal about their economic concerns for 2023. A consensus from prominent U.S. company executives is that they are slowing hiring and capital investments and lowering spending to align with decreased consumer spending caused by inflation. Planning for times of economic downturn positions your company to best navigate fluctuating business cycles. So, managing costs and leveraging efficiencies within your organization is a critical component. Where can you better align work and resources to reduce costs? How can process improvements and automation yield efficiencies?
Whether you are considering a shared services model, have implemented a shared services model you want to enhance or want to adjust your delivery model and staffing levels, focusing on the right operating model for your business is key. What work is being performed, and by whom? Where do gaps exist? What are the goals for workflow and service improvement? A planned and well-executed improvement plan is critical to achieving optimization.
Leveraging technology to improve performance and business processes helps your organization become faster, more agile, and more efficient. As companies look to “do more with less,” technology has a major role. Business leaders may be hesitant in today’s environment to further investments due to cost restraints, implementation hurdles, and an unclear understanding of the return on investment (ROI). However, technology systems and software are critical enablers to an effective shared services model and yield increased business efficiency and potential savings opportunities. Whether your goals are non-labor-related savings, competitive intelligence, headcount reduction or skill redeployment, improved service levels or controls, or scalable operations, leveraging the right technology with a clear deployment and adoption plan is key to maximizing your ROI.
ScottMadden has helped many organizations identify immediate value opportunities, improve their competitive position, and provide a solid foundation for growth. We can help you define an optimal approach to restructure or advance your existing shared service and corporate business services models by utilizing our expertise, leading practices, and past client experiences.
We do what it takes to get it done right. We listen to our client’s needs and challenges, understanding that every organization is unique. We are personally invested in every project and measure our success by our client’s success. Our expertise allows us to integrate our project teams into your organization and design a one-of-a-kind solution to excel in your business and meet your goals and objectives.
Sussex Economic Advisors is now part of ScottMadden. We invite you to learn more about our expanded firm. Please use the Contact Us form to request additional information.