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-: By sensing and adapting to market changes
with a meaningful impact in the bottom line,
technology and data capabilities
allow resilient organizations
to thrive in an uncertain and volatile world.
But there's more to this story.
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Technology allows some companies to weather economic storms,
while others they really flounder.
Simply having IT systems in place
doesn't really guarantee success.
Recently a cosmetics company in Europe
was able to effectively deploy technology
that helped them withstand the stresses
of the COVID-19 pandemic.
What did they do well?
Well they really focused on data
and designed their technology
with a more modular and systematic approach.
By investing in technology and data capabilities
well before the downturn,
they were able to put in place systems
and operational processes that helped them
gather information and act on it with speed.
Leaders democratize data to ensure insights
that would enable them to really sense and respond
to changes in the environment.
Before the decline in cosmetic demand
took hold during COVID-19, the company was already able
to rapidly change core processes
based on real-time market feedback
and that made all the difference.
So to get to this level of performance,
the company had to first understand that simply improving on
the older legacy infrastructure
would not yield meaningful results
or build the resilience necessary for long term success.
They used modern IT architecture approaches
and created plug and play components.
They focused on data and the ability to access
that across different parts of the organization.
The bottom line is, technology will create
a more resilient organization
if the focus is on liberating data
that's stuck in functional silos,
sharing data across organizational boundaries,
and using it to accelerate
innovation and influence decision making.
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