Facing a major industry shift, how do you decide which business processes to adapt first?

Begin by assessing processes critical to maintaining competitive edge or compliance amidst industry changes. Next, prioritize processes where automation or adaptation promises significant efficiency gains or cost savings. Additionally, consider customer impact—prioritize processes that directly enhance customer experience or satisfaction. Lastly, evaluate feasibility: start with processes where technology integration is smoother or where pilot projects can quickly demonstrate value, fostering organizational buy-in for broader adaptation efforts. By strategically aligning these considerations, businesses can effectively navigate industry shifts while maximizing operational resilience and growth potential.

Prioritize changing business procedures that have a direct impact on revenue creation and customer satisfaction when there is a significant shift in the industry. Analyze the market first to determine how client needs are changing, and then improve core operations' movement. To guarantee smooth transitions, concentrate on employee training and technological integration.

Antes de realizar cambios, es fundamental evaluar cómo el cambio en la industria afectará a los diferentes procesos de negocio. Identificar cuáles procesos son más críticos para la operación y cuáles tendrán un mayor impacto en la satisfacción del cliente y en la rentabilidad ayudará a priorizar las adaptaciones necesarias.

1. Identify the core customer-facing processes. 2. Facilitate process discovery workshops with all the SME's to identify how the industry shifts will impact the current-state process. I would suggest using some cloud tool like IBM Blueworkslive which I have extensively used. 3. List out all the changes 4. Map out the future state process with all the SME's and secure approval on the future state process. 5. Also assess the increase or decrease in the cost of the operations. 6. In my experience, this is a great opportunity to rethink the process rather than retrofitting an old process.

Conducting a financial analysis is vital for understanding the cost-benefit ratio of adapting different business processes. For example, if considering automating client onboarding, analyze the investment against potential savings in time and resources. Some changes may require significant investment, while others could be more cost-effective. Prioritize those with higher ROI or those essential for compliance or continuity. Businesses that conducted thorough financial analyses saw a 20% increase in operational efficiency. This financial perspective ensures your adaptations are both beneficial and financially sustainable.

La decisión sobre qué procesos de negocio adaptar primero ante un cambio importante en la industria debe basarse en una evaluación cuidadosa del impacto, el análisis de datos, la consulta con stakeholders, la flexibilidad, la priorización de la innovación, la planificación y la evaluación continua. Este enfoque ayudará a garantizar una transición efectiva y alineada con los objetivos estratégicos de la organización.

To ensure employee buy-in during a major industry shift, you can first try to adapt the business processes that employees find most frustrating or inefficient. By addressing their pain points and involving them in the change process, you will demonstrate that their input is valued, which fosters support and engagement for the new initiatives.

To find out which company procedures customers value the most and anticipate being modified, pay attention to their input. Consumers can offer important insights into what is and is not working in a sector that is changing because they are sometimes the first to feel the effects of these changes. Make modifications that directly address the requirements and preferences of your clients a priority. This will help you draw in new business and keep your current clientele. Your strategy will be both internally driven and responsive to the market if yet also sensitive to the market.

Involucra a las partes interesadas clave, incluidos empleados, gerentes y clientes, en el proceso de toma de decisiones. Sus perspectivas pueden proporcionar información valiosa sobre qué procesos son más críticos y cómo se verán afectados por los cambios en la industria.

Listening to customer feedback is crucial for identifying which business processes to adapt. For example, if your clients frequently highlight the need for quicker response times or enhanced support, prioritize changes that address these specific needs. Customers often experience industry shifts firsthand and can reveal what improvements are necessary. A 2023 Bain & Company study found that companies integrating customer feedback into their strategies saw a 15% increase in customer retention and satisfaction. By aligning your adaptations with customer preferences, you not only improve service but also strengthen client relationships and attract new business.

When facing an industry shift, adopt an agile approach to adapting business processes. For example, if your firm identifies a need to expand into a new market segment, start by testing small-scale changes, such as targeted marketing campaigns or pilot programs in that segment. Prioritize these initiatives based on their potential impact and feasibility. By iterating quickly and using real-time feedback, you can refine your strategy effectively. A 2023 McKinsey report found that agile companies grow 20% faster and are more adaptable. This method ensures you can swiftly address market changes and drive sustainable business growth.

Los cambios en la industria pueden ser rápidos e impredecibles. Es importante mantener una mentalidad flexible y estar dispuesto a ajustar los procesos según sea necesario. La capacidad de adaptarse rápidamente a nuevas circunstancias puede ser un factor decisivo en el éxito de la transformación.

Identifica áreas donde la innovación puede ofrecer una ventaja competitiva. Esto puede incluir la implementación de nuevas tecnologías, la mejora de la experiencia del cliente o la optimización de la cadena de suministro. Los procesos que pueden beneficiarse de la innovación deben ser considerados prioritarios.

In my experience, two questions that are often overlooked is whether any particular process continues to provide a competitive advantage given a major industry shift and whether the enterprise has the capabilities to execute those pivotal processes that now do. In the first case, these are opportunities for disinvestment, cost reduction, and commoditization in order to free up cash flow, resources, and leadership attention toward applying these to the processes that fit the second case.