In a survey of IT decision-makers, 53% claimed that听听was an investment priority. In fact, in recent years, there has been a visible shift where companies prefer SaaS and cloud ERP compared with using on-premises systems. So what鈥檚 the right ERP system for your organization鈥揳 traditional on-premise system or a cloud-based one? Let鈥檚 look at each of these in the sections below.

The Key Differences Between Cloud and On-Premise ERP Systems

Understanding the key differences can empower decision-makers to make an informed choice and drive productive business鈥� outcomes. The primary difference between both lies in recognizing how they are听deployed.

The Advantages and Disadvantages of a Cloud ERP Suite and an On-Premise ERP System

The Takeaway

The final verdict?听

On-premise ERP systems have always been a popular choice among organizations. However, cloud ERP is starting to gain momentum due to several factors, including:

• Better ROI and reduced costs due to availability of pay-as-you-use subscription model, which eliminates budget planning unpredictability and reduces chances of hidden costs
• Faster issue resolution as experts handle the software (as opposed to the organization)
• Improved business intelligence due to access to analytics-driven insights that pave the way for powerful decision-making
• Effortless and faster deployment as traditional on-premise systems may take up to 12 months to be fully operational whereas, cloud-based systems can be deployed in three to six months
• Universal data accessibility, encouraging collaborative working on-the-go
• Faster decision-making鈥揺ncouraging time savings听
• Strong data protection and lower chances of data duplication
• Enhanced data visibility in real-time
• Access to rich integrations and customizations leading to improved business outcomes

Needless to say, cloud ERP systems are a better, cost-effective, scalable and agile alternative to traditional ERP systems. To make the most of the cloud-based ERP software, businesses should automate processes on the cloud ERP system to avail the following benefits:

• Organized data:听A completely paperless option, automating the ERP process makes the enterprise鈥� data entry structure more efficient and organized.
• Improved productivity: ERP can integrate isolated business processes, ensuring error-free and accurate data devoid of duplication and discontinuity.
• Cost-efficiency: Deploying an automated ERP system enables organizations to prevent expenses on data correction as the data is not entered manually.
• Real-time access to process reports: Automated ERP systems provide access to high-quality reports on business performance and empower leaders to drive business processes in an informed and organized capacity.

A cloud-based ERP system is well worth the investment, as it enables organizations to perform better, move with increased flexibility, and drive a collaborative working style that contributes to peak levels of business performance. SMBs that invest in the cloud, automated can see at least a 25% growth in revenues and up to 2x increased profits, according to .听Clearly, automated cloud ERP is the logical and most profitable way forward for growing businesses looking to solidify their growth.

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However, when done correctly, deploying ERP software can be a rewarding decision. The global business community has realized this, and ERP adoption is increasing by leaps and bounds. According to a听, the ERP market revenue is expected to reach $66.38 billion by 2026, with a CAGR growth rate of 8.2%. While ERP software implementation is mainly seen in big businesses, the听听segment is also showing growth.

An ERP system adds to your competitive advantage by synchronizing all of your information and streamlining workflows. In fact, a听听found that 97% of the businesses that successfully implemented an ERP improved business operations. 86% of the companies that completed ERP implementation showed better reporting and visibility. An ERP software can improve coordination between departments and ensure lower time to market and delivery time. A cloud-based ERP system can also provide automation capabilities by using third-party software.

Clearly, ERP implementation has proven benefits such as-

• Enhanced business reporting
• Better customer service
• Improved inventory costs
• Better cash flow
• Cost savings
• Better data security
• Business process improvements
• Supply chain management

A good example of successful ERP implementation and the consequent organizational growth was seen in the case of Tata Steel (TISCO). TISCO implemented the 麻豆原创 ERP system in 1999, and a听听was done to understand the benefits of this move. The study found that the coordination among different departments increased at the Tata Steel Ltd. Jamshedpur plant. Production-linked data was collected automatically, which resulted in faster and error-free processes. As a result of these business processes becoming more efficient, customer service and productivity too improved. Even the workforce cost reduced substantially, falling from US$200 per ton in 1998 to about US$140 per ton in 2000. The carrying cost of inventory was also decreased significantly. Consequently, most of the investment made for deploying the ERP system was recovered within a few months.

However, simply going live with the new solution is not the same as a听successful ERP implementation. To ensure your business stays competitive and leverages the full potential of the software, here are the听蝉迟别辫蝉听you should follow to ensure a successful implementation:

• Identification – Prior to deploying any ERP solution, it’s critical to define your goals and requirements. Given the numerous advantages of an ERP system, you may have a general notion of what it can do for your company, but do you know exactly what objectives it can assist you in achieving? For example, are you facing trouble with legacy systems? Or is low customer retention and low customer satisfaction undercutting your efforts? Depending on your end goals, you can define KPIs and measurable goals that you want to achieve with the help of the ERP.When TISCO decided to migrate to 麻豆原创, it was facing several issues with its legacy systems, causing dissatisfaction among customers since their problems were not being addressed and resolved. This led to lower sales and low customer retention. Also, the legacy systems were prone to errors, which affected customer satisfaction again, directly impacting sales and the top line and bottom line. These issues were highlighted by the management and were resolved by the new ERP.
• Selection鈥� Selecting a vendor and putting together a project team is arguably the most crucial phase in ERP implementation. When it comes to choosing vendors, instead of opting for general software experts, you should look for ERP experts with in-depth experience implementing ERP solutions. Your preferred partner must have a thorough understanding of your organization, including the verticals in which you operate and your customers. Here is what needs to be kept in mind in this phase.

1. 听While selecting the project team- Before you choose your project team, it is essential to understand that ERP implementation is not only an IT project but a business project which requires coordination between all departments. The process should be defined by employees with clear visibility into different aspects of the business. But the key factor here should be competency, not their position in the hierarchy. Your core team members require experience, skill sets, adaptability to change and excellent communication skills. Since ERP systems are implemented company-wide, including the CEO, CTO, and CIO is advisable. If some team members are continuously playing catch up, it can delay the whole process. Allow your finest employees to work on the project and accept that their capacity to conduct their regular tasks will be severely limited or non-existent for the time. They will need to focus on key tasks such as defining requirements, attending vendor demonstrations, shortlisting and selecting the vendors etc. Thus, the internal ERP team should be ready to dedicate at least 25% of their weekly work time to this.
2. While selecting the ERP vendor- The first step in ERP vendor selection is determining the requirements. An ERP software is to be used by all the departments and therefore, these requirements should come in from all departments, the IT team and the top management. Next, critical success factors should be determined and these need to be used to evaluate and compare different vendors. Next, ERP vendors should be asked to submit their bids. The vendors should be evaluated on various parameters such as functional capability, system integration ability, processes coverage, technological capability, implementation and maintenance costs, and vendor support. A shortlist should be prepared and then a detailed discussion should be done with these shortlisted vendors.

• Design– In the design phase, the project team and the vendor will decide the processes, along with user roles and standard operating procedures. The emphasis is on developing a system configuration that maximizes the client’s system benefits and ROI. The implementation team will work with the customer to translate their system requirements into possible configuration options. Next, they will collaborate closely with the project team to define the configurations and implementation techniques that will lead to the project’s development phase. In short, this phase will see the development of a blueprint, which will act as a bridge between the business, the project team, and the ERP specialists to keep everyone on the same page. The blueprint will serve as the base for all future development, and it should include each minute detail, such as project tasks and processes, with a sign-off from respective process heads.
• Development and testing– Once the tasks are finalized, the IT team and the ERP vendor implementation team will get the software ready and also create training modules for future users. The testing phase overlaps with the development phase and includes testing with dummy data. The importance of using the correct data is often overlooked in the overall process but the experience of a major energy utility,听, explains why this is critical. A manager picked a live information database to utilize during pre-launch testing. This resulted in sensitive company information being revealed, resulting in a slew of expensive recovery efforts as well as a loss of public trust in the company’s reputation. Clearly, it can be costly and time-consuming to make changes when your installation is nearly complete. Test software and processes as much as possible to ensure that the implementation is achieving what it should be. Measure results throughout the deployment period to assess how well the ERP is accomplishing your goals. Coming back to the example of TISCO, this phase threw up several errors and unexpected results. Even after extensive brainstorming and research in the beginning, the blueprint had to be changed from time to time and new requirements were added.
• Training– It takes a lot of time and effort to train users, especially when employees are expected to continue doing their regular jobs during the process. The length of time it takes will be determined not only by the size and complexity of the ERP solution, but also by the employees’ attitude toward changing their working habits. Focus on comprehensive training for the trainers. Allow users to provide feedback and the implementation team to take action on it. The chance of lost productivity after deployment will be reduced if users, trainers, the implementation team, and the vendor communicate consistently and meaningfully.
• Deployment– Once the software is ready, the next step is the final deployment, where it will work on live data and replace legacy systems. There are three ways to do this final deployment:

1. Big bang adoption– The switch between ERP adoption and phase-out of legacy systems occurs on one date. It is an instant changeover where the entire organization moves to the new system instantly.
2. Phased adoption– In phased adoption, some processes move to the new system first. The remaining operations move to the new system in a phased manner.
3. Parallel adoption– In parallel adoption, the new and legacy systems are used simultaneously for some time. If the ERP works correctly, the legacy systems are phased out entirely and the new ERP becomes the default software.

On the go-live date, your organization should be adaptable and ready to face any unanticipated obstacles. Users should be able to check, document, and amend business processes in the live ERP system with the help of IT. Have extra IT staff on hand, as well as individuals that are willing to work overtime. Prepare a communication strategy in the event of a system outage.

• Ongoing Support– Once the system is in use, it will likely face challenges like new process addition, process changes, feature enhancement, etc. This necessitates continual software maintenance as well as user support. Investing time and resources to detect problems and correct errors will be critical throughout the ERP solution’s life cycle. The challenges can be easily mitigated if the ERP vendor provides ongoing support, which should help ensure continuity and future readiness. For听听software, ongoing support is of utmost importance due to the lack of IT resources.

The blueprint and the training modules also need to be regularly updated with every successive change. This too requires ongoing support from the vendor.

You can notice substantial gains in your business if you use the appropriate methods and strategies for ERP implementation. But one of the critical factors in ensuring success is choosing a vendor who can combine industry knowledge, previous experience and an in-depth understanding of your unique needs and requirements. With varied and extensive expertise in ERM implementation across industries,听听helps you achieve the critical competitive edge to move ahead in the race.

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The third season of the Dare2Dream Awards 2021 presented by TV9 Network and sponsored by 麻豆原创 India, aimed to recognize SMEs in India, which have innovatively defied the challenges of the pandemic. The award ceremony had a total of 1147 nominations and it was attended by approximately 2100 attendees. The event was live-streamed on Facebook and more than 256000 viewers tuned in to watch the live telecast. The awards recognized more than 150 MSMEs and were held in several Indian cities. The award categories were as follows:

• Company of the Year
• Business Transformation through Technology
• Emerging Company of the Year
• Business Person of the Year
• Women Entrepreneur of the Year
• Young Business Leader
• Inspirational Leader

Top policymakers joined as keynote speakers and congratulated the winners. There was also a special Guiding Light segment that celebrated India鈥檚 inspirational icons鈥攑ioneers who have left their mark through outstanding achievements in sports, medicine, social work, and education.

The D2D award ceremony commenced on November 30 in the city of New Delhi. Shri BB Swain, Secretary, Ministry of Micro Small and Medium Enterprises, Govt of India, was the chief guest and the keynote speaker. Shri BB Swain stated that the driving force behind the success of the MSMEs through the pandemic was their positive attitude, willingness to take risks, prudent strategies, successful identification of products and markets, and the ability to turn adverse situations into opportunities. He concluded by applauding and congratulating the winners.

Suhas Lalinakere Yathiraj was Guiding Light guest speaker and shared his wisdom and insights with our audience. Suhas spoke of how he hoped to inspire the youth and entrepreneurs alike to Dare to Dream and follow up their dreams with discipline, hard work, and determination. He said that it was important to try and fail rather than not try at all, because life would always be full of ups and downs and that one must be focused on the goal and overcome one鈥檚 fear of losing. The winners for November 30 can be found .

The December 1 edition of the awards took place in Mumbai. Subhash Desai, the Minister for Industries and Mining, Govt. of Maharashtra was the keynote speaker. He spoke of how some of the largest corporates today were small entrepreneurs when they got started, and that MSMEs today should pursue the same goal through their hard work, determination, and taking advantage of relevant government schemes.

Dr. Prakash and Dr. Mandakini Amte graced us with their presence on the occasion of the Dare2Dream Awards held in Mumbai as our Guiding Lights. While relating his experiences, Dr. Prakash Amte spoke of being inspired by his father Baba Amte, who often stated that 鈥榃ork is Worship鈥�, and that this tenet had guided many of his endeavors. Dr. Prakash and Dr. Mandakini Amte stressed the importance of selfless service and emphasized that the satisfaction and happiness gained from serving others were much more enduring than that derived from material possessions. The winners for December 1 can be found.

The next award ceremony was held in Ahmedabad on December 2. Our chief guest on this occasion was Shri J. Ranjeeth Kumar Commissioner, MSMEs, Govt of Gujarat. He spoke of several government measures to help MSMEs including the MSEFC Delayed Payment Monitoring System. He praised TV9 for recognizing outstanding MSMEs and congratulated the winners.

Our Guiding light speaker on this instance was a world-renowned cardiologist and is well-known for his pioneering work in the interventional cardiology domain, Dr. Tejas M. Patel. He spoke about his aspirations as a youth and the factors that drove his ambitions. He also spoke of his goal to bring India to the forefront when it came to cardiology and most of his efforts have been driven by this goal. Dr. Patel also gave the audience some valuable tips for maintaining a healthy heart including yoga, cardio, and meditation. The winners for December 2 can be found .

The December 3 edition of the Dare2Dream awards were held in Hyderabad. Karikal Valaven, IAS

Special Chief Secretary To Industries & Commerce, Govt of Andhra Pradesh, and E. Venkat Narasimha Reddy, Vice Chairman & MD, Telangana State Industrial Infrastructure Corporation were the keynote speakers. Mr. Reddy spoke of the importance of the ecosystem of MSMEs and noted that both the cost and ease of doing business should be conducive for the development of MSMEs. The Special Chief Secretary mentioned how the government has established MSME supporting cells for every district in Andhra Pradesh and loan restructuring schemes for the benefit of MSMEs.

Harika Dronavalli is a chess grandmaster, was the Guiding Light speaker for the Hyderabad edition of the awards. She spoke of the importance of learning from failures and advised that rather than dwelling on them, to focus on doing one鈥檚 best irrespective of the circumstances, and the importance of setting ambitious goals rather than taking a risk-free approach. The winners for December 3 can be found .

The December 7 Dare2Dream awards were held in Bengaluru. Mr. Murugesh R Nirani, Minister for Large and Medium-Scale Industries, Government of Karnataka, was the chief guest and keynote speaker. He spoke of how the government was working to increase land allocations for MSMEs through new amendments and industrial policies for several districts.

Nalini Shekar, an entrepreneur and tireless social activist was the Guiding Light speaker for the award ceremony held in Bangalore. She has not only impacted the lives of waste pickers in a positive way but has also created an entirely new business model for waste management in the country. At the ceremony, she spoke about how she saw waste pickers as entrepreneurs and that she was very proud of how far they had progressed, with many of them even filing tax returns and employing more people in turn. The winners for December 7 can be found .

The next edition of the Dare2Dream awards was held in Chennai on 8th December. The Industry Secretary, Govt of Tamil Nadu, Thiru S Krishnan, was our chief guest. He spoke of various measures that the government had taken to help MSMEs including quick processing of loans, innovation voucher schemes, seed grants, and cluster facilitation centers. He congratulated the winners for their tremendous efforts.

Ms. Vinisha Umashankar, a young pioneer, who has set a new precedent for what it means to be proactive was the Guiding Light speaker on this occasion. Vinisha has been widely applauded for her innovation of the Iron-Max which is solar-powered and has allowed vendors to forgo the use of coal which damages the environment. She spoke of her experiences and congratulated all the entrepreneurs who won awards and were working towards making the world a better place. The winners for December 8 can be found .

The December 9 edition of the Dare2Dream awards was focused on MSMEs in North India and hosted two chief guests: Shahnawaz Hussain, Industry Minister, Govt of Bihar, and Gurkeerat Kotli, Industry minister, Govt of Punjab. Mr. Kohli noted that the MSME sector was the backbone of the MSME sector and stated that the government of Punjab has been focusing on encouraging MSMEs through several initiatives.

On the occasion of the Dare2Dream Awards – North India edition, it was our pleasure to host Anand Kumar, a mathematician and one of the most renowned tutors in the country, as our Guiding Light speaker. He spoke of how his inability to enroll at Cambridge University because of financial constraints motivated him to help other such students succeed. Specifically, he intended to help children from economically weak backgrounds gain admission to the prestigious IITs. He emphasized the importance of being grounded and setting challenging goals. The winners for December 9 can be found .

The final chapter of the Dare2Dream Awards was held on 10th December in Kolkata. The keynote speaker for this occasion was Dr. Partha Chatterjee, Minister, Industry, Commerce & Enterprises, Govt of West Bengal. Dr. Chatterjee discussed the West Bengal government鈥檚 emphasis on industrial development and congratulated the winners.

Dola Banerjee, one of the top-ranked archers in the country and was the Guiding Light speaker for the Kolkata edition of the Dare2Dream Awards. She talked about her initial struggles while preparing for competitions and how her family鈥檚 unflinching support and disciplined training helped her tackle many challenges. Dola concluded by saying that Indian players who compete on an international level have come a long way, however, there was a need to gear up mentally to get ahead of international players. The winners for December 10 can be found

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New Delhi, December 8, 2021:听 India Midmarket enterprises have truly embraced the power of digital, to be more agile, flexible, and scalable. As they embark on their journey to cloud, they are gearing up to adapt to business disruptions while competently capitalizing on the changing business landscape. While priorities varied from industry to industry, the aim is to service customers better through touchless solutions, enable uninterrupted operations through automation, and provide a seamless user experience through adoption of cloud. indicated that 82% of midmarket enterprises are reducing their focus from on-premises business applications.

鈥�While digital transformation can accelerate growth, it is innovative business models, cloud transformations and reconnecting with customers which will determine long-term and sustainable success鈥� said Kulmeet Bawa, President, and Managing Director, 麻豆原创 Indian Subcontinent 鈥�The Indian midmarket segment is poised to play a significant role in the country鈥檚 quest to become a $5tn economy. 麻豆原创 is committed to co-create, empower and enable mid-market enterprises in their digital-first business and growth journey.鈥� he added.

The rising trend of digital resiliency among the midmarket enterprises showcased an increasing optimism to invest more in cloud, cybersecurity, analytics, and business intelligence. The orchestration capabilities to interoperate across different cloud environments is considered as one of the top drivers for cloud-related investments in 2022. The survey findings also indicated that 68% of midmarket enterprises either intend to increase (5-10%) or retain their IT spend in 2022. 听

The survey indicated the following key findings:

75% of Midmarket Enterprises Will Return Operations to Pre-Pandemic Levels by End of 2021

Leadership Resiliency

• 83% of enterprises are focusing on resiliency objectives like business continuity

Operations Resiliency

• 58% of enterprises have an ERP system providing full visibility of operations across different departments
  • IT & ITeS, Retail and Engineering, Construction and Operations leading this adoption

Financial Resiliency

• 58% if enterprises have introduced scorecards, visualization and simulations to analyse their financial performance to take critical business decisions

Workforce Resiliency

• 50% of enterprises are taking an integrated approach towards employee experience & engagement post the pandemic as compared to only 36% enterprises in pre-pandemic.
  • IT & ITeS and Retail are the top industries focusing on an integrated approach

Customer Resiliency

• 40% of enterprises are adopting an end-to-end approach for managing the customer journey across all departments based on customer behaviour.
  • Profound adoption by IT & ITeS, Life Sciences & Pharma, Retail and Engineering, construction & operations.

Brand and Reputation Resiliency

• 74% of enterprises in India will increase or retain their spend on IT Security, Governance & Risk Management in 2022.

鈥淔or small and midsize businesses, 2021 represent the dawn of a golden age. , it is very clear that smart business leaders are investing in cloud technologies that will help them meet their future goals. Doing so is not just what鈥檚 right for the business but also for their employees, customers, community and our country鈥檚 economy,鈥� added听Subramanian Ananthapadmanabhan, Vice President, 麻豆原创 Indian Subcontinent. 鈥淚t is heartening to witness Indian midmarket enterprises embrace the power of digital, to be more agile, flexible and scalable enterprises of tomorrow.鈥�

This study assessed over 350 Indian midmarket enterprises with an annual revenue of INR 500 Cr to INR 2000 Cr. The respondent demographics consisted of 55% CXOs and 45% directors with responses across all dimensions of digital resiliency such as Operational, Workforce and Customer, Brand and Reputation, Leadership and Organization, and financial resiliency. The industries covered by the survey were Chemicals, Industrial Manufacturing, Life Sciences, Professional Services, Retail & Consumer Packaged Goods, and Engineering, Construction & Operations.

Commenting on the study, Sharath Srinivasamurthy, Research Director, Enterprise Solutions & ICT Practices, IDC India said, 鈥淲hile the power of digital has been well embraced by the midmarket enterprises; the surveyed enterprises acknowledged agility, performance, and availability as the key drivers for adoption of cloud platforms. This rising trend of digital resiliency is prominent across industries such as manufacturing, healthcare and pharma, and professional services.鈥�

About 麻豆原创

麻豆原创鈥檚 strategy is to help every business run as a sustainable intelligent enterprise. As a market leader in enterprise application software, we help companies of all sizes and in all industries run at their best: 87% of the world鈥檚 total global commerce touches an 麻豆原创庐 system. Our machine learning, Internet of Things (IoT), and advanced analytics technologies help turn customers鈥� businesses into sustainable intelligent enterprises. 麻豆原创 helps give people and organizations deep business insight and fosters collaboration that helps them stay ahead of their competition. We simplify technology for companies so they can consume our software the way they want 鈥� without disruption. Our end-to-end suite of applications and services enables business and public customers across 25 industries globally to operate profitably, adapt continuously, and make a difference. With a global network of customers, partners, employees, and thought leaders, 麻豆原创 helps the world run better and improve people鈥檚 lives. For more information, visit

For further information please contact:

麻豆原创 India

Chaya Arora

Head 鈥� India Communications

chaya.arora@sap.com

鈥�IDC Infobrief commissioned by 麻豆原创, The State of Midmarket Enterprises in India, A Perspective on Digital Resiliency, December 2021, Doc.#AP241284IB鈥�.

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It was not just lockdowns and limited consumer activity, but also a reluctance to adopt new supply procedures hoping that all this would quickly pass that put brakes on the economy. According to a survey conducted in seven Indian cities, a whopping 82% of businesses reported negative impact due to COVID-19, and 70% of them believed that it would take them a year to see pre-pandemic levels of demand. This indicates the need for an operational framework equipped with robust data consolidation and implementation systems that help enterprises deal with unforeseen challenges and improve resilience.

The technical know-how of SMEs before COVID-19听

Before the pandemic, Artificial Intelligence (AI) and data integration had few takers. While most businesses had some software that helped improve operations, they were certainly not prepared for the drastic changes that manifested later.

Although SMEs were warming up to technologies designed to store, access and use data to improve business agility, decrease operational costs, and increase profits, it turned out they were far from fully prepared. The unexpected pandemic restrictions and rapidly growing demand for remote working created problems in getting easy data access, leaving most enterprises baffled.

And for many service and supply-based sectors, the situation presented an even bigger challenge as they had to figure out ways of ensuring a minimum contact supply chain. As subsequent lockdowns left many companies struggling, they had to find novel ways of getting back on the fast lane.

The response of small and mid-sized enterprises

With opportunities plunging, survival for SMEs in the post-pandemic world is nothing less than a challenge. The situation is pushing most enterprises to find innovative ways to hold ground.

While a quick look at industry performance indicates a slowdown, a deeper analysis reveals that some businesses not just showed resilience during these challenging times but also managed sizeable growth. It is because they learned how to realign their operations to the changing pandemic regulations.

In the last fiscal year, even during the slump, we witnessed many sectors struggling initially and then finding a way to cope. Like the restaurant industry, one of the largest service-based industries contributing around to India’s GDP. It recorded a staggering 50-70% 听in income, but where thousands of restaurants initially shut down, a fair number managed to bounce back.

Many small eateries faced a hard time kicking off as work-from-home ate up most of their customer base. Even after restrictions were lifted, they faced uncertainties because of changed consumer behaviour, a general avoidance of public mixing and increased hygiene and safety concerns. But resilient players in the industry were quick to tailor their strategies and address challenges.

Apart from calibrating their operations, like ensuring a contactless eating experience and redesigning their dining spaces, the restaurant industry quickly acknowledged the power of data integration and used it smartly. Home deliveries and on-call takeaways, the services that started as a compulsion to survive, became a boon for them. Home delivery services, executed by collaborating with established delivery systems and phone calls for takeaway orders, helped eateries build their cloud-based capacities. The analytical implementation of this data pool helped these businesses identify potential sales areas and demand patterns to design a targeted marketing strategy.

This is just one of many examples where artificial intelligence and data integration paved the way for business survival. From pharma to grocery and clothing to manufacturing, there is hardly any sector in the country not exploring a data-based business framework.

Smart business planning and business agility听

An innovative business plan, equipped with smart technologies that help consolidate data and contrive them to obtain consequent results, increases the scope for a resilient supply chain. Making decisions based on a unified data integration and interpretation system enables businesses to tap into the market potential amid changing consumer behaviour.

With digital data becoming key to understanding consumer behaviour and essential in decision making, businesses must choose a smart data storage system. Like in a cloud-based data storage system, all the digital data is stored in a logical pool. Cloud service providers ensure data availability and accessibility. It enables remote data access and also eliminates the requirement of other expensive data integration software.

Along with reducing operational costs and smoothening the supply chain, such advanced data storage systems also equip businesses with deep and valuable insights into consumer behaviour. These understandings help them plan future actions, figure out ways to cope with unforeseen challenges, generate new leads, and improve the overall operation. Moreover, analytical reports also bring efficiency in other company procedures like regulatory compliance, audits, tracking discrepancies etc.

Even before the pandemic, it was slowly becoming evident that digital transformation is crucial to remaining in business in the long run. Now, it is beyond clear that no company can risk ignoring business intelligence tools that empower them to make well-timed and well-informed decisions based on analytical assessments and forecasts.

Like in the restaurant industry we discussed before, entrepreneurs who managed to restructure their businesses according to data-driven solutions will have an edge in the future. Even if magically things go back to how they were, chances are those with limited or no data integration system will remain oblivious to changing demand patterns. Hence, they will struggle to breathe in a digitally transformed supply chain and in no way will be able to compete with next-gen customer services.

Digital integration is imperative for survival in a post-pandemic world

The uncertainty in present times, like changing regulations, further complicates the already intricate ties between international and domestic economies. In situations where ambiguity is the new standard, analytical decision-making is key for SMEs, and they need a robust digital integration system.

For this, most businesses are adopting modern data collection systems like the cloud. With such advanced technologies, we are heading towards building capabilities of processing data pools that, at present, possibly no IT infrastructure is equipped to handle. While this will help businesses make analytical decisions and achieve better results, it will also eventually wean enterprises that failed to change. Logically, with such massive digitisation of businesses, it is rather easy to fathom that the future holds promise for those who are creating a digitally viable trade framework now.

Importance of business management tools听

In response to the pandemic, businesses are embracing technologies that help them improve execution and delivery. With enterprises changing their structural frameworks, the need for business management tools is now greater than ever. Enabling staff to work remotely, accessing data seamlessly and working on them in real-time, online planning, evaluating and monitoring, and most importantly, analytical decision-making 鈥� all require data-driven digital solutions.

With the changing nature of company engagements, both at the employee and consumer levels, business management tools increase flexibility and improve output across the delivery chain.

The way forward for Indian SMEs

In the post-pandemic world, building capacities and strengthening digital infrastructures are the two most important aspects for improving business outcomes. With the Government of India doing its bit to help cash-starved sectors and provide them with digital support, it is high time SMEs buckle up and tap every opportunity coming their way.

As global activities resume, with some changes to usual processes, the economy is sure to bounce back. However, those who realised the powers of the right data integration and interpretation system during the last couple of years will lead the way.

It is safe to say that while the pandemic tore many enterprises apart, it also opened the door to new opportunities and helped shape innovative business modules that we never thought we required.

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After the stupendous success of Leaders of Global Bharat series that aimed at empowering Indian SMEs hit hard by pandemic induced lockdowns last year, TV9 Network and 麻豆原创 India have again joined hands to forge two pioneering initiatives to help homegrown businesses rise and shine in enabling an Atmanirbhar Bharat.

With the objective to engage our business heroes from SMEs in more meaningful pursuits to inspire a whole new generation to take on the mantle of entrepreneurship and also acknowledge their contribution to India鈥檚 growth, 麻豆原创 India and TV9 Network announced the launch of Mentors of Global Bharat series and Dare2Dream Awards 2021.

While looks at connecting aspiring entrepreneurs with industry leaders, looks at recognizing businesspersons who had the vision, determination and grit to not only tide over the crisis but also reset their business models.

These two ambitious programmes were announced at the Enabling Atmanirbhar Bharat forum, which saw participation from technology thought leaders, eminent policymakers and business stalwarts.

Commenting on the programme, Mr. Paul Marriott, President, 麻豆原创 Asia Pacific Japan, said: 鈥淲e have seen unprecedented adverse impact of the pandemic on business and economy – with supply chains being disrupted and demand drying up. There is no playbook or prescription that can guide businesses to emerge from such impact and resurrect themselves rapidly.

鈥淚n the many interactions that we have had with our SME customers we realized that many entrepreneurs felt the need to interact with mentors who have successfully traversed the same path before. Peer to peer learning and recognition of digital led innovation are both very important in these times and any platform that facilitates these, is a step in the right direction.鈥�

On 麻豆原创鈥檚 constant endeavour to empower homegrown businesses, Mr. Kulmeet Bawa, President and MD, 麻豆原创 Indian subcontinent, said: 鈥淥ur Global Bharat program was introduced to support MSMEs last year. Taking this program forward, we are today launching these two pioneering initiatives.鈥�

鈥淲hile the Mentors of Global Bharat programme is designed to help SME entrepreneurs to learn and get inspired by industry leaders and peers who have successfully navigated the new normal, the Dare2Dream Awards series was established to recognize visionaries in the SME sector who have demonstrated innovation and digital mindset and create business impact in adverse times,鈥� Bawa added.

Terming it one of the most required programmes aimed at helping entrepreneurs, Subramanian Ananthapadmanabhan, Vice President, Midmarket, 麻豆原创 India, said: 鈥淲hether one is just starting out or looking to improve their SME鈥檚 quality and turnover, it can be hard to know what direction to go next and it鈥檚 completely normal. No business owner knows everything at the start. That鈥檚 part of the reason why being mentored as a business owner is such a brilliant idea.鈥�

The series was launched in Enabling Atmanirbhar Bharat forum which saw participation from eminent policymakers Mr. NK Singh, Chairman of the 15^th Finance Commission; Dr Arvind Virmani, noted economist and former chief economic advisor; and SIDBI Chairman Mr. Sivasubramanian Ramann.

Speaking on the role of MSMEs in enabling an Atmanirbhar Bharat, Mr. NK Singh said: 鈥淚t鈥檚 a force multiplier. India鈥檚 quest for becoming a $5tn economy and more rests majorly on the SME sector. The quest for generating gainful employment is also primarily dependent on how we provide fillip to the small and medium businesses. I regard our homegrown businesses central to India鈥檚 quest for increasing productivity and efficiency and also emerge as a leading global player.鈥�

Former chief economic advisor Dr. Arvind Virmani said: 鈥淲e must ensure that there is a level playing for our SMEs. The taxation reforms for new manufacturing enterprises is a welcome step. SMEs are critical to India鈥檚 inclusive growth and to ensure that as a country we sustain a growth momentum for the next 30 years. Corporations like 麻豆原创 will drive productivity to make SMEs successful.鈥�

鈥淲e are happy to extend our partnership with 麻豆原创 India in enabling and empowering India鈥檚 homegrown businesses. Last year Leaders of Global Bharat series received an overwhelming response which gives us immense confidence that these two unique initiatives this year will set new benchmarks鈥�, said Raktim Das, Chief Growth Officer (Television & Digital), TV9 Network on their association with 麻豆原创 in this journey.

Mentors of Global Bharat got a shot in the arm with Sanjay Aggarwal, Chairman and CEO, Paramount Cables and Rajesh Aggarwal, Managing Director Insecticides (India) Ltd who joined as mentors for the initiative. They also lauded the objective behind the mentorship programme. More industry leaders will be joining as Mentors of Global Bharat in the coming weeks.

Watch the or logon to Growth Matters Forum – ‘s to know more participating in the programs

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Nearly 9 in every 10 countries tracked by the International Monetary Fund (IMF) contracted in 2020, making COVID-19 the biggest economic shock since the Great Depression of 1929. India was no exception as its economy too contracted for the first time in four decades. Government enforced lockdowns and self-isolation measures resulted in a near freeze of supply chains and most businesses found themselves amidst a very real existential crisis.

The percentage of disrupted companies (operating in non-essential sectors) in India 鈥� those impacted by government restrictions or changes in the workplace practices 鈥� stood at 99% in April 2020, according to data from the Dun & Bradstreet COVID-19 Commerce Disruption Tracker. This figure remained above 80% until late August 2020.

A closer look at the business performance data reveals that the pandemic has had a disproportionate impact on the Micro, Small and Medium Enterprises (MSMEs). 鈥檚 preliminary analysis of around 3,000 companies shows that median net sales of MSMEs fell by 47% (y-o-y) during Q1 FY21 as against a 43% contraction for large companies. While the large companies have reported an 8% median growth in net sales during Q3 FY21, MSMEs have reported only a 2% growth.

Recognising this, the government and the RBI have been undertaking a host of measures. In the Union Budget, the government proposed more than double the allocation for the MSME sector to Rs 157 bn in FY22 from Rs 56.6 bn in FY21. 听The allocation of Rs 100 bn (64% of total allocation to MSMEs) for Guarantee Emergency Credit Line (GECL) facility will help MSMEs meet their operational liabilities and restart their businesses in the post pandemic world. The increased allocation for Prime Minister Employment Generation Programme (13% of total allocation to MSMEs) will help in generating new self-employment ventures. Enhanced infrastructure spending to the tune over more than Rs 5.5 tn will also benefit the MSME sector through a multiplier effect.

Further, the budget has taken measures in two core areas – access to finance and ease of doing business – to support the MSME sector. Proposal to strengthen the National Company Law Tribunal (NCLT) framework, implementation of e-Courts system, and introduction of alternate methods of debt resolution and special framework for MSMEs, coupled with measures to strengthen the balance sheets of financial institutions, are expected to ease the credit constraints of MSMEs. The government鈥檚 agenda of improving the ease of doing business is clearly visible through the various measures announced such as the revision in definition of small companies, increase in the audit threshold limit, decriminalization of the LLP Act, incentivization of One Person Companies (OPCs) etc.,

However, much more needs to be done to make MSMEs truly competitive in the post COVID-19 era. The government and private sector have a collective responsibility of activating three growth levers for MSMEs 鈥� access to finance, digital transformation, and access to markets.

Access to finance

Despite the measures taken by the government to ease the credit constraints of MSMEs, the outstanding value of MSME loans from commercial banks as a percentage of GDP stands at 6.4% in India against 10.9% for Rapid Reformers (including Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia, and Slovenia), according to the . Accounting for over 80% of the total debt demand, informal sources of finance remain the dominant channel of credit for MSMEs, according to data from the International Finance Corporation.

The current level of supply chain financing stand at less than 1% in India. Improving this penetration can help MSMEs borrow funds at ease as well as at an interest rate that is effectively the same as for a large company. Besides, providing equity funding to MSMEs through government Venture Capital funds and making a robust Intellectual property (IP) finance ecosystem for innovative MSMEs should be considered.

Digital transformation

The pandemic is expected to have a lasting impact on companies in terms of the way they conduct their business. While COVID-19 has accelerated digital transformation of businesses by several years, Indian MSMEs haven鈥檛 yet leveraged digital technology to a full extent. 听The percentage of e-commerce sales to total retail sales stands at 2% in India, compared to around 14% globally. With the growing need for digital transformation of the businesses, achieving digital proficiency has also become vital. Digital literacy of MSMEs needs to be enhanced so that they can adopt various digital solutions for their businesses. In addition to improving operational efficiencies, digitally connected MSMEs will also be able to access wider markets i.e. secure more customers and generate more revenue than those who are not connected or choose to remain offline.

Access to markets

Business information portals can play a huge role in expanding market access for firms by mitigating the problems of information asymmetry and reducing the sunk cost of entering new markets. In a study by researchers at the Inter-American Development Bank, the authors find that the probability of a firm exporting to new markets increases by 0.07% with each additional day of time spent on a business information portal.

Parallelly, Dun & Bradstreet鈥檚 survey conducted in Oct-Nov 2020 reveals that over 80% of Indian MSMEs that did not use any marketing or sale intelligence tools felt access to global markets was not easy. Hence, the government and export promotion agencies need to incentivise MSMEs to use business information portals to improve their access to markets.

Learn more about how governments can drive digitization for MSMEs by reviewing Government of Telangana and 麻豆原创 India’s recent collaboration.

and discover the business transformation-as-a-service that can be tailored in a way that works best for your business.

Arun Singh is chief global economist, Dun & Bradstreet.

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But the question is not when to bring everyone back, but how to use this opportunity to create a workplace that allows everyone to collaborate, focus, learn, socialize, and grow.

My colleague Steve Hunt, chief expert of Technology and Work at 麻豆原创, calls this line of thinking a “.” And I couldn’t agree more. Now that more than听听of millennials and Gen-Zs prefer the option to work remotely more often, it’s clear that pre-pandemic employee experiences will never come back again.

But this sentiment doesn’t mean that the traditional office experience is dead 鈥� it simply means that employee needs are evolving. Whether your employees are working remotely, on site, or within a combination of both, delivering experiences that keep your people engaged is critically important. After all, the hybrid workplace is likely to become more common across many industries for the foreseeable future.

Sustaining a culture of employee engagement and productivity

Some businesses are already heading in the direction of a hybrid work model, allowing some people to work two or three days in the office and the rest of the week remotely, for example. But that part of the hybrid work model is the easy part.

The real magic happens when companies are able to:

• Tap more diverse talent pools
• Assess available skills and capabilities
• Realign resources to address changing needs
• Develop future leaders
• Compensate and promote people fairly
• Recognize and reward top performers in ways that increase motivation and performance

These aspects of the overall employee experience strategy must happen no matter where employees sit.

A hybrid workplace model challenges HR teams to not only keep people connected, engaged, and empowered, but also analyze data-driven insights to understand and improve the workforce culture and deliver business outcomes. But this exercise is not just for HR leaders 鈥� executive-level leaders, department heads, and organizational managers must accept responsibility to do the same.

https://youtu.be/vHOxQhSKcYA

Sales leaders are already familiar with this model to a degree. They engage primarily remote salespeople through active listening and consistently study the sales pipeline and win-loss analyses to determine which are most productive, hitting targets, and exceeding expectations. To stay competitive, sales leaders must know their organization’s cost in terms of total headcount and its implications on the company’s bottom line.

How to achieve the right balance

Transforming a workplace into a hybrid model is not as simple as writing new rules of employee conduct and setting new expectations. There is still much work to do to close any gaps in how tools and technology at work enable a great employee experience. Although employees are satisfied with some tools, they may still be skeptical about whether they have everything they need to be productive and continuously develop and grow.

However, building the connections needed to make this happen is not always easy without the right support. According to听, 29% of midsize businesses cite a lack of coordination between different departments as a top internal challenge and 44% cite effective collaboration across functions as a major barrier to transformation initiatives.

Technology plays an essential role in overcoming these issues to create an engaged and agile workforce that enhances business continuity and increases resilience. In fact, employees who are highly satisfied with their company’s tech are six times more likely to be highly satisfied with their overall employee experience.

So how can a business maintain that 鈥渨orkplace hum鈥� of interconnectedness when some people are in the office and others are remote on any given day? The answer goes beyond traditional HR approaches to a more human-centric one, called human experience management (HXM).

HXM听is听about听putting people and their experiences at the center听of everything,听making work听not only easier, but more听individualized to each employee.

With the hybrid work model here to stay, it is increasingly important that employees feel connected, informed and with access to the tools they need to be productive from any device or location. And all of these capabilities are affordably accessible to midsize companies.

Digital workplace tools, such as this new HXM solution, allow employees to tap into everything they need 鈥� applications, processes, content, and information 鈭� from a single touch point and plus, they can personalize the experience based on what matters to each individual, and which insights and actions are relevant based on their behaviors.

Discovering peer groups, mentors, and intelligent recommendations with greater ease helps employees access the resources they need, stay connected, and save time to get work done. In addition, HR teams can leverage the technology to onboard and offboard employees and upskill and reskill through continuous learning,听skills development,听and on-the-job training opportunities.

With this modern and intuitive technology, multiple applications are integrated into a single user interface, extending the experience across all work-related touch points. And since the platform is extensible, companies can generate more value for their customers, partners, and stakeholders without the burden of ever-increasing IT costs.

Putting people first matters

There鈥檚 no doubt that the pandemic has empowered us to reimagine the workplace and created opportunities to optimize it.听But no matter where or how employees work, employee experience matters, especially when it comes to employee engagement and retention.

A hybrid work environment that is interconnected with the right foundation can become an experience that gives employees what they need to feel connected, empowered, appreciated, and fairly rewarded. And when employees and their experiences come first, and their true value is well-understood, midsize businesses create a true meritocracy that empowers their workforce to take charge of their future and the company鈥檚 success.

Connect the dots听between听customers, employees, insights, and processes across your midsize business. Read the Oxford Economics brief, 鈥�,鈥� for research-based insights on the听value of being听interconnected听and the e-book, 鈥�,鈥� for tips on how to act on them effectively.

Lara Albert is global vice president of Solution Marketing for 麻豆原创 SuccessFactors
This article was originally published on Forbes, .

The post The Hybrid Workplace: Engaging The Post-Pandemic Workforce In Midsize Companies appeared first on 麻豆原创 India News Center.

This news is undoubtedly welcomed by small and medium-size businesses. But only those that can anticipate every nuanced shift along the way will gain the competitive advantages necessary to stay ahead, including improved customer and employee experiences, product and service creation, tight customer connections and fewer skill gaps.

Although every business leader knows that such predictive insight comes from data,听听conducted during the first few months of the pandemic revealed the importance of understanding it accurately and quickly. The study reported only 32% of medium-size businesses are acting on data-derived insights, which could be attributed to struggles in either interpreting data with analytics tools or supporting analytics-based decision-making altogether.

Building data insight with interconnectivity

A considerable challenge to becoming a business driven by data insight is gaining the confidence of the employees who use the information. Data should be viewed as a prerequisite for all decision-making, never as a nuisance or an afterthought.

Ultimately, fostering such a data-driven mindset requires a strong IT infrastructure that helps ensure data is complete and accurate and shared and provided freely and securely across functions, external partners, suppliers, and customers. This step toward interconnected alignment of knowledge, visibility, and insight allows the workforce to immediately understand and embrace the optimized collaboration, transparency, predictability and continuity that today鈥檚 technologies offer.

The IT infrastructure should include three foundational elements:

1. Consumer-grade analytics

This evolutionary step toward 鈥渁nalytics for everyone鈥� allows decision-makers to access and analyze data, predict, and plan scenarios, and report insights, outcomes, and lessons learning all in one application. Intelligent capabilities 鈥� such as natural language querying and processing, machine learning, and predictive analytics 鈥� can also augment and accelerate decision-making without requiring additional training in data science.

2. One platform for data management and analytics

Bringing data management and analytics together on a single business technology platform reduces the complexity of maintaining multiple technologies, such as limited communication, data sharing, and collaborative action taking across departments. This addition to the IT infrastructure provides the structural support needed to collect, integrate, and analyze information in a landscape that includes legacy systems, multi-cloud applications, public and personal data sources, sensors, and smart devices.

3. Embedded enterprise analytics

Don鈥檛 let this phrase fool you: the word 鈥渆nterprise鈥� does not mean that embedded analytics is just for your largest competitor.听It鈥檚 about providing medium-size companies scalable, cross-departmental access to a 360-degree view of the business without switching from one application to another to get work done and collaborate with experts and stakeholders. This capability combines business intelligence, augmented and predictive analytics, and planning capabilities into one cloud environment and in the context of business processes.

Reaping the rewards of interconnected intelligence

By augmenting their IT foundation with these three elements of data management and analytics, employees can make decisions that not only optimize their specific area, but also help each other succeed. Take, for example, the relationship between workforce management and spend management.

HR analytics typically focus on recruitment, talent and performance, learning and development, and compensation and retention. But with the assistance of intelligent capabilities, HR leaders can correlate that traditional information to health and safety compliance, travel and expense management, procurement, and project assignments.

Including people data in these critical business indicators allows professionals outside the HR function to identify and solve potential issues early and generate value as quickly and cost-efficiently as possible. Plus, departments can measure and predict the full impact of their spending decisions while eliminating organizational blind spots, minimizing maverick buying, improving supplier performance, and optimizing the cost of quality, goods sold, and sales.

Bringing to life a stronger, more resilient business

Just imagine the possibilities when every business function can access and act on connected, integrated data from a single landscape. Will your operations realize a responsive supply chain, deliver an engaging and always relevant customer experience, help ensure every employee is successful, or innovate new product or service?

Whatever the answer, this level of interconnectedness unquestionably provides a unique differentiator that medium-size businesses need 鈥� and can acquire with ease 鈥� to positively shift the trajectory of their recovery and growth.

Discover how your business can achieve these goals by consulting the Oxford Economics report, 鈥�.鈥澨齈lus, you can learn more by accessing our guidebook, 鈥�.鈥�

Mario Farag is senior director of Marketing for Analytics at 麻豆原创.
This article was originally featured on Forbes, .

The post Learn How Midsize Companies Use Data Insights To Create Sustainable Growth appeared first on 麻豆原创 India News Center.

Organizations that managed to strengthen their digital capacity are ready to take on whatever is thrown at them, good or bad. We鈥檝e all been through a forest fire 鈥� but it means that the survivors have more room to grow.

The good news is that everything went digital and cloud, helping create a more level playing field between larger and smaller organizations鈥攁nd allowing smaller organizations to take their natural strengths to new levels, if they can seize the new opportunities.

2020 was all about trend acceleration 鈥� the speeding up of things that were already happening, but cramming 10 years鈥� worth of change into six months. And as the start of 2021 has already shown, it鈥檚 far from over yet. There will be more changes to come, and responding dynamically to these challenges will require a more holistic, interconnected approach.

Research data from听听shows that respondents from midsize organizations have been confident about their ability to respond quickly throughout the pandemic, adapting to remote working and new supply chains, and even new products and services. It has been inspirational to see these organizations鈥� intense focus on the changing customer and employee experience pay off, meeting new demands that nobody would have dreamed of a year ago.

The personal relationships and the concern for employees under the tough circumstances, and the unwavering focus on the human aspects of business are clear in the research, and it鈥檚 something that has helped companies survive as we all look forward to better days.

The research also shows that to succeed in the decade to come, midsize organizations need more systems thinking: ways of management that understand that every function has to be sharing data and sharing processes, and working together as one 鈥� not just in your organization, but also in the greater ecosystem of customers and partners. This is important so that you can move quickly as circumstances change and thrive in the future.

Today, nearly 29% of midsize businesses cite a lack of coordination between different departments as a top internal challenge, and 44% cite effective collaboration across functions as a major barrier to transformation initiatives.

Fixing the problem can be broken down into three main areas:

1. Business processes
2. Data analytics
3. Talent and workforce strategies

Organizations need to make sure they鈥檙e working towards integrated, end-to-end听processes across the business, ensuring that data is shared widely, and getting a complete view of the workforce, with the skills they need to be able to respond quickly to changing needs

While midsize organizations have made progress in each of these areas over the past year, the research shows that there鈥檚 still lots of opportunity for incremental improvement.

The first step to becoming more interconnected is to realize that smaller organizations already have an inherent advantage. It鈥檚 in your DNA: you have closer relationships with your clients and customers, and your CEO may even know the name of everybody in the organization. That鈥檚 powerful in terms of employee and customers experience, and results in a huge business advantage. The trick is to leverage those inherent advantages of size 鈥� the ability to move fast, the ability to work together鈥攁nd take them to the digital realm, by applying the technologies that you need to make them scalable, and to extend the benefits to your now highly-distributed workforce.

Technology

Data analytics is a big part of this, and it鈥檚 an area where are lot of the organizations surveyed, of all sizes, could use some improvement. Just 39% of midsize businesses said they had all the data they needed to support analytics-based decision making. And the opportunities are even bigger when it comes to particular areas such as external data sharing with partners.

To be a digital business, you need a hub, something like an integrated ERP system, and there are lots of new advantages coming through technologies such as artificial intelligence. This fundamental technology enables everything from greater ERP efficiencies through robotic process automation to customer-service chatbots. It may seem to be a challenge for a lot of companies in this segment, as you鈥檙e trying to compete against larger companies who probably have more money to spend on this. But thanks to integrated AI, cloud-based services and on-tap expertise, you can be on the right side of digital divide and get the technologies you need to compete and thrive.

People and relationships

Technology is never enough on its own. It鈥檚 important that midsize organizations maintain their natural advantages, by avoiding organizational silos, avoiding breakdowns in communications or information, and ensuring that the whole company can respond holistically to the challenges ahead to be as effective as possible.

And this year has shown again the importance of relationships outside the business, working with core suppliers to share the same information that you have inside the business 鈥� where appropriate 鈥� to make sure you鈥檙e all running to the same strategy, and understanding the risks ahead, is going to be important.

Finally, the research reemphasizes the importance of people. This is a moment to focus on leveling up your workforce, making sure that people have the skills, the career path, the tools they need to do the work you need them to do and to stick around and do it for you! Investment in people and skills dipped over the past year 鈥� for valid reasons: after all, when your car is in a skid, you first focus on the skid. But now it鈥檚 time to focus on the road ahead for your people as you move forward.

One thing that jumped out of the data was that it鈥檚 important to give people a greater purpose as part of your business. Leading midsize organizations tended to have corporate purpose programs that weren鈥檛 just about feel-good volunteer work, but were solidly anchored in the business itself, deeply related to what people were already doing as part of their daily tasks.

The leaders of midsize organizations need to give people a sense that money isn鈥檛 only reason they come to work in the morning, to make sure they understand how they fit into the bigger, interconnected picture. If you鈥檙e touching every part of that worker experience including the part that goes beyond the paycheck, to doing something good, then you really have given yourself an opportunity to succeed.

Conclusion

In summary, in 2021, leaders in interconnected business will reap the rewards, with superior employee engagement and retention, increased innovation, and profitability growth鈥攁ll essential factors for finding new ways of working and enabling future success.

For more information about how to achieve these goals, please consult the Oxford Economics report, 鈥�.鈥�

Timo Elliott is vice president and global innovation evangelist at 麻豆原创
This article was orginally featured on Forbes: .

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