Today, Thoughtworks, a global software consultancy, announced the release of a new report, Building a Foundation for Resilience through Enterprise Modernization, produced by Harvard Business Review Analytic Services and sponsored by Thoughtworks. The report provides an internal roadmap for technology leaders in traditional businesses seeking resiliency, adaptability and the foundational systems needed to support continuous innovation in a post COVID-19 world. Most importantly, the report offers IT leaders tangible strategies to increase investment in enterprise modernization (EM) projects and win support from executive leadership — from the corporate board to the C-suite.
“As a result of COVID-19 and the dramatic acceleration of digital transformation projects, the gap between companies that have invested in enterprise modernization and those who have not has never been wider,” said Mike Mason, global head of technology at Thoughtworks. “The strong operational foundation provided by EM is a critical enabler for traditional companies to adapt to evolving customer needs, navigate disruption, and remain sharply competitive in today’s changing landscape.”
“Being prepared for the current disruption — and the next — means nurturing an ecosystem of enterprise technology that can evolve based on market conditions. Companies that secured executive and board buy-in to make EM capital investments are the ones that established modern enterprise technology with interconnected, flexible systems prior to the pandemic — and are acquiring new customers and gaining market share today,” said Alex Clemente, Managing Director of Harvard Business Review Analytics Services.
The report from Harvard Business Review Analytic Services sponsored by Thoughtworks identifies the below five essential strategies to help technology leaders educate on the value of EM and the role it plays in business resiliency.
1. Establish EM as the key to real business resiliency.
First and foremost, technology leaders must generate broad organizational awareness around technology enterprise infrastructure and the impact it has on business fundamentals - from integrating data systems across business units, products, and services, to measuring financial performance and facilitating cost savings.
2. Create a shared language around value creation.
Articulating the value of EM to executive leadership requires a shared language rooted in the measures and values relevant to business decision-makers. To develop a narrative that generates alignment between business and technology functions, IT leaders must embrace their inner storyteller to showcase how EM will lead to improved customer experience, increased revenue and a competitive advantage in the marketplace.
3. Leverage metrics to demonstrate the value of EM.
Technology leaders must be equipped with salient metrics to demonstrate value and justify major capital investments; key metrics help leaders see technology as the foundation for realizing customer opportunities and revenue streams.
4. Experiment and test like a digital native.
A key consideration for IT leaders is how to adopt digital native strategies while honoring and maintaining the core strengths of a more mature business. Digital natives begin with a strong infrastructure, enabling flexible organizational processes rooted in iteration, experimentation, and testing for increased innovation.
5. Evolve while building off traditional roots.
Finally, while digital native processes for rapid adaptability and customer-centricity should be adopted by traditional businesses, that’s where the imitation should end. The most successful traditional companies will take agile methods from digital natives but continue to focus on their own core value propositions and the strength of their legacy assets — from rich data to valuable IP.
In conclusion, companies that continually invest in technology, beginning with EM will survive the current disruption caused by COVID-19 and will be well-positioned in an ever-evolving marketplace to meet new customer needs, launch new services, and realize continued business success.
For more information on enterprise modernization and to download the full report please visit this link.