It is no secret that insights-driven organizations are better equipped to create more value for their businesses and customers. According to a pre-pandemic research report by Forrester, insights-driven businesses were already growing eight times faster than the global GDP and were on track to be worth $1.8 trillion by the end of 2021. In particular, GBS leverages digital technologies such as blockchain, AI, big data analytics, and machine learning to enable insights-driven business decision-making and integrated operations management. Add to that, the COVID-19 outbreak and the resulting economic crisis have upended how companies work and operate. The massive shift to work-from-home triggered multiple business challenges such as the need for better communication and data security tools, the revamp of business continuity planning (BCP) strategies, and the onboarding of scalable cloud models. As this trend continues to evolve, business leaders are paying close attention to the new possibilities that cloud solutions could offer beyond the obvious, with cloud becoming the cornerstone for optimizing GBS.
The COVID-19 crisis has accelerated the transition from monolithic architectures to integrated operations, which combines different business-aligned support functions to create a single operating model. Integrated operations can empower real-time, next-generation decision-making, and result in positive business outcomes and exceptional customer experiences. For example, using digital platforms to automate the end-to-end, order-to-cash process can help companies reduce costs by 15-30%, decrease days sales outstanding (DSO) by up to 30%, improve customer satisfaction, and boost sales by 1-3%. As for procurement processes, companies can use procure-to-pay software solutions to strengthen compliance and gain greater control across all vendors, contracts, and accounts payable.
To remain competitive, businesses also need to make substantial investments in enterprise internet of things (IoT) and big data analytics which improve work processes, increase staff productivity, optimize operations, enhance security, and boost customer experiences.
While all these benefits make cloud IT transformations appear like an obvious choice, it’s never as simple as it first appears. To ensure that such a transformation is done effectively, with business-aligned outcomes and a roadmap, the companies must select the right service partners. It’s this partnership that can make or break a successful transformation. This is the critical first step toward embracing the full potential of the cloud for GBS.
