I’m in Davos meeting with business leaders from around the world; despite all the challenges facing the world today, it’s reassuring to hear that leaders are optimistic and looking for opportunities to grow. Perhaps not surprisingly, many companies are now even more focused on accelerating their transformation efforts, driving growth, making substantive contributions to ESG and managing their risks.
Surviving and thriving in today’s competitive markets requires companies to move boldly — and with speed. Leaders are also looking to solve big global challenges like supply chain disruption.
The key is to plan, prioritize and execute at pace. It’s about bringing together the right ecosystem of data, tools, solutions and capabilities to move quickly and confidently.
Based on KPMG’s experience, here are five tips for accelerating the achievement of big goals:
1. Get granular on data, quickly
Do you have confidence in your data and analytics?
The pandemic-driven shift from physical to online channels has left a growing digital footprint; this explosion of data creates opportunities for organizations of all types. Companies should capitalize on real-time data insights to get more robust and granular views of their business.
The real power of analytics is found in predictive modeling and forecasting, which give companies the ability to better understand emerging trends and get ahead of what’s next.
2. Execute at an enterprise level
How do you ensure you stay agile and efficient?
Now more than ever, it’s important to create business functions that are agile and responsive. To create lasting change and business value, transformation calls for dynamic, new operating models that evolve and adapt with your business, supporting it through wide-ranging change — from strategic inflection points to far-reaching step change. Real transformation enables each business function to see their world from a different vantage point — to keep adapting in a constantly shifting world.
3. Identify and manage the risks
How robust is your governance, risk and compliance program?
Tougher expectations by regulators and other stakeholders mean companies should demonstrate better discipline, control and responsibility from all levels of an organization. There are many risks of which to be aware, including financial risks (capital and debt profiles demand constant scrutiny), supply chain risks, cyber security (as external hackers become more resourceful) and litigation (for losses and dispute that may arise when there’s market uncertainty). For example, our recent Global Economic Outlook identifies the potential financial reporting risks — and opportunities — organizations face in uncertain times.
4. Focus on partnerships ecosystem
How can you identify partners, alliances and vendors to fill capability gaps?
Building partnerships can help companies deliver a competitive edge. By finding the right partners and establishing effective communication and data sharing, they can extend their growth into new markets. The success of these partnerships will require a more fluid, flexible model of business. We’ve developed insights around how partnerships are transforming insurance, infrastructure, healthcare and the supply chain, to name a few.
Companies should look to create the right environment by building networks of partners and alliances, ensuring their systems can talk to each other and carefully managing how everything works seamlessly together.