The leaders of successful enterprises thrive on the capture and monetization of opportunities presented by new tech and emerging markets, which inevitably leads to new business functions. It’s understandable, innovation is a driving force for any modern enterprise, however, sweeping technological advances are external and sometimes out of your control.
What are you doing to optimize an innovative business culture within your own organization? Staying relevant requires adaptation, stand still for one second and you could miss out on the ever-evolving trends of the global market.
It doesn’t really take that much to run a modern enterprise, yet a surprisingly large number of enterprises do not. They are stuck thinking about their old but trustworthy way of conducting their day to day operations is their entire business. This is a significantly dangerous mindset and could, in the long run, mean the demise of the entire enterprise itself.
Rather than pointing out what you are doing wrong, here are some signs that you, in fact, are running a fully modern enterprise that’s primed and ready to take on the market.
1. Successful Supplier Relationship
The strength of a relationship with your suppliers is a clear indicator of where you stand as a business. Your suppliers have an intimate understanding and deep connection to the success of your business. There is also a high chance that they possess the skills, knowledge and resources that brought benefit to both of your organizations. Also, Kapitus mentions that purchase order financing is a great way to move forward with orders without taking on new debt, while staying in good standing with your suppliers. A mutually beneficial relationship with all of your suppliers is a top priority that can provide substantial returns. Luckily, we live in the twenty-first century and there is software out there to help you manage your relationships with vendors – such as Intelex for SMB’s for example, and for restaurateurs, there’s Fishbowl.
2. Minimal Risks And Costs
There is a seemingly endless amount of moving pieces in your supply chain: sourcing adequate vendors (remember: even your suppliers have suppliers), making purchases, approving purchases, assembly, manufacturing, delivery, the list goes on, and on and every level comes with risk. The fastest way to mitigate such risk is through careful, dutiful observation throughout the entire process. The use of ERP application software providers, such as Kenandy, help the management of all the smaller pieces of your pipeline.
Creating a diverse supply chain will help with keeping all of your eggs out of one basket. For instance, say one of your supplier’s suppliers is running behind and won’t be able to deliver to them on time, this now affects your pipeline and means you now have to wait for them to follow through – wasting precious time. By keeping a dense network of suppliers, one company’s truancy will not affect your ability to deliver on goods.
3. Your Procurement Strategy And Business Strategy Are Aligned
Having cohesion between your business and procurement strategies creates an all-for-one, unified environment where all the teams are pulling in the same direction, from the ground up and the top down. Successful, modern enterprises are integrated, effectively identifying opportunities for growth and better efficiency in the procurement process.
4. Enable Innovation
Technology is moving forward at exponential rates and there’s no sign it’s going to slow down anytime soon. Your employees should have the support they need to find opportunities and develop innovation. Develop an ecosystem inside the workplace and embrace a network of cohesion. Your employees are your biggest asset and they want to grow as high and as prosperous as the enterprise itself. Make sure their investments in the company are personal and that everyone is working for a shared goal.
The Modern Enterprise – Basic Checklist