The healthy planning-adjusting-evolving management refinement cycle creates synergy, makes businesses strive vigorously and maximize performance structurally.
Rapid change, information exponentiality, complexity, uncertainty, are part of new normal, digital-savvy companies are highly conscious about what’s happening in their environment, sensitive to emerging trends and risks, and take a proactive attitude with the realization of” we can’t stay the same.”
Refine information asset: Information is the most invaluable asset besides people. The value data intelligence brings to an organization can set an organization apart from its competitors as the power of information is to empower the business with real-time insight across the organization in ways never possible before for making better decisions and solving problems timely. There is a mixed bag of fresh knowledge and outdated information, structural or nonstructural data, information qualification directly impacts the intellectual sophistication of the organizational competency. It’s a strategic imperative to refine and integrate information management by using the right tools to make sense of raw data, processing, analyzing, and deriving actionable information effectively, to ensure people get the right information to make right decisions timely and lead changes promptly.
Resource refinement: When resource management becomes a bottleneck for organizational management, companies across the vertical sectors get stagnated either for managing innovation or implementing strategy. How resource allocation is determined should be understood by all important parties. Successful capacity planning and resource management are critical to ensure the management takes advantage of resources effectively, keeps the process transparent, optimizes cost, to ensure long term business success.
In reality, resource limitations are significant, and become bottlenecks for problem-solving. As change is nonlinear today, business management needs to make an objective assessment of their resource availability and allocation by checking up: how many resources will you need and to what extent are these resources available to build desired capabilities, how to enforce just-in-time resource management to build dynamic business capacity and improve organizational agility.
Reputation refinement: Corporate reputation is the soft asset of the organization; it becomes increasingly critical in customer centric digital era. Reputation management can be at least classified into crisis and risk management, culture management, brand management, or knowledge management, etc. The greatest risk will be the business reputation issue that is not being properly identified or managed, so reputation refinement helps the organization create and sustain a strong brand, increase market penetration, and improve people-centricity.
Organizational reputation is the overall estimation in which the company is held by its shareholders based on its past, current, or predictive future attitudes and actions. The organization’s brand equity is the key asset of concern when it comes to the question of reputational risk. Risk management as an integral piece of reputation refinement includes how organizations manage economic, legal, political, social and reputation risks, as well as internal strategic or operational risks, and how to build up business resilience. Effective GRC processes enable reputation refinement, harnessing a strong corporate culture, building talent communities/pools, and protecting business brands smoothly.
Forward-thinking organizations are in the state of introducing new business concepts, refining core business elements, exploring better opportunities to grow their business, predicting and preventing risks timely. The healthy planning-adjusting-evolving management refinement cycle creates synergy, makes businesses strive vigorously and maximize performance structurally.