Embracing the Connected Enterprise: Unlocking the Potential of the Big Product and Platform Shift

By N Shashidhar, VP and Global Platform Head, Edge Platforms, EdgeVerve

In a rapidly evolving digital world, clinging to the adage, This is how we’ve always done it, can be a recipe for stagnation. Traditional organisational structures often lead to data silos. These silos essentially isolated pockets of information and processes within an organisation, and hinder efficiency, and innovation, creating operational inefficiencies, data gaps, departmental autonomy, and complex technology landscapes.

As we navigate this digital age, it is essential to challenge the status quo and consider the transformative potential of a connected enterprise.

At the heart of this transformation lies the role of platforms, which serve as the backbone, connecting various facets of an enterprise. The sentiment, “What got you here won’t get you there.” These words define the need to change and evolve in order for us to continue to succeed in today’s digital landscape, where enterprises strive to remain competitive by adapting to rapidly changing business environments and fostering innovation within
their organisation.

A key emerging strategy is shifting towards a connected enterprise, where organisations break free from siloed structures, outdated processes, and limited data visibility. This approach harnesses platforms to boost operational efficiency, tap into human potential, and harness the power of a connected ecosystem. Yet, the path to this transformation isn’t without its hurdles. Many organisations encounter significant obstacles in making this transition, impeding their digital transformation efforts. Let’s delve into the challenges of siloed structures, the necessity for a mindset shift, and the benefits of embracing the platform-based model.

Understanding the Barrier: Siloed Structures
Digital transformation promises numerous benefits, but enterprises often struggle due to silos across people, processes, data, networks, and technology resulting in:
 Operational inefficiencies: These hinder the smooth exchange of information between departments.
 Disconnected systems and fragmented pockets of data lead to missing, redundant, and
inconsistent data.
 Fostering a sense of departmental autonomy: This makes it difficult to coordinate activities across the entire organisation.
 Complex technology landscapes create complexities in terms of management and maintenance.
 Additional investments in training teams and managing infrastructure resources for these various solutions.

33% of McKinsey’s State of Organisations 2023 Survey respondents say initiatives are being launched in organisational silos, limiting their effectiveness in anticipating and reacting to external shocks and disruptions.

According to market research firm IDC, companies lose 20-30% in revenue annually due to inefficiencies caused by enterprise silos. These silos primarily stem from non-scalable point solutions and suboptimal tech investments that prevent organisations from obtaining an integrated view of their processes and require significant time and financial investments to manage and collaborate across multiple solutions.

A primary focus for many organisations is cost-cutting rather than utilising digital technologies to differentiate themselves with innovative strategies. They often prioritise smaller changes instead of adopting an enterprise-wide digital transformation initiative.

This may yield some short-term wins but fails to deliver sustainable cost savings, operational effectiveness, or faster time to market.

The Pivotal Role of Mindset: Embracing A Connected Enterprise Approach
Siloed enterprises often neglect human factors and the need to modernise all systems, resulting in a combination of modern and legacy systems that hinder growth and innovation. Organisations must embrace a connected enterprise mindset to overcome the challenges of siloed structures. This approach goes beyond adopting digital technologies; it focuses on becoming a truly digital native enterprise. The shift in mindset prioritises human centricity, putting the customer first and focusing on sustained organisational resilience.

 The Heart of Transformation – Human Centricity: It’s imperative for organisations to empower individuals with the skills and knowledge to thrive in a digital-first environment, fostering a human-centric culture to drive innovation and deliver exceptional customer experiences.
 Enhancing Customer Experiences: Enterprises must prioritise the customer experience above all else. While technology plays a significant role, its implementation should enhance the customer’s experience and deliver value.
 Fostering Organisational Resilience: Embracing a connected enterprise approach is an ongoing journey, requiring a culture of digital innovation and collaboration, where employees embrace change and adapt to new opportunities.

Embracing the Platform-Based Model
Once an organisation has embraced the connected enterprise mindset, leveraging a platform-based operating model becomes crucial for achieving consistent, end-to-end processes and complete visibility into people, processes, and partners.

Platforms bridge data gaps, providing key insights across multiple data sources within the organisation. This enhances processes, augments human potential, and enables collaboration, ultimately breaking down silos and boosting operational efficiencies.

Platforms can easily scale and adapt to evolving business requirements, providing centralised management, and freeing up resources to strengthen the technological core of the enterprise. Platforms are versatile and adaptable, capable of sitting on top of existing infrastructure, unlocking the full potential of existing and future tech investments. This helps free up resources for strengthening the technological core of the enterprise.
Implementing a platform-based model brings several benefits to connected enterprises:

 Unlocking Efficiencies at Scale: Platforms empower enterprises to leverage contextual insights and scale their transformation through digitization, streamlining operations and achieving higher efficiency levels.
 Augment Human Potential: Platforms enable enterprises to automate repetitive tasks, allowing employees to focus on more strategic initiatives, driving innovation, and delivering greater value to customers.
 Harnessing the Power of a Connected Ecosystem: By adopting a platform-based model, enterprises can collaborate with partners, share insights, and jointly innovate. This approach minimises distance and maximises value for end customers, breaking free from inherently sluggish silos.

The Connected Enterprise: A Future-Ready Foundation for Growth and Success
Technology’s impact on society, transforming communication and business practices, is set to continue growing. In today’s interconnected world, embracing the big product and platform shift is essential for enterprises to thrive. Organisations can unlock their full potential by breaking down siloed structures and adopting a connected enterprise approach. This shift in mindset, coupled with a platform-based operating model, enables companies to enhance operational efficiencies, drive innovation, and deliver exceptional
customer experiences.

In a world that never stops evolving, embracing this transformative shift is not just beneficial—it’s essential. By doing so, enterprises can position themselves at the forefront of their industries, ensuring sustainable growth and success in the ever-changing digital landscape.