Skip to content
hollywoodstarshoney

hollywoodstarshoney

Long Life Business

Primary Menu
  • Business Management
  • Business Analysis
  • News Business
  • Investment
  • Insurance
  • Banking
  • About Us
    • Privacy Policy
    • Contact Us
    • Advertise Here
    • Sitemap
  • Home
  • Technology Outpaces Business’s Ability To Adapt, Resulting In Many Surprises
  • Business Management

Technology Outpaces Business’s Ability To Adapt, Resulting In Many Surprises

By Patricia A. Eldridge 3 years ago

The Covid era changed our ideas about enterprise computing

getty

The past two years — with its pandemic, supply chain bottlenecks, and workforce disruptions — have ripped the bandages off the cobbled-together enterprise systems that have long been powering organizational finances, production, and human resources applications. In the rush to digital during this period, many managers realized they simply weren’t ready for the organizational changes that need to go with it — and met many surprises.

That’s the word from Paul Farrell, vice president of industry product management for Oracle NetSuite, who says that many best practices painstakingly learned, developed, and hardwired into company platforms prior to the year 2020 need to be, or already have been, thrown out the window. I recently had the opportunity to chat with Farrell, who states that the challenge is “technology is outpacing our best practices. With the pace of technology, there are new things that people don’t even know.”

Consider how, in the rush to digital, companies suddenly had new customers — from around the globe — they simply weren’t ready to handle. For example, he points out, one eco-packing company he works with suddenly saw demand go through the roof when Covid set in. The challenge, he relates, “they didn’t have unlimited capacity, so they had to change their whole business model to support their existing customers first. This need to change business models accelerated massively over the past two years.”

To be better prepared for surprises, many companies are opting for continuous planning that can change strategies or tactical moves on a moment’s notice — versus the quarterly, or even annual, planning that was standard practice, especially with ERP systems. “If you’re a manufacturer or a professional services company, you want to understand what’s coming down the pike, and use intelligent predictive solutions,” Farrell says. “You want to know what’s happening, today — not last quarter.”

Another instance in which technology is outpacing business processes and delivering surprises stems from the “servitization” of the manufacturing sector, transitioning from product producers into service provider. However, being a service provider requires a whole new way of looking at the customer relationships. There is opportunity to monitor product health and performance via connected sensors, and either provide software updates or alert maintenance teams to come out for repairs. “This means selling directly to consumers,” says Farrell. “There’s a bevy of destruction going on. A lot of manufacturers aren’t used to that. They’re not used to the way that information rolls out. How do they make sure that the customer has a consistent experience, regardless of the channel they use? How do we make sure products and services are available? Is the process the same?”

Many companies aren’t ready to answer these questions, he adds. “It’s one thing to be able to sell something, it’s another thing if whether you can build for it, integrate data and analytics, recognize revenue, and deliver a customer experience. Again, this accelerated massively.”

Another issue in which technology is outpacing business processes and delivering surprises comes from attempting to manage a global, highly distributed workforce. Enterprise systems need to adapt and grow with these changes, especially as corporate workforces evolve to accommodate nontraditional workforces that not only incorporate remote employees, but also part-time, contingent, and contract workers from across boundaries, Farrell says. The result of this rise in cross-border operations fueled by virtual work means an extremely diverse workforce beyond the scope of many traditional systems. “You’re seeing people leave to work in another country, since they can basically do everything virtually now. It adds a lot of complexity financially and operationally if you don’t have the right systems. Operationally, you want to see everyone as the same type of entity. This needs to be automated. It’s amazing how many systems don’t work this way.”

Tags: Amazon Fba Business, Atlanta Business Chronicle'S, Boss Baby Back In Business, Business Administration Degree, Business Attire Women, Business Card Design, Business Cards Templates, Business Casual Dress, Business Casual Outfits, Business Checking Account, Business Credit Card, Business For Sale Near Me, Business Intelligence Platform, Business Lawyer Near Me, Business Loan Calculator, Business Name Ideas, Business Professional Women, Business Spectrum Login, California Business Entity Search, Capital One Spark Business, Carl Weber'S The Family Business, Charlotte Business Journal, Custom Business Cards, Delaware Business Search, Fl Sos Business Search, Florida Business Search, Harvard Business Publishing, Insurance For Small Business, Kelley School Of Business, Maryland Business Express, Maryland Business Search, Moo Business Cards, National Business Furniture, New York Business Search, Ohio Business Gateway, Onedrive For Business, Online Business Ideas, Paramore Misery Business, Risky Business Cast, Small Business Insurance, Spectrum Business Customer Service, Tom Cruise Risky Business, Us Small Business Administration, Verizon Wireless Business, Verizon Wireless Business Login, Virtual Business Address, What Is Business Administration, Women'S Business Casual, Yelp Business Login, Yelp For Business

Continue Reading

Previous Will soaring prices cause small-business credit quality to plummet?
Next WA Insurance Commissioner extends COVID-19 orders on co-pays, surprise billing to June 27

Archives

June 2025
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
30  
« May    

Recent Posts

  • Is the US Economy Feeling the Heat from Tariffs?
  • What Happened in the Phase One China-US Trade Deal?
  • The Ultimate Investment Planning Guide for 2025
  • Plan Smart: Retirement Financial Planning Strategies That Work
  • Different Types of Tariffs Explained Simply

Fiverr

Fiverr Logo

BL

Tags

Amazon Business Credit Card American Airlines Business Class Att Business Login Austin Business Journal Best Bank For Small Business Best Business Bank Accounts Best Business Schools In Us Best Business To Start British Airways Business Class Business Business Attire Men Business Card Ideas Business Casual Shoes For Women Business Continuity Planning Business Entity Search Business Letter Template Business Management Degree Business Manager Facebook Business Plan Outline Business School Rankings Colorado Business Search Delaware Business Entity Search Drop Shipping Business Family Business Bet Fox Business Live Georgia Sos Business Search Google Business Account Harvest Small Business Finance How To Build Business Credit Is Saturday A Business Day Is Sears Still In Business Management Microsoft 365 Business My Business Google Name Generator Business None Of Your Business Ny Sos Business Search Open A Business Bank Account Pa Business Search Plus Size Business Casual Pnc Business Banking Sos Business Search Ca Sunbiz Business Search Taking Care Of Business The Business Of Being Born

Partner Links

biography-profile
sikacollection

SeedBL

Seedbacklink

bp

backlinkplacement.com

mintprism
firlyikasario
hollywoodstarshoney.com | Magazine 7 by AF themes.

WhatsApp us