Organizations do two things; they run and they make decisions. The economic turbulence and resulting uncertainty has forced them to reevaluate the way they do both.
In today’s volatile uncertain world, organizations need to drive innovative solutions to capture opportunities when they occur, while ensuring they do not add to costs. Developed economies are experiencing a slow growth phase and therefore its all the more important to become smarter at capturing growth.
On the other hand, emerging markets are seeing higher growth and will become a more significant portion of the world’s GDP. Capturing that new and emerging frontier is going to be very important for the future success of corporations.
So it’s this combination of factors in today’s volatile world that is forcing organizations to become smarter, find ways to grow revenue, capture new market share and variable cost while ensuring they don’t increase capacity themselves and leverage an ecosystem of partnerships.
In such times, high performing organizations differentiate themselves by building the ability to anticipate needs, having the dexterity to adapt to change and the spirit to innovate. They are effective in diverse markets and are alert to evolving stakeholder requirements. Genpact calls them Intelligent Enterprises.
Intelligence is what ensures the evolution, growth and survival of any species. The same principle applies to business. Intelligence is necessary to out compete. The “Intelligent Enterprise” will lead the competition in these times of change.
In our experience in working globally with clients from diverse industries, we have identified the common underlying attributes that help Intelligent Enterprises succeed, especially in times of uncertainty.
They are Globally Effective. They are able to address different markets and run equally well anywhere in the world. And they deliver better outcomes for themselves and for their customers
They are Connected. They have the vision to anticipate and meet evolving stakeholder needs. They pick up needs quicker and use all the tools and technology available to build insights faster. They connect the dots across the enterprise and ecosystem swiftly and build cost effective relationships faster.
They are Innovative. They find novel ways to address both opportunity and uncertainty for competitive advantage using all the knowledge gathered through being connected.
And finally, they are Adaptive. They respond to change with agility. In fact, they thrive on change... they want change!! Because they know they out compete with others when change is needed.
Intelligent Enterprises need an ecosystem of partners to help them strengthen these attributes and excel in these areas. They need to differentiate themselves and out compete by turning common processes into smarter processes.
At Genpact, we power the intelligent enterprise through a continuum of smarter processes, smarter analytics and smarter technology to not just drive better business outcomes, but help enterprises out compete.
Over the last few years, we have powered many intelligent enterprises to build upon the key attributes and deliver significantly differentiated outcomes. When a Global leader in door manufacturing wanted to enter an emerging market, they turned to us for enhancing their ability to enter the new market with greater speed, thereby capturing a significant market share in a shorter span of time. Similarly, when a Global major in specialty insurance wanted to redefine their business model for becoming globally effective, they worked with us to reshape their core and non-core activities by retaining only client facing and underwriting processes and letting us manage all other business processes for their organization. This is a significantly game changing model in a heavily regulated industry, with the client’s end goal to derive the least expense ratio in their industry. We have also helped organizations cut across functional silos using our proprietary SEPSM framework based on the ‘Science of Process’ using insights from over 200 million process transactions. Applying SEPSM, we helped a leading luxury brand create a $12 million saving opportunity by effectively resolving sales promotion leakages, unearned discounts and pricing mismatches to reduce deductions by up to 50%.
Our genesis with a client side perspective as a part of GE, developing as a Beta site for applying lean six sigma to process management, passion and energy of our people and continuous investment in building a unique ‘Science of Process’, has put us in the position to power all our clients to run effectively and make smarter decisions using Smarter Processes, Smarter Analytics and Smarter Technology.