3 steps to stabilise your business in 2022


3 steps to stabilise your business in 2022

‘The need for agility’ in ‘‘uncertain times’ have undoubtedly become business buzzwords over the last couple of years.

In fact, there’s been so much talk of instability that the whole conversation is at risk of becoming white noise.

But the fact remains, it’s an important subject — and what we really mean by it all is simple; things are a bit unpredictable right now, and we need to prepare as best we can.

Whether it’s supply chain issues coming out of the situation in Ukraine, the impact of the talent crisis, the rising cost of living or managing a return to work after the Covid-19 pandemic, organisations must be ready to navigate an ever-changing landscape over the next year at least.

But how exactly do we prepare for the unknown?

As we’ve now crossed the year’s halfway point, I’ve been reflecting on this question.

To help answer it, I've rounded up some of the key things I’ve learned so far this year, along with advice from Knowledge 2022 that, when implemented, can help businesses big and small navigate whatever the world throws at them.

1 - Companies need to do more with less

The key drivers of instability right now are the geo-political situation, increasing energy costs, supply chain challenges and the resulting cost of living crisis. Running a business is becoming more and more expensive, and it’s never been more vital to increase productivity and keep costs down where possible.

Obviously, the technology you use can’t magically make things cheaper.

However, when used properly, what technology can do is help you save time, resources, and unnecessary spending.

Take automation technology, for example. By automating the manual, time consuming tasks such as data entry or scheduling, you can free up your staff to focus on other areas of the business — innovation or growth.

This reduces the amount of money spent on laborious tasks that a computer could do just as efficiently, if not more.

2 - The time to redefine collaboration is now

As we navigate 2022, efficient collaboration has never been more important.

With so much political uncertainty ongoing across the globe, it’s going to be key over the next 12-16 months or so that the public sector and private sector work together as much as possible in order to improve the lives of citizens.

Important services such as applying for a passport, filling out citizenship forms or other legal documents can — and should —be digitised, making them as accessible as possible to those who need them.

But without help from commercial organisations in the private sector, this can prove tricky. The two must streamline collaboration in order to achieve true parity.

What’s more, when it comes to resolving key supply issues caused by the situation in Ukraine or a backlog of issues from the Covid-19 pandemic, organisations across the entire supply chain must work together to mitigate, identify and resolve risk.

If one company is experiencing shipping delays, all the stakeholders in that supply chain need to know about it as soon as possible. Technology solutions like those offered by ServiceNow can help streamline this process, allowing companies end-to-end better visibility and collaboration.

3 - In times of uncertainty, we must put our people first

Another topic that remains at the forefront of most business leader’s agenda, and a key driver of business instability, is the war on talent.

The right team can make or break a business, especially during turbulent times. The ongoing talent crisis means that attracting top tier talent should be one of your top priorities, and in order to do this successfully, look to your ESG strategy.

Research shows the next generation of talent in EMEA values ethics and a commitment to reducing impact on the environment above all, so it’s vital that your company’s ESG strategy is compliant across the board.

Investing in the right technology to gain better visibility over this strategy can help you assess and react to any potential risks in your supply chain and distribution network faster, and ensure that you’re maintaining compliance in all areas and attracting the right potential employees.

As well as attracting talent, it’s important to retain the talent you already have. As a business leader, you’re likely already familiar with the importance of a good employee experience. Happy employees lead to happy customers.

But, are you regularly checking in on the experience your employees are getting, and can you be sure you’re empowering them with the tools they need to do their jobs to the best of their ability?

Staff surveys are a great way to gauge this. If you find that your workforce is lacking what it needs, consider investing in low-code or no-code technology that allows employees to take app development into their own hands and build bespoke software that empowers them to do their job, and do it well.

Technology isn’t a cure-all for companies

The right technology can’t push prices down or end wars. But it can help you to navigate the effects of an unpredictable, and often challenging, landscape.

To find out more about ServiceNow solutions, and how they could help you to stabilise your business in 2022, get in touch or head to our website.

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