Why Is Outcomation a Topic Every CEO Should Discuss In the Coming Year? Outcomation will be the key for firms to command an edge over peers amid cut-throat competition and maintain their relevance over time
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As 2022 starts, it is time to reflect on past learnings and experiences, which can be crucial for the year that lies ahead. The pandemic has proved to be an inflexion curve for organizations worldwide, redefining every sphere, be it marketing, HR, operations, etc. As the world gears for the post-pandemic era and India Inc. eyes returning to workplaces by early 2022, outcomation--the process of improving outcomes through the use of technology-- is more critical than ever.
As a matter of fact, outcomation will be the key for firms to command an edge over peers amid cut-throat competition and maintain their relevance over time. Outcomation will also usher in digital transformation at the workplace and position these firms as sought-after employers.
Focus on progressive outcomes will be the topmost priority for CXOs in 2022. Gone are the days when solutions or means were a key to pitch outcomes. The progressive CEOs will now need to look at the tangible output from across functions. Hence, it will be imperative to map these outcomes through indicators such as operating margin, employee performance measurement, customer retention rate, etc. It will inevitably prompt restructuring existing business strategies into more agile ones to be revisited periodically to align them with requirements over time.
At the outset, it would be crucial to determine top priorities and formulate a pragmatic roadmap for achieving key organizational goals. The foundation of any business will be based on three pillars--communication, collaboration and transparency--and these core values will enable businesses to gain credibility among various stakeholders.
Agility and resilience will be the buzzwords for surviving and thriving amid uncertainty and navigating complexities. Strategic planning, the ability to foresee risks and crisis management will be formidable weapons for businesses to remain relevant in the long run. This implies that the role of top leadership and the HR function will be instrumental in conducting SWOT analysis well in advance and formulating a risk mitigation roadmap accordingly.
As businesses strive to match output to the pre-COVID levels, customer centricity will remain their primary focus. Firms that tread the extra mile for customers will maintain an edge over others. It reaffirms the significance of achieving business outcomes in maximizing customer experience, thereby impacting the bottom-line of businesses.
Technology will be an enabler to fostering this change. The pandemic has accelerated digitization in organizations across the globe. From boosting productivity, reducing time and costs to maximizing customer experience, technology will continue playing a pervasive role in improving efficiency, reducing cost and time and enhancing customer experience.
Although digitalization has ensured measurement of outcomes, the only caveat is that the performance indicators will now have to be measured and mapped vis-a-vis the outcomes. So, product or service owners must ensure that measurable outcomes are deployed for the organization which can be seen and built.
A corollary to outcomation will be employee experience. More and more firms are realizing the importance of talent retention. Measures such as employee wellness, employee engagement and continuous training and mentorship have become means to a happy workplace and ensure employer branding. A focus on outcomation inevitably implies that talent retention will be the critical challenge to be overcome for businesses to ensure that their progress towards goals is well on track.
The decline of coronavirus cases and the ensuing economic stability, barring the recent Omicron scare, augurs well for businesses to sharply rebound and propel themselves onto a higher growth trajectory in 2022. The policy landscape is also conducive; the onus is now on firms to harness technologies to boost outcomes; the sooner, the better.
