The transformations 21st Century Enterprises need to thrive.
By Kristen Morgan
Businesses today are facing unprecedented change. The intersection of human and technological innovation is fundamentally shifting how we work and what it means to maintain a competitive edge.
In the 20th century, success was built on physical assets – property, manufacturing plants, equipment and employees. But this is rapidly changing. Now, business success requires an entirely new approach – one that transitions from an economy rooted in tangible production to one grounded in ideas, insights, and information.
According to KPMG’s 2018 U.S. CEO Outlook, 86 percent of CEOs consider their companies to be active disruptors, but many are struggling to transform their legacy organizations into digital era leaders.
Our 21st Century Enterprise framework (see sidebar) can help guide conversations around transformation and help businesses assess the opportunity, prioritize their response, and execute a coordinated strategy.
Building on that framework, previous Future Ready videos explored how leading companies are transforming in four key areas – harnessing data and technology, rethinking talent management, enhancing the customer experience, and subscribing to services instead of expanding internal functions and infrastructure.
This final video pulls it all together, offering an overview of the 21st Century Enterprise framework that can help you better understand the challenges business leaders are facing and guide conversations with clients on how to navigate change and transform for the future.
The 21st Century Enterprise is characterized by an organization’s ability to succeed in four areas:
Customer Engagement: A 21st Century Enterprise delivers the best customer experience, leveraging data collected from customers to learn and personalize experiences.
Workforce of the Future: A 21st Century Enterprise is lean, utilizes intelligent automation, and accesses skills on demand through platforms.
Changing Nature and Value of Assets: A 21st Century Enterprise unlocks value from nontraditional assets—data, alliances, networks, agility, and other intangibles.
Everything as a Service: A 21st Century Enterprise is more nimble and scales faster by accessing services versus growing internal functions and infrastructure.
For additional information or to arrange an interview with a KPMG leader, please contact Kristen Morgan.