In continuation with our Business Luncheons, Sundaram Circle’s lunch gathering at Melbourne on 14th July saw 10 heads of Finance across Retail, Real Estate, Financial Services, Transport and Manufacturing industries come together to hear from Caroline Patton MAICD, the keynote speaker on how it takes courage to reimagine business processes. The representation from different industries provided the perfect mix to deliberate on why now may a good time to embark on a Business Transformation journey.
Caroline got the audience to reflect on how organisations respond in a crisis - 1) Do nothing - go about our business as though it does not impact us 2) Make small changes to get through the event 3) Take charge and the 3 RRRs - Reflect, Redirect, Reinvigorate. Within the 3 RRR’s she stressed on organisations asking the all-important question - Why does your business exist and What purpose does it serve? It is important for every business to understand its purpose, whether it was to pivot, pursue or perish. If a business has stopped doing something today, what would be the impact? The 3 Rs essentially help organisations understand their purpose, take stock of the actual process health and identify the right path to reinvigorate.
As we emerge through this crisis, now is when companies need to take stock of their current business processes - where they are and where they could be. The starting point could be a Business Process Assessment that can map processes from an “As- Is” state to an ideal “To-be” future state. Harish from Sundaram Business Services presented that SBS is essentially a Business Transformation Partner. Having worked with numerous corporates, SBS has discovered that while transformation sits on top of the to-do list, most leaders do not know where to begin. Here is where, undertaking a Business Process Assessment (BPA) gives you visibility on how your business processes can be optimised, what can be automated via Robotic process automation (RPA), and what can be sourced using alternative models. Finance process transformation through RPA is a great basis for taking an organisation into digital transformation.
“Focus on what matters. Stop doing things that do not add value.” In conclusion, the session discussed the constant change and the shifting demands of organisations to boost efficiency and contain costs and to relook at business processes to help them operate efficiently and deliver on the organization goals.
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