Preparing for market volatility and uncertainty: Agility is the key
There are some great lessons to be learned from how various organizations responded to the global pandemic that started in 2020. Many of them came out on the other side of the pandemic stronger and bigger. Ever wondered how they quickly adapted and accelerated new initiatives during times of change, when others barely got by?
The keyword here is agility. In the face of a market disruption, these companies could pivot and change course in as less time as possible. So, Technologies like the cloud enabled them to scale operations to ensure maximum utilization of resources. That the employees could access critical business data from their virtual workstations. So, The management could adapt and change course and business models with data-driven insights. Analytics helped these companies optimize inventory and navigate through supply chain challenges. Being digital helped them move their products and services online.
Markets and business environments are always changing. So, In a world where it’s difficult to predict where the next disruption would come from. The best bet an equipment leasing organization can make is on is ‘agility’.
Adopting an agile strategy for managing processes and technology that powers any company’s processes are key to becoming adaptable during times of disruption, enabling organizations to move fast. To outpace their competition, enterprises would need to adopt a more proactive approach towards shifting priorities rather than react whenever a change occurs and try to play catch-up.
Agile is the new black
While agility in the larger context is a business’s ability to move fast and adapt to the changing business or market environments. So, It is evident that a significant part of being agile comprises making your IT ecosystem nimble and flexible. Irrespective of the strategy you adopt to become agile, it has to be backed by a modern tech stack.
- An open design, end-to-end, digital asset management software: Nimbleness was never legacy tech’s forte. Conventional systems are siloed and rigid and somewhat notorious for penalizing change. For every one thing you change, multiple things will break downstream.
This is why the Odessa asset management platform has been designed as open and scalable. So, It is one unified solution with no disparate front end or back end and no siloed data. The core platform is built on a standard non-proprietary tech stack. On top of which sits the functional and business layers and an extensibility suite. As well as, Iterative changes focused on your business or customers don’t need to touch the core building blocks of your tech landscape, making innovation less effort-intensive and seamless.
- Adopting an ‘agile’ development methodology: Iterative approaches to software development and project management make it possible for teams to deliver value to their customers faster and with fewer feedback loops. In contrast to the conventional big bang launch, agile teams deliver work in small, but consumable increments. Project requirements, plans, and results are constantly evaluate, adjust, and iterate so they can respond to changes quickly.
This enables you to respond to customer and market demands faster. So, Need to launch a new payment module for your customers? Need an online application to resolve customers’ queries? Or one that enables employees to approve a loan from anytime, anywhere. No one has 3 months for IT to deliver these capabilities. Businesses and customers want everything faster and agile helps you deliver that.
- Better collaboration: Collaboration is key to agility, and so are tools/capabilities that enable employees. To break down barriers and work together across teams and departments. Odessa’s digital asset management software creates a single shared platform which consolidates your front-end, customer-facing teams and back-end systems. Thereby empowering the employees to easily share data and coordinate and enhance work processes. Taking the time to provide team members with tools that streamline their workflows and promote collaboration is key to creating a more agile company.
- Data-driven insights and analytics: Data analytics use could enhance firm agility because it can help organizations understand. So, Their market changed quickly and make timely business. With proper data analytics capabilities, companies can change course or come up with a data-driven strategy on how to deal with critical operational processes like:
- Changing operational strategies and plans
- Reallocating funding and budgets
- Reprioritizing work execution and delivery
- Realigning people and teams
Making swift, informed changes requires understanding the dependencies between these areas and the impacts of proposed decisions. The right technology connects strategic planning and works execution to provide this visibility and analyses. Leaders are seeking solutions that bring together an executive line of sight, adaptive prioritization and funding. Flexible resource planning, and capabilities like scenario planning.
Recalibrating systems, people and processes
While tech enables agility, equipment leasing organizations need to reinvent their operating model- the connective tissue that links processes and teams together. So, To achieve this, the operating model needs to be optimize in terms of strategy, structures, processes, people, and technology.
High-performing organizations strive to create a stable operating model that incorporates choosing the right digital asset management software. Changing how they can optimize and deliver customer value, end-user management, and a highly invested technology partner to facilitate this change.
Navigating through a world of volatility, uncertainty, complexity and ambiguity (VUCA) are not always easy. But when you are prepare to face disruption. Quite often you can also find ways to turn it into an opportunity and a chance to surpass your competitors.
About Odessa
The Odessa Platform is an end-to-end equipment leasing solution, delivering comprehensive functionality that enables self-service, automation, and business agility. So, Odessa’s platformphilosophy means reduced cost and complexity associated with traditional upgrades and legacy providers – by delivering 4x annual platform releases, customers can easily adapt, go to market faster with new products, and remain nimble. Headquartered in Philadelphia, USA. Odessa is the largest leasing-focused technology company in the world. With a highly specialized team of professionals across North America, Europe and Asia Pacific, Odessa has a 2-decade track record of excellence in providing industry-leading Equipment Leasing technology. Learn more at www.odessainc.com