The article was written in collaboration with Yossi Aviv
From many conversations with CEOs and company owners, in various sectors, it emerged that one of the most significant challenges for them is the inability to receive prompts, updates and business alerts in real time about what is happening in the company. Traditional methods, such as relying on manual updates or waiting for daily reports, are inadequate today, and even more inadequate in this complex time where immediate responses can mean the difference between success and failure. A delay in the flow of information can lead to missed opportunities, ineffective responses to crises, and ultimately, loss of revenue and/or failure to realize a competitive advantage.
Digital transformation (turning all processes in the organization to be managed by software) and receiving immediate notifications about what is happening in the company will allow the CEO to make decisions based on current information, in real time, and to respond quickly to significant events.
According to the research company McKinsey, companies that completely digitized their processes reported a 23% increase in profitability and an average decrease of 30% in operating costs compared to companies that did not upgrade their processes to digital. In addition, a Harvard Business Review survey found that 72% of managers claim that information and updates they received in real time significantly improved their decision-making ability.
Digitization of the organization is essential for maintaining operational efficiency and business flexibility. The process includes integration between different software systems. Data collection, analysis and reporting are performed automatically and presented to CEOs and company owners through comprehensive and customized dashboards (control panels). The key benefits of digitization include time and cost efficiency, cost reduction, improvement in the speed and quality of decision-making, and business growth.
Imagine a scenario where a CEO receives an alert on Push about a sudden drop in sales, or about 25 leads (customer inquiries) that have not been handled in two days, or an alert about a delay in the supply chain, or the company's website going down due to a cyber attack, or an unusual waiting time of 30 minutes in the customer service department.
With automatic real-time business alerts from a virtual CEO assistant, CEOs and company owners will be able to start handling these problems immediately and prevent damage to the company. Such a level of reactivity is critical in a dynamic and unstable business environment and is only possible through the digitization of the processes in the organization. By ensuring continuous and real-time access to activity data, organizations can navigate business complexities, while maintaining flexibility and resilience in conditions of uncertainty.
Furthermore, even in stable times, real-time business alerts are essential. Managers waste time requesting manual reports from middle managers and ensuring they are received. The reports are usually not received in real time but after hours or days. As a result, by the time the CEO is informed of the incident, significant financial or image damages may have already been incurred.
Furthermore, reports that pass through the "hands" of the reporting manager may be inaccurate, incomplete or contain errors. Even if there is access to the company's systems in real time, CEOs have to take their own initiative to connect to the systems, generate reports and analyze the data themselves, which often requires considerable time and resources.
In conclusion, today's business environment requires CEOs to receive real-time push updates on their company's activities. It is already known that the lack of real-time information leads to negative results, especially in challenging times like these. This archaic problem can be solved by digitizing internal processes and link them all to a uniform dashboard (control panel) and build a virtual CEO assistant that sends alerts in real time and enables immediate response. This change produces an improvement in efficiency, reduces costs, and ensures that CEOs and companies are prepared to navigate the complexity of today's business landscape.
The message is clear: digitizing the business and automatically updating its performance are necessary, otherwise you risk being left behind in an environment that develops rapidly and becomes more and more unpredictable.
Yossi Aviv is the founder and CEO of BizDT, a company that digitizes organizations and established a virtual CEO assistant that provides automatic business alerts in real time.
BizDT.com | y@bizdt.com | LinkedIn: Yossi Aviv
Sources:
https://www.businesswire.com/news/homehttps://www.mckinsey.com/ https://www.mckinsey.com/capabilities